How to Overcome Tax Time Anxiety with Mandy Stonard 

Tax time can be a source of anxiety and fear for many business owners due to the complexity and uncertainty surrounding tax obligations. The pressure to accurately file taxes, the fear of audits, and the possibility of unexpected financial liabilities can all contribute to this unease. However, there are effective ways to overcome tax time anxiety. Firstly, staying organised throughout the year by maintaining well-organised records and financial documents can significantly reduce last-minute stress. If you want more of these golden tips, join this conversation with Mandy Stonard and learn more. 

Mandy Stonard from H&R Block will help us squash that signature tax time anxiety. Whether it's getting a MyGov inbox message or stressing over getting audited (seriously, why is this my nightmare?), tax time can be a big worry for many businesses. Mandy explains what needs to happen at tax time, how to ensure you're compliant, and what happens if you do get flagged by the ATO.


Episode Highlights:
[00:01] Episode intro and what’s in for you today with Mandy Stonard
[03:00] A quick snapshot of who Mandy is and what she does 
[04:38] Why business owners have anxiety and fear during tax time
[06:27] The unnecessary stress on tax and what we can do
[09:32] How concrete record keeping can keep you in control over tax-time anxiety
[10:08] How long should you be keeping your business records 
[11:25] Good record-keeping best practices in this digital era
[14:56] Commercial break
[17:07] What happens if you get flagged by ATO for non-compliance
[20:48] Why self-education is not always factored in as a business expense
[24:55] What you should be doing to avoid the tax bill shock
[32:20] Reserving tax if you are doing a side hustle besides your main business
[33:52] ATO tax payment plans you should know
[40:00] Wrap up and end of the show

Standout Quotes:
“A concrete record keeping in your business is not only a way of helping you control your anxiety during tax time. It is the only solution.”- Mandy [09:33]
“ATO has a certain expectation of income vs. expenses of any business level. If your expenses are a lot higher than your income, the ATO will be drawn to find out why."- Mandy [17:14]
“Self-education is still one of the grey areas in tax. Sometimes you may incur an expense from your business to further education that is related to your business, but the tax auditor declines to accept that deduction.” - Mandy [20:48]
“Though ATO provides flexible tax payment plans, they will overcharge you. On the brighter side, you will have the extra flow of money for your business just in case you meet investment opportunities. ”- Mandy [34:42]

Mentioned in this episode:
H&R Block tax course: https://www.hrblock.com.au/income-tax-course/

Thanks to our Season Sponsor, H&R Block.

As Australia’s leading tax experts, the team is here to help, offering ongoing support for individuals and small businesses and FREE BAS services for all newcomers. Get more, for sure, with H&R Block.


Visit hrblock.com.au to book an appointment.

How to Overcome Tax Time Anxiety with Mandy Stonard 
Tax time can be a source of anxiety and fear for many business owners due to the complexity and uncertainty surrounding tax obligations. The pressure to accurately file taxes, the fear of audits, and the possibility of unexpected financial liabilities can all contribute to this unease. However, there are effective ways to overcome tax time anxiety. Firstly, staying organised throughout the year by maintaining well-organised records and financial documents can significantly reduce last-minute stress. If you want more of these golden tips, join this conversation with Mandy Stonard and learn more. 
Mandy Stonard from H&amp;R Block will help us squash that signature tax time anxiety. Whether it's getting a MyGov inbox message or stressing over getting audited (seriously, why is this my nightmare?), tax time can be a big worry for many businesses. Mandy explains what needs to happen at tax time, how to ensure you're compliant, and what happens if you do get flagged by the ATO.
 Episode Highlights:
<ul>
<li aria-level="1">[00:01] Episode intro and what’s in for you today with Mandy Stonard</li>
<li aria-level="1">[03:00] A quick snapshot of who Mandy is and what she does </li>
<li aria-level="1">[04:38] Why business owners have anxiety and fear during tax time</li>
<li aria-level="1">[06:27] The unnecessary stress on tax and what we can do</li>
<li aria-level="1">[09:32] How concrete record keeping can keep you in control over tax-time anxiety</li>
<li aria-level="1">[10:08] How long should you be keeping your business records </li>
<li aria-level="1">[11:25] Good record-keeping best practices in this digital era</li>
<li aria-level="1">[14:56] Commercial break</li>
<li aria-level="1">[17:07] What happens if you get flagged by ATO for non-compliance</li>
<li aria-level="1">[20:48] Why self-education is not always factored in as a business expense</li>
<li aria-level="1">[24:55] What you should be doing to avoid the tax bill shock</li>
<li aria-level="1">[32:20] Reserving tax if you are doing a side hustle besides your main business</li>
<li aria-level="1">[33:52] ATO tax payment plans you should know</li>
<li aria-level="1">[40:00] Wrap up and end of the show</li>
</ul>
Standout Quotes:
<ul>
<li aria-level="1">“A concrete record keeping in your business is not only a way of helping you control your anxiety during tax time. It is the only solution.”- Mandy [09:33]</li>
<li aria-level="1">“ATO has a certain expectation of income vs. expenses of any business level. If your expenses are a lot higher than your income, the ATO will be drawn to find out why."- Mandy [17:14]</li>
<li aria-level="1">“Self-education is still one of the grey areas in tax. Sometimes you may incur an expense from your business to further education that is related to your business, but the tax auditor declines to accept that deduction.” - Mandy [20:48]</li>
<li aria-level="1">“Though ATO provides flexible tax payment plans, they will overcharge you. On the brighter side, you will have the extra flow of money for your business just in case you meet investment opportunities. ”- Mandy [34:42]</li>
</ul>
Mentioned in this episode: H&amp;R Block tax course: https://www.hrblock.com.au/income-tax-course/
Thanks to our Season Sponsor, H&amp;R Block.
As Australia’s leading tax experts, the team is here to help, offering ongoing support for individuals and small businesses and FREE BAS services for all newcomers. Get more, for sure, with H&amp;R Block.
 Visit<a href="https://www.hrblock.com.au/business-services/small-business/"> hrblock.com.au</a> to book an appointment.

