In this episode Joanne interviews Robert and Cassy Ivers, the owners of Precision Flow Solutions. Their business is the exclusive distributor of Hydrosystem products for the Oceania region. What are Hydrosystem products? Cassy gives a good explanation in the interview. For more details on their business see their website https://preflow.com.au/.
In the interview we discuss the challenges of starting a new business not too long before COVID-19 changed the world we live in, along with how they navigate working as a couple in their business. We also talked about cash vs accrual accounting and I promised I would look up the details on the turnover level when you must start to account on an accruals basis. My research on the ATO website does not provide a level, but it does say that you would consider the size of the business when determining the method. Traditionally the bigger the business, the more likely that the tax will be calculated on an accruals basis. Here is a link to the ATO explanation of cash vs accrual.
https://www.ato.gov.au/business/income-and-deductions-for-business/assessable-income/accounting-methods/
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Thank you to our sponsor Jigsaw Tax & Advisory https://www.jigsawtaxandadvisory.com.au/
Host: Joanne McCauley
Guests: Cassy Ivers and Rob Ivers
Producer: Joel Ehsman