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Flying Solo

Flying Solo

By: Flying Solo
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 The show for those starting or running a one person business, hosted by Cec Busby. With over 100,000 members and stacks of resources, Flying Solo keeps you on track.© Pinstripe Media Career Success Economics Leadership Management & Leadership
Episodes
  • Mastering End of Financial Year: Tax tips for soloists

    Mastering End of Financial Year: Tax tips for soloists
    Jun 19 2025
    In this week's episode of Flying Solo Cec is joined by Mark Chapman, Director of Tax Communication at H&R Block, to break down everything you need to know about end-of-financial-year preparation. Find out everything from how to get your paperwork in order, to avoiding common mistakes. Make sure you’re not leaving any money on the table when it comes to deductions. Mark offers practical advice on essential record keeping, explains which documents are a must-have, and even spots some tax traps and scams to watch for. So grab your receipts (and maybe a coffee), and let’s get ready to tackle tax season together! Key topics 1. Essential tax prep and record keeping · Importance of keeping all income and expense records (receipts, invoices, etc.) · Advice to update records regularly, ideally year-round, or as soon as possible before June 30 · Consequences of poor record keeping: missed deductions, higher accountant fees, and complex returns 2. Common deductions and maximising claims · Home office: Options to claim using the fixed-rate method (70c/hour) or proportion of actual home expenses · Additional deductions for items like business equipment, software, and subscriptions (e.g., Canva, Blinkist) · Avoid double-dipping by not claiming the same expenses under multiple methods 3. Changes and updates for this Financial Year · Instant Asset Write-Off available for eligible assets up to $20,000 · No other major changes to small business deduction rules this year · Importance of following current rules and consulting with a tax professional 4. Business vs. personal expenses · Need to apportion shared expenses between business and personal use, and substantiate claims · Risks for company owners who mix personal withdrawals with business funds (Division 7A implications) · Recommendation to seek professional advice to properly separate and track finances 5. Avoiding ATO pitfalls and audit risks · Substantiation is key: receipts typically required (not just credit card statements) for most claims · ATO is vigilant about double claims and personal/business expense separation · Proper documentation reduces audit risk and ensures legitimate deductions are not missed Timestamped overview 00:00 Start tax prep early 03:17 Complicated tax return challenges 06:46 Home business tax deduction tips 10:17 Home office tax claim guidelines 13:48 ATO compliance for sole traders Learn more about your ad choices. Visit megaphone.fm/adchoices
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    39 mins
  • Fair go for small business: Navigating red tape and rising costs

    Fair go for small business: Navigating red tape and rising costs
    Jun 12 2025
    Cec Busby sits down with Luke Achterstraat, CEO of the Council of Small Business Organisations Australia (COSBOA), for a discussion about the current landscape for small businesses. With a major decision from the Fair Work Commission to raise the minimum wage by 3.75% set to take effect, Cec and Luke unpack what this change—and a host of other pressing issues such as rising business costs, increasing red tape, late payments, and compliance burdens—means for small business owners. Key topics 1. Current Challenges for Small Business Rising costs: energy, rent, wages, insurance Complex and increasing regulatory and compliance requirements Eroded profitability and productivity due to these pressures 2. COSBOA’s Advocacy and Campaigns “Fair Go for Business” campaign: proposed tax cut from 25% to 20% Ongoing lobbying for less red tape and better policy Engagement and strong support from the small business community 3. Digital and Operational Transformation Push for small business digital adoption and use of AI Need for government support in training and capability building Programs like Cyber Wardens help improve cyber hygiene and digital skills 4. Support and Resources for Small Business Owners Mental health initiatives (e.g. NewAccess for Small Business Owners) Female Entrepreneurs Program and other support services Open invitation for business owners and soloists to get involved with COSBOA 5. The Impact of Policy Decisions Latest minimum wage increase and its cost implications The challenge of passing on new costs to customers The importance of linking wage growth to productivity Timestamped overview 00:00 COSBOA Advocating for Australia's Small Businesses 06:09 Business and Regulatory Challenges 09:17 Small Business Red Tape Burden 12:20 Proposal Gains Strong Voter Support 14:39 "Tax Cuts Boost Small Business Growth" 19:21 "Government-Led Wage Increases Questioned" 20:42 Boosting Productivity Key to Wage Growth 23:12 "Regulatory Impact Assessment Importance" 26:29 AI Boosts Small Business Productivity 31:07 Supporting Small Business Initiatives Learn more about your ad choices. Visit megaphone.fm/adchoices
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    34 mins
  • Making AI your business ally: Tech tips from Tracy Sheen

    Making AI your business ally: Tech tips from Tracy Sheen
    Jun 6 2025
    If the mention of AI makes your eyes glaze over, you’re not alone—but what if AI could actually make your business smoother, more efficient, and free up valuable time? To help unravel the mystery (and bust a few myths), Cec is joined by Tracy Sheen, award-winning business tech expert, speaker, founder of The Digital Guide, and bestselling author. With over 30 years spent in the tech trenches—and a brand-new, jargon-free book called AI and You: Reimagine Business—Tracy shares practical advice for solopreneurs and small business owners looking to make sense of AI. Key topics 1. Demystifying AI for Small Business AI isn’t as intimidating as it seems; it's already embedded in everyday tools like Netflix, Google Maps, CRMs, and point-of-sale systems. Most small business owners have been using AI unknowingly for years. The goal is to make AI accessible, jargon-free, and practical for real-world application. 2. Overcoming Misconceptions and Building Mindset Many small businesses see AI as overwhelming, complicated, or even irrelevant—especially in regional Australia. Tracy emphasizes that AI is a collaborator, not a competitor. Success with AI starts with a mindset shift: treat AI as a new team member, not a threat to your business. 3. Practical Getting Started Tips Start small: Use tools like ChatGPT for fun, non-business tasks first to build confidence. Ask questions, play around, and don’t be afraid to “make mistakes”—it’s a learning sandbox. Focus on solving one key business pain point at a time with AI. 4. Recommended Tools & Everyday Applications Google NotebookLM: Great for synthesizing content, brainstorming, and creating conversational podcasts. CastMagic: Useful for repurposing long-form content (like podcasts and webinars) into social clips, emails, and blogs. Choose tools that address your particular business challenges or bottlenecks, whether content creation, marketing, or workflow. 5. Ethics, Transparency & Future-Proofing Be transparent about using AI in your business communications; customers appreciate honesty. Develop an AI policy, especially if you have EU clients, and review it regularly as things evolve. AI adoption is essential for staying competitive—digital literacy and curiosity are key assets for future growth. Time-stamped overview 00:00 "Solopreneurs: AI Simplified" 04:00 Tech as a Social Equalizer 09:17 AI Misunderstandings in Rural Australia 10:53 Everyday AI Usage Awareness 15:55 Embrace Curiosity for Better Answers 17:34 "Google Notebook: Content Conversion Tool" 22:23 "Virtual Teams for Solopreneurs" 25:19 "Social Media Help for Plumber" 27:43 AI Transparency Boosts Business Loyalty 31:42 Agenic AI Streamlines Executive Assistance 35:35 "NoteBookLM: Mind-Blowing Everyday AI Tool" 37:19 Embracing Rapid Technological Change Learn more about your ad choices. Visit megaphone.fm/adchoices
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    41 mins
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