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Like this path leading to a bright, open future, each step you take brings you closer to your goals. It might be challenging now but enjoy the climb and watch your success unfold!

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Listening to our clients is our favorite part. Read on for a testimonial about our services.
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Watch "What World Do You Live In?" by Hitesh Mohanlal, Director of WOW! Advisors and Business Accountants. This video explores how business owners can balance financial success with spiritual fulfillment, helping them find a richer, more balanced life.

Watch now! - https://www.youtube.com/watch?v=JlezioDXUuk
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Let this be your daily inspiration for achieving business excellence. Don’t let fear control you—embrace challenges and propel your success forward.
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Good morning and happy Monday! Let's kick off the week by working smarter, not harder. Focus on maximising your income and freeing up more time to enjoy life’s simple pleasures—like a delicious meal. Here’s to making progress, achieving financial freedom, and living a well-balanced life. Wishing you a productive and rewarding week ahead!
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WOW! Advisors is an expert team with a difference. We specialize in helping business owners with all their bookkeeping and accounting needs.

Our primary focus is on ensuring you pay the least amount in taxes, maximize your profit and cash flow, and build wealth for the future.

Partner with us for expert financial support and strategic advice tailored to your business's success. Contact us through [email protected] or call 07 3161 9548.

Invest…. Or Reduce Debt?

This is a question I get asked a lot. And I mean a lot.

In fact, recently I was asked the same question by one of my own team members. They are in flux. Use cash and borrow to buy an investment property or just pay off the home loan and not have to worry about debts on your main home.

Everybody is different. What works for one is not necessarily what works for another.

I can tell you what I did. I went mad and paid off my home loan which meant I was debt-free on my home by the age of 38. And once I had that peace of mind, I did not borrow on it again.

Now, from an investment point of view, that is plain stupid. This just enhances and adds credence to what my wife and kids have been saying about me for years. I could borrow from it, invest it and make more wealth.

But then again, I wonder what for. The way I have my investments right now, I have more than enough for retirement. As I get older, I will spend less, which means all I am doing is taking on more stress to create more for my kids to blow. As I say to my kids, I enjoy blowing their inheritance. My job as a father is to give them the right values and set them up with a good foundation financially. Anything more, and I may be spoiling them.

Anyway, I am getting off the point.

Because with interest rates at their highest point, putting savings to work on your mortgage may make sense – but is it costing you an arm and a leg?

You see, saving $200 per week on your mortgage over 30 years will save you a total interest of about $558,580. Imagine that. A nice Aston Martin sitting there waiting for you on your drive. Except you will be so old, you will look hilariously stupid when trying to get out of it.

But if you were to invest this money instead, assuming the average share market return of just under 10% per cent, the payoff could be just over $1.5 million. That’s a $1 million more, and you cannot laugh that off.

Imagine that. An Aston, a Ferrari, and a Lambo are on your driveway, just itching to make you look hilariously stupid.

But on a serious note, if wealth is what you are after, this article could seriously make a difference.

So, if it is that simple, why are we not doing it?

Well, we are an instant society, which means we want results. When do we want them? We want them now.

Err….. investing does not work that way.

In the short term, the difference between making extra repayments on your mortgage compared to investing are minuscule. But over time, the difference becomes enormous.

Let’s put some figures in the mix.

If you put an extra $200 a week to your mortgage payments it would save you interest of about $300 in the first year. It’s not really a figure to get excited about.

Equally, if you invest $200 a week, it would make you $480 in the first year. After three years, the mortgage has you approx. $2,900 is better off compared to $4,900 for investing.

But you need to understand something called compounding. Because after 10 years the difference is approx. $33,500 and after 20 years it is approx. $241,000. Now that is worth getting excited about.

Most people focus on the short term, but when you do that, you lose focus on long-term benefits.

If you don’t want to be as stupid as me, where do you start?

It’s all well and good saying invest but if you are new to the game where do you put your money?

We would always say to see a financial planner.

But I know many don’t want to see one. It’s not like the investing community has a great name when it comes to investing your money.

Often, when I meet financial planners, they love telling me what a great product or plan they have and what wonderful returns they have achieved. Don’t get me wrong; many may have done this, but I always tell clients that numbers never lie.

And what the statistics show is that historically, index funds have been the best-performing investment more than 90 percent of the time. In fact, I cannot think of a single investing firm, stock broker firm or financial planner that has beaten the market after fees consistently for 5, 10, 15 or 20 years.

