Description
What!? I've got to pay GST and Tax on my Qoin income and I can't even spend it???!!!
Even though we are predominately cash now* - please read on on as I, Scott Kay (and my team) want to help - yes you want to spend your Qoin but I sincerely recommend you seek the services of someone who really understands how to leverage Qoin and Trade (and understands Business and Property Finance & Investment).
I've got one client who leveraged Qoin, bought a house and 2+ years later it has potentially increased by hundreds of thousands.
Another who is refinancing their commercial rental property to a cheaper interest rate to save thousands a year.
I've spoken to those in Bartercard who used Barter as an investment for a investment property, or commercial storage investment through their SMSF, etc.
So using us for Accounting Advice, Compliance and potentially our Mortgage broking arm to refinance - is how you can make the most of your existing situation and help grow your wealth in the future.
Our Services available in-person in Central Coast or Sydney or 100% online (access our expertise from anywhere in Australia!).
A bit about Scott Kay (Founder - Integrity Plus Accounting):
I've been working in accounting firms, helping small and medium-sized business owners, property investors and individuals for 18 years.
While rising through the ranks in a middle tier city firm over 10 years, I received my Chartered Accountant and Tax Agent licences.
I started advising my own clients, some of which I've had for over 10 years).
I am uniquely placed to advise small businesses and the individuals and families behind them because:
- I saved money and invested when I was young.
- I invested in share options from the age of 17, I've bought and sold property, run websites, written blogs, published a book on Amazon, and so much more.
- I started a business from nothing and created my own brand new client base.
- I failed in business after my first 10 months in business (took a job!).
- I dropped $100k in the first 6 months of my second experience in business (I know the devastating feeling that feeling your business isn't growing as quickly as you want it to).
- I sold a property and bought another one without closing my mortgages (a property advisor I know charges $$$$ to teach that trick).
- I've spent over $50,000 in the last 4 years on business coaching and courses as well as on countless hours educating myself through other professionals, books and videos on ways to grow and succeed whether in business or in relationships.
I tell you all this not so that you are impressed. To me, my biggest achievement is that I've been able to run my business and still spend a lot of time with my wife and young daughter.
I am blessed that I love what I do, I love the team that helps me and I love helping others free themselves from the anxiety and confusion of money and tax.
That is what really matters.
* Why we are predominently cash now
Two reasons - 1. Qoin/Trade balance and
2. 30-40% extra time cost Qoin/Trade work
1. Low spending/Large Qoin/Trade Balance
We have built up Qoin & Trade balances that we have been too busy to spend and have found it difficult to spend the time required to find quality suppliers or buy things that we need. At our current balance - it may take some years to purchase goods & services for our Trade Dollars (and we also have helped a number of Qoin clients - so have build up a Qoin balance as well).
2. Accountants doing Qoin & Trade Accounting takes more time
Every merchant has costs in running their business that they have to pay in Cash.
But Accountants assisting clients with Qoin/Trade have significantly more costs - because it just takes us a lot longer to do Bookkeeping/BAS/Accounts and provide mortage broking services (or assist your mortgage broker) when you have Qoin and Trade.
We've helped a number of different clients and we've tried to consider ways to make the process easier - but it just isn't.
Using Trade/Qoin means that you may not remember the merchant, we've got to reconcile different balances, there are issues with fees, with how we treat the asset in the books (is it a bank account is it an investment is there inventory - what value do we put as the market value of the inventory?)
What do we do if a client "purchases" or sells Qoin or Trade
Who is this merchant that you spent this money with? etc. etc. - it takes us 30-40% longer to finish a Qoin/trade job than a cash job.
And with a cash job - we receive cash that we can immediately spend.
With a Qoin/Trade job - we would receive Qoin/Trade (and/or part cash) - and we had significant opportunity costs and cashflow problems.
Look forward to speaking to you - please reach out via email/phone or message through the directory.
You can also Google me (Scott Kay accountant) or look at my website. www.ipaccounting.com.au (though I note the website does need updating!!) Thanks.