Welcome to Broke Business – the money podcast for business owners, brought to you by The Broke Generation.

Broke Business was born out of my own experience dealing with the unique financial realities of self-employment. Going from employed, to employed with side hustle, to full time self employment has been... interesting to say the least. Being in business completely transforms your relationship with money, and presents new opportunities and challenges along the way. I created Broke Business as a space to have more conversations about money in business.

Broke Business will bring you:
tips on managing money as a business owner or freelancer
support on the financial challenges of self employment
ideas on how to make more money – and feel confident doing it!
insights into how your sense of self plays a role in business finances
an understanding of your own financial psychology in business
stories, insights and advice from fellow business owners who 'get it'
welcome relief from the 'girl boss' business narrative 
tips on resilience and bravery in business
a real, unfiltered look at the intersection of business and money
money conversations specifically for business owners and self employed people

Hosted by Financial Behaviour Expert, Emma Edwards, Broke Business will leave you feeling seen and heard when it comes to business and money, and give you practical and emotional advice on how to feel more financially confident in your business. 

Find Emma on Instagram at @the.brokegeneration. 

Welcome to Broke Business – the money podcast for business owners, brought to you by The Broke Generation.
Broke Business was born out of my own experience dealing with the unique financial realities of self-employment. Going from employed, to employed with side hustle, to full time self employment has been... interesting to say the least. Being in business completely transforms your relationship with money, and presents new opportunities and challenges along the way. I created Broke Business as a space to have more conversations about money in business.
Broke Business will bring you:
<ul>
<li>tips on managing money as a business owner or freelancer</li>
<li>support on the financial challenges of self employment</li>
<li>ideas on how to make more money – and feel confident doing it!</li>
<li>insights into how your sense of self plays a role in business finances</li>
<li>an understanding of your own financial psychology in business</li>
<li>stories, insights and advice from fellow business owners who 'get it'</li>
<li>welcome relief from the 'girl boss' business narrative </li>
<li>tips on resilience and bravery in business</li>
<li>a real, unfiltered look at the intersection of business and money</li>
<li>money conversations specifically for business owners and self employed people</li>
</ul>
Hosted by Financial Behaviour Expert, Emma Edwards, Broke Business will leave you feeling seen and heard when it comes to business and money, and give you practical and emotional advice on how to feel more financially confident in your business. 
Find Emma on Instagram at @the.brokegeneration.

Broke Business

On season one of Broke Business you will hear insights from Emma Edwards of The Broke Generation all about financial psychology, behaviour and business ownership. You'll also be privy to practical tips from tax experts and pricing professionals, and lots of rich stories from other business owners on how they feel about money in their businesses.

On season one of Broke Business you will hear insights from Emma Edwards of The Broke Generation all about financial psychology, behaviour and business ownership. You'll also be privy to practical tips from tax experts and pricing professionals, and lots of rich stories from other business owners on how they feel about money in their businesses.

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