TAX SAVINGS GUIDE FOR SMALL BUSINESS

$1.M TAX MISTAKE AVOIDED

HOW THEY SAVED $62,000 IN TAX CONTENT

4 $1.M TAX MISTAKE AVOIDED

By changing accountants just before tax time a $1,000,000 mistake was avoided just in time.

6 HOW THEY SAVED $62K IN TAX

Sales HQ founder Adam McDougall will be ever grateful for a key piece of advice that slashed his tax bill.

8 SAVING TAX DOLLARS

As a small business owner, one of your top priorities is likely finding ways to save money on tax and maximize profits. In this story Michael Youssef shows you the steps you need to take to slash your tax bill.

10 FIVE MISTAKES TO AVOID

This article highlights five common mistakes that people make when choosing an accountant and managing their business finances.

12 DO YOU HAVE THE RIGHT ACCOUNTANT?

HY Accounting, Brett Anforth, shares key thoughts you need to consider for the future growth of you business

Welcome to the latest

edition of TAX SAVINGS FOR BUSINESS MAGAZINE!

In this issue, we’re diving into the crucial role of proactive accountants in helping businesses maximize tax savings and adapt to today’s economic landscape. We feature Michael Youssef from HY Accounting, who shares his approach and success stories in an enlightening interview.

In these challenging economic times, effective tax strategies are essential for business sustainability and growth.

Michael Youssef exemplifies what it means to be a proactive accountant. He works intimately with his clients, aiming to act as an integral part of their business rather than just a service provider.

His deep understanding of his clients’ operations, financials, and goals enables him to offer bespoke advice that drives real growth.

Michael’s approach has demonstrated its value time and again. For example, he saved Ben Nas of Lelox Australia from a potential million-dollar mistake by identifying a critical tax oversight. This incident highlights how Michael’s forward-thinking methods can lead to significant savings.

Moreover, Michael is seen by clients like Ben Nas and Adam McDougall of Sales HQ not just as an accountant, but as a business coach. His advice on adopting new technologies has been transformative for many. He helped Ben transition from an outdated

desktop accounting system to an advanced cloud-based solution, improving efficiency and providing crucial real-time business insights.

If you’re contemplating a change in accountants, Michael assures that the switch is smoother than you might expect. He encourages businesses to critically assess their current accounting relationships and consider the potential advantages of a proactive approach.

In conclusion, a proactive accountant like Michael Youssef is an invaluable asset for businesses looking to save on taxes, implement new technology, and flourish in a dynamic economic environment.

Don’t miss this edition of Tax Savings for Business magazine for more on how proactive accountancy can enhance your business strategy.

Michael Youssef

TAX SAVINGS FOR BUSINESS

$1.M TAX MISTAKE AVOIDED

Are you concerned about your company’s next tax bill? Many small businesses are making decisions today that could see their tax bill engulfing them in ways they thought were impossible. If you are not up-to-date on tax situation you could find yourself in trouble.

In this report, we speak with a business owner saved in the nick of time from making decisions that could have left his business with a seven-figure tax bill.

Ben Nas, CEO of Lelox Australia, experienced this firsthand when he changed accounting firms and started working with Michael Youssef at HY Accounting.

Within weeks of swapping accountants Michael helped Ben save money on taxes and introduced him to online accounting systems that helped save time and money for his business.

Ben stated that he switched to HY Accounting because he was looking for a more proactive accountant to help him look ahead and improve his business rather than just reacting to what was needed.

With HY Accounting, Ben and his team now have quarterly meetings to discuss past events and what they want to do in the next quarter.

This approach has helped Ben to look ahead and make decisions more quickly, ultimately taking the business further.

According to Ben, one of the significant benefits of working with HY Accounting was implementing a fully integrated system for inventory management, warehouse management, and cloud accounting.

This new approach helps Ben and his team manage the large stock and line items that Lelox Australia sells from every step, from raw materials to being produced and finally selling the product.

With the help of HY Accounting, Ben was able to streamline the whole process, making it easier to manage their accounting requirements and enabling him to make decisions more quickly.

Ben emphasised the importance of having a good accountant for the success of any business.

“Having a proactive accountant can make a significant difference to a business. Not only can they help save money on taxes, but they can also help with financial management and accounting systems,” he said.

With the right accountant, you can save money on taxes, streamline your accounting

Do you know if you’re paying more tax than you should?

Ben

Nas could have faced adding an extra $1,000,000 to his tax bill if it wasn’t for a quick respone from HY Accounting

systems, and ultimately make your business more successful.

Ben said, “HY Accounting has been fantastic for our business, and I’m sure they could help you too.”

Why are more companies turning to this proactive approach?

According to Michael Youssef, Director at HY Accounting, “At HY Accounting, we don’t see ourselves as just an accountant. We see ourselves as partners in your business. We understand how important your business is to you and take it as seriously as we take our own.”

Michael emphasised that at HY Accounting, their focus is on delivering results. “We provide expert strategy and advice to help you achieve your business goals. We aim to build a lasting relationship based on trust by providing you with the care and support you need to succeed.”

Michael also explained that their team had mastered the art of telling the story of a business through its numbers.

“We go beyond crunching numbers to comprehensively understand your business’s

financial health. This approach is crucial for making informed decisions to drive your business forward,” said Michael.

According to Michael, HY Accounting’s passion is helping small businesses succeed, “We are committed to being there for you every step of the way, providing the clarity and vision you need to reach your true potential.”

In conclusion, HY Accounting is the right choice if you want a partner who is committed to your success and will go above and beyond to help your business thrive.

Michael said, “We are ready to help take your business to the next level. Contact us today to learn more.”

To ensure you gain the help, you need to take your business to the next level, please telephone Michael Youssef, HY Accounting on 02 9837 6148.

HOW THEY SAVED

$62,000 IN TAX

As a business owner, achieving long-term growth is a top priority. But as Adam McDougall, co-founder of Sales HQ, found out, sustaining growth requires more than sales skills and industry expertise.

In an interview, Adam shared how having a good accountant was essential in taking his business to the next level.

“Over the past two years, Michael Youssef, from HY Accounting, has saved me in tax*,” Adam McDougall said.

“But more than that, he’s helped me understand where I should be cutting spend or increasing spending to ensure long-term growth in my business.

“Where there’s the potential to hire more staff to increase revenue, or maybe spend marketing dollars here instead of there. Michael has given me clarity and confidence in making those business decisions.”

According to Adam, Michael’s whole-ofbusiness approach to accounting makes him stand out from other accountants.

“It wasn’t just about tax; it was about business strategy and saving time and money and becoming a more efficient business,

which was pretty refreshing from my initial interactions with Michael.”

This approach includes a quarterly business strategy meeting focusing on financial optimization and long-term business strategy, going beyond just tax

“It’s almost like having an accountant and a business consultant in one go with Michael and his team,” Adam said.

“It’s giving me that clarity and confidence to make those business decisions, which has also resulted in that growth.”

Michael’s competency and genuine interest in his client’s best interests are also critical in building a successful relationship with an accountant.

“Availability and transparency, someone who owns a business and understands business and genuinely comes across like they have your best interests at heart, rather than how much money they can charge on a per-minute or perhour basis,” Adam said.

“I’ve had accountants that have done the bare minimum and not added any value.”

Michael agrees that having a good accountant is crucial in achieving long-term business growth.

“It’s about understanding the numbers and

Adam McDougall, a co-founder of Sales HQ, found out sustaining growth requires more than sales skills and industry expertise

being able to translate that into strategies for the business,” Michael said.

“It’s about having a long-term view and making the right decisions to help the business achieve its goals.”

He adds that a good accountant should proactively offer solutions to improve the business’s financial position.

“We help our clients with tax and compliance, cash flow management, business planning, and financial forecasting.

“We want to be there for our clients, from start-up to exit, and help them achieve their goals.”

A good accountant like Michael can make all the difference in a business’s success.

Adam shared that “Michael’s whole-ofbusiness approach, competency, and genuine

interest in his client’s best interests have been critical in achieving sustained growth for Sales HQ.”

If you’re a business owner looking to take your business to the next level, finding a good accountant who can help you optimize your finances and make informed decisions is a must.

Michael says, “A good accountant can help you see the forest for the trees and ensure you’re on the right path.”

To ensure you gain the help, you need to take your business to the next level, please telephone Michael Youssef, HY Accounting on 02 9837 6148.

* In the case of Sales HQ, in the 2021-2022 financial year, they were able to achieve tax savings of over $22,000. And in the previous financial year (2020-2021), their overall tax savings amounted to more than $40,000.

MICHAEL YOUSSEF SHARES ON SAVING YOU TAX DOLLARS

And when it comes to taxes, there’s no exception. In the coming months, as the economy continues to shift, it’s more important than ever to make sure that every dollar counts. That’s where a proactive accountant like Michael Youssef from HY Accounting can be of great value.

Michael is a new breed of accountant who doesn’t just crunch numbers and provide reports but actively works with his clients to help them make intelligent decisions that can save them money in the long run.

Michael’s proactive approach has helped him save his clients millions of dollars in tax expenses.

One of Michael’s clients, Ben Nas, owner of Lelox Australia, a company in the road transport industry, was amazed by Michael’s approach.

After switching to Michael’s firm, he avoided making a costly mistake that could have cost him over a million dollars in taxes.

So, what exactly does a proactive accountant like Michael do to help his clients save money?

It all starts with building a solid relationship and partnership with his clients.

Michael sees himself as an extension of his client’s businesses, not just a separate entity providing accounting services.

This approach means that Michael takes the time to understand his clients’ businesses

deeply so that he can offer tailored advice and strategies specific to their needs.

He doesn’t just wait for his clients to come to him with questions or concerns; he actively engages with them, asking questions and making suggestions to help them make smart financial decisions.

Michael’s proactive approach, like the current climate, is compelling during economic uncertainty.

With the economy in flux, it’s more important than ever to have a clear understanding of your business’s financial situation and a solid plan for navigating the challenges ahead.

Michael’s approach involves regular meetings with his clients, reviewing the business’s finances and discussing strategies for optimizing tax savings.

By taking a proactive approach, Michael can identify potential issues before they become significant problems and offer guidance to help his clients save money in the long run.

But Michael’s value goes beyond just saving his clients money on taxes. He also sees himself as a business coach, helping his clients develop and grow sustainable businesses.

He’s passionate about helping his clients understand their numbers and make informed decisions based on data and insights.

To do this, Michael leverages the latest technology and tools to provide his clients real-

As a small business owner, one of your top priorities is likely finding ways to save money on tax and maximize profits. My approach is to help you achieve this so that you are left to do what you do best!”

Michael Youssef

time data and insights into their business’s financials.

In a video interview

By moving his clients onto cloud-based accounting software like Xero, he can provide them with up-to-date information about their finances, which is critical for making informed decisions on time.

But Michael’s approach isn’t just about technology. He believes building solid relationships with his clients is crucial in helping them succeed. He works closely with his clients to understand their goals and aspirations and helps them develop a plan to achieve those goals.

This approach involves regular check-ins and progress updates, setting metrics for success and holding his clients accountable for meeting those metrics.

Your accountant can help you stay upto-date and ensure that you comply with all relevant laws and regulations.

By taking a holistic approach to his clients’ businesses, Michael can help them save money on taxes and achieve their long-term business goals.

If you’re a small business owner looking to save money on taxes and grow a sustainable

business, working with a proactive accountant like Michael Youssef is worth it.

By taking a proactive approach to your business’s finances, you can save money in the short term and set yourself up for long-term success. That proactive contact is critical if you don’t want unexpected tax bills.

To ensure you gain the help, you need to take your business to the next level, please telephone Michael Youssef, HY Accounting on 02 9837 6148.

Michael Youssef shares his thoughts on saving money

FIVE TAX MISTAKES THAT WILL COST YOU

In the world of small business, accounting and tax can be extremely complex, and it’s not uncommon to put your faith in a professional to handle these matters. However, blindly trusting someone just because they seem knowledgeable can be a costly mistake. This article highlights five common mistakes that people make when choosing an accountant and managing their business finances.

Mistake 1 – Blind Trust and Blind Faith

The first and biggest mistake is simply trusting somebody because you perceive them to be knowledgeable.

Accounting and tax is a highly complex area of law, so it makes sense to put your faith in a ‘professional’, but how do you know whether the professional your using is doing it right?

A longstanding relationship doesn’t necessarily mean a good relationship.

And retaining your accountant purely on loyalty without understanding their work is detrimental to your business and your hip pocket in the long-term.

Mistake 2 – Cheap = Expensive

Choosing an accountant based solely on price can be a costly mistake. This is because cheap accounting is often expensive in the long run. But why is that? For starters, cheap accountants tend to make mistakes. And fixing those mistakes can be a time-consuming and costly process.

Another issue with cheap accountants is that they often lack the expertise needed to

come up with innovative tax strategies that could save you money. In other words, you could end up paying more tax than you should be. On top of that, cheap accountants may not have a deep enough understanding of the law to help you navigate complex tax issues.

But it’s not just taxes that cheap accountants fall short on. They may also lack the knowledge needed to help you improve your business. For example, they may not be able to help you find ways to improve your cash flow or increase your profits. As a result, working with a cheap accountant could mean missing out on valuable opportunities to grow your business.

So, while price is certainly an important factor to consider when choosing an accountant, it’s not the only one. Ultimately, it’s important to find an accountant who has the knowledge and expertise needed to help you achieve your financial goals

Mistake 3 – Poor Bookwork

Effective bookkeeping is critical to avoid large tax bills.

Having a live cloud accounting system is critical to avoid large tax bills

The accountant and the client should always work within the same system. In this way, the accountant is aware of what’s happening in a client’s business and can provide advice when the business needs it When the accountant and client work in two systems, there are considerable risks to the company and overall tax bill.

Some questions that need answering: Where is the accountant getting the

It is easy to see why people trust their accountant without asking the question - Are they doing the right thing?” More times than not accountants are costing their clients and their clients are unaware!

information? Are they getting all the information? What are either party doing that the other can’t see?

Mistake 4 – Not All Advice Is Created Equal

This relates to points one and two. The wrong advice can destroy your business overnight. Certain taxes are unavoidable as they are based on consumption. But income tax can be proactively managed with the right advice

There is no point in getting tax advice after 30 June – so it is critical that you have a proactive relationship with your accountant and you’re getting the right advice before 30 June

Mistake 5 – How Are You Structured?

There is a reason why the wealthy pay lower taxes than everybody else

Of course, the amount of tax they pay may be higher than you or I, but the tax they pay relative to their earnings is nowhere near the same

Do you want to know why?

Wealthy people structure their wealth more effectively to optimise their tax bills better.

Michael Youssef

Wealthy people pay excellent tax advisers and accountants to come up with intelligent strategies to optimise their taxes before 30 June better.

Your business and overall wealth structure will significantly impact your tax bills over your life. It is likely hundreds of thousands of dollars will be saved over your life in tax by being wise in structuring your business, assets and wealth.

Overall – the biggest mistake is not having a proactive accountant that understands your business, understands how you make and spend money, and understands smart ways to optimise your tax before 30 June. That proactive contact is critical if you don’t want unexpected tax bills.

To ensure you gain the help, you need to take your business to the next level, please telephone HY Accounting at 02 9837 6148.

DO YOU HAVE THE RIGHT ACCOUNTANT?

Managing a business’s finances can be complex and daunting, especially regarding tax obligations. However, with the proper guidance, saving money and avoiding potential financial disasters is possible. One expert in this field is Brett Anforth from HY Accounting.

Brett has helped many clients save money on their tax obligations. For example, in one case, he was able to divert a situation that could have cost over a million dollars.

In another case, he helped Sales HQ, a recruitment sales company, save $62,000 in taxes over the past two years.

So what are some tips and techniques for improving a business’s financial future?

Brett says one of the most essential things is good bookkeeping practices.

“Make sure your records are up to date and accurate so that you can take advantage of any tax deductions available,” Brett advises.

It’s also crucial to understand the tax system. “Be aware of the different tax obligations for your

business and stay up to date with any changes to the tax laws,” Brett suggests.

“This will help you avoid potential penalties or fines from the tax office.”

Working with a tax agent can also be highly beneficial for a business.

“A good tax advisor can help you identify areas where you can save money, such as claiming tax deductions, and can also provide guidance on structuring your business tax-efficient way,” Brett explains.

Another tip Brett recommends is to keep an eye on cash flow.

“Cash flow is the lifeblood of any business. Make sure you understand your cash flow well and identify areas where you can improve it,” he says.

In addition to these tips, Brett suggests that businesses should take advantage of government incentives or grants.

“The government provides various incentives and grants to businesses to help them save money or grow their business. Make sure you know these and take advantage of them where possible,” Brett advises.

How we help you keep your tax bill down.

According to Brett Anforth, there are various ways that their company can assist their clients in keeping their tax bills down.

Firstly, they help identify all possible tax deductions their clients are eligible for to ensure they don’t miss out on any savings.

Brett emphasizes that they also aid in structuring their client’s businesses in a tax-efficient manner that can help save money.

Furthermore, the company stays current with any tax law or regulation changes to ensure its clients comply and avoid potential penalties or fines.

They also offer guidance on tax planning and preparation to help clients minimize their tax bills so that they make the most of their earnings.

Switching accountants may seem like a hassle, but Brett reassures potential clients that their company can make the transition easy.

They will handle everything with no additional costs and pride themselves on providing highquality tax advice and guidance to help their clients improve their financial future and save money on their tax obligations.

According to Brett Anforth, there are several reasons why someone should consider changing accountants.

He says, “If your current accountant takes weeks to get back to you when you ask questions, it may be time for a change.”

He emphasizes the importance of timely communication and responsiveness from accountants to help clients with their financial needs.

Brett also states that if your tax returns have not been filed on time, even if you provided all the necessary information and documents on time, it could be a sign that you need to switch accountants.

“We understand the importance of timely tax filing and make it a priority for our clients,” Brett notes.

Furthermore, Brett highlights the significance of staying up-todate with current technology and accounting software.

He says, “If your accountant is not up-to-date with the latest technology and accounting software, it can be detrimental to your business’s financial health.

We invest in the latest technology to ensure our clients receive the most accurate and efficient service.”

According to Brett, another reason to consider changing accountants is if your current accountant needs to be more proactive in reducing your tax obligation subject to ATO regulations.

He stresses the importance of proactive and knowledgeable accountants in finding ways to minimize tax bills for their clients.

Lastly, Brett mentions that if your current accountant does not spend time understanding and analyzing your needs and does not suggest different options, it may be time for a change.

“We take the time to understand our client’s needs and offer customized advice tailored to their specific business structures, tax obligations, and profit

Brett Anforth

distribution methods keeping in mind ATO guidelines,” he explains.

To begin using their services, Brett advises that interested parties can contact them via phone or email to discuss their business’s financial needs. They also offer a free initial consultation to understand their client’s business and how they can help.

Additionally, they provide customized tax advice and ongoing support to ensure clients comply with tax laws and regulations while optimizing their tax savings.

Remember, improving a business’s financial future requires good bookkeeping practices, understanding the tax system, working with a tax advisor, keeping an eye on cash flow, and taking advantage of government incentives and grants.

As Brett Anforth has shown, following these tips and techniques

can help businesses save money and avoid potential financial disasters.

So if you’re concerned about your business’s financial future, consider contacting Brett Anforth for guidance and support.

If you’re a small business owner looking to save money on taxes and grow a sustainable business, working with a proactive accountant like Brett Anforth is worth it.

By taking a proactive approach to your business’s finances, you can save money in the short term and set yourself up for long-term success.

To get started on reducing your tax dollars, reach out to Brett Anforth at HY Accounting on (02) 9837 6148.

In a video interview

Brett Anforth shares his thoughts on accountants

TURNING LOSS INTO LEADERSHIP: MICHAEL YOUSSEF’S GUIDE TO SMALL BUSINESS SUCCESS

In 2016, Michael Youssef faced a significant personal and professional challenge when his father lost a tenyear battle with cancer. His father had founded HY Accounting two decades earlier in Western Sydney, which had grown under the joint management of his parents. Following his father’s death, the family had to decide whether to continue the business or let go of his dream.

Michael’s father, Harry, had been the backbone of the business, and his illness greatly affected its operability. Michael recounts, “To be honest, the business probably wasn’t saleable,” acknowledging the impact of his father’s health on the business.

His mother, Randa, chose to keep the business alive, inspired by her husband’s dream of passing it on to their children.

Michael, who had studied biotechnology and accounting and was working as a financial planner at the time, decided to step in.

He joined his mother to ensure the continuity of his father’s legacy. This transition wasn’t smooth, as Michael admitted investing in technology and staff initially led to a sixfigure loss and required him to work 60-hour weeks. However, their efforts eventually paid off, and the business began to prosper.

Reflecting on the challenges, Michael shared a piece of wisdom from a mentor: “The smartest thing you can be is the dumbest person in the team.” He explained how this perspective helped him realize the importance of delegating and trusting his team, which was crucial for the business’s growth.

HY Accounting has grown significantly under Michael’s leadership, now supporting a thousand individuals and businesses.

Michael emphasizes that good accounting goes beyond the technical aspects; it’s about understanding the client’s needs and industry.

“Good accounting is the language, the cornerstone of business,” he asserts, highlighting how crucial it is for accountants to communicate effectively with their clients to foster growth.

Driven by his success and understanding of business challenges, Michael authored an ebook titled “From Idea to Execution,” sharing insights on empowering companies towards success.

The positive feedback from this led him to launch “The Summit to Success Program,” aimed at helping small businesses overcome common pitfalls such as poor cash flow, inadequate marketing, and ineffective management.

Today, HY Accounting is a premier firm known for its client engagement model, proactive counsel, and meticulous planning.

Michael’s mission extends beyond accounting; he is dedicated to helping businesses thrive, enhancing their financial stability, and realizing their dreams.

He concludes, “It’s not just about saving a business; it’s about saving people’s financial wherewithal, their future and, of course, also their dream.”

“Good accounting is the language, the cornerstone of business,. More times than not accountants are costing their clients and their clients are unaware!”

Michael Youssef

Michael Youssef’s approach to growing HY Accounting has been about more than just numbers; it’s been about building relationships and trust. This philosophy stems from his early realization that understanding the unique challenges and needs of each client is key to providing meaningful support. “It’s not just about the figures; it’s about what those figures mean to the people behind them,” Michael explains. This approach has transformed HY Accounting from a traditional firm into a trusted advisor for its clients.

Under Michael’s leadership, HY Accounting has also embraced technological advancements. By integrating the latest software and digital tools, the firm has enhanced its service offerings, improving efficiency and accuracy. This technological shift has not only streamlined operations but also allowed the firm to offer more tailored advice based on real-time data.

Moreover, Michael is committed to educating his clients about the financial aspects of their businesses. This educational approach ensures that clients are not just passive recipients of accounting services but are active participants in their financial management. By empowering clients with knowledge, Michael believes he can help them make better business decisions, leading to sustained growth and success.

As HY Accounting continues to evolve, Michael Youssef remains focused on his father’s legacy of integrity and service, ensuring that the firm always prioritizes the needs of its clients while adapting to the changing business landscape.

MICHAEL YOUSSEF - 0424 544 533