There is a reason why Warren Buffet is a fan of them. I have invested my own children’s investments in just 3 index funds. And since we started, they have grown by about 30% with no losses.

Compare this to my own portfolio which invests in a mixture of individual shares, indexes and alternative (speculative) investments. The speculative ones have been a bit of a disaster. The individual shares have done very well overall, but I am sitting on some paper losses for some of them. The indexes? They are all up – some significantly.

Index funds or ETFs are known to have a benefit in that they spread the risk of that index. Because there is little speculation or strategy involved, the fees are very low. Some financial planners will charge about 2% of your fund value. An index fund might be about 0.5%. And as my previous articles have shown, when you compound advisor fees, the effect on investments can be dramatic.

Where to Start?

I am going to state the obvious.

Everyone is different, but one thing will always hold true: Do not invest money in an index fund if it happens to be your emergency money.

For example, you have a mortgage offset account, and putting your emergency money (in case the dishwasher breaks down) in an offset account makes sense because you may need it quickly.

Equally, money in the stock market is money you don’t need. The way I say it is any money put into the stock market you must assume you do not have.

Do I regret paying off my home loan rather than invest? Sometimes, but rarely. Thats because there is nothing better than a good night’s sleep knowing I do not have to worry about making payments, falling behind or worry that a bank may walk up the path with a new lock and key.

And I have, over my career, had numerous discussions with clients who still have significant mortgages in their later years, or suddenly have lower income and cannot afford the mortgage or simply got themselves in financially difficulties. These discussions are tragic.

They are mostly painful and emotionally charged. I never want to be in that position, so for me, having a few $$$ less in later years is something I can live with.

Investing is step 7 of our 9 steps to earning more, working less and creating wealth. If you would like to know more contact hitesh at [email protected] or Ros at [email protected] or call 07 3161 9548.
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Infuse your workday with inspiration from our quote, shaping a brighter path for your business.
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Fueling the week with a cup of motivation! Let's make strides towards financial freedom, one step at a time.
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WANT $14K, OR WOULD YOU PREFER $776K INSTEAD?

If this does not get your attention, then nothing will.

If you happen to say $14K, then I would have to tell you have lost your marbles.

But the reality is lazy investing can mean $14K when you could have $775K by just being diligent and being prepared to invest regularly.

Over the last 30 years, the average S&P/ ASX has returned about 9%. Not bad, really.

If an investor had invested $1,000 into the Australian share market in 1993 and then took a flight to sit on Waikiki beach sipping cocktails, that investment would have grown to…… $14K by 2023.

Not exactly exciting. Here’s why:

i) You would have spent more on cocktails over those 30 years and
ii) You would also have to reinvest all dividends you received, which means you would be cashless. And that means no cocktails at all.

But if you think about it in percentage terms it is not a bad return. The problem as you can see it is that $14K does not get you anywhere today.

But what would be the return if that same investor stuck away a further $100 a month and still reinvested all the dividends?

Well, over 30 years, that would be about $170K. So, you start with $1,000 and, over 30 years, invest a further $36K, and you end up with $170K. I like that.

But what if we get a bit more adventurous? What would happen if you invested a whopping $500 a month over 30 years?

Now I get it. In 1993, $1,000 was a lot of money, and the average gross wage was $27K, so putting away $6,000 a year was not exactly easy. But let’s say they managed it.

You end up with $776K. Now, with $775K, you can do a lot more than $14K.

But it does mean you need to sacrifice money for an investment cause – each and every year. If you are prepared to do that, retirement could be fun. Or you can try to live off $14K in retirement – which is not fun.

If you would like to know more, contact Hitesh at [email protected] or call 07 3161 9548.
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Client happiness is our priority. Check out this client's feedback on our services.
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Today's snippet of business wisdom is here!
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Have you ever found yourself wondering, "Am I on the right path with my finances?" If you're feeling uncertain, now is the perfect time to seek guidance. We encourage you to reach out and consult with financial experts who can provide the insights and support you need.

At WOW! Advisors, we are here to help with all your bookkeeping and accounting needs. So don't let confusion hold you back—take proactive steps towards clarity and confidently secure the future for your business and your family.
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Wishing you a fantastic Friday!
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Sorry to Bring it Up….. But Prepare to Die!

I am going to apologise in advance. None of us want to talk about death.

But you must.

As a nation, we are not good at talking about death, and as a result, we are under-prepared.

It is estimated that 60% of adult Australians do not have a will.

And I have heard all the excuses, too.

‘I don’t have that much so it’s not worth it.’

‘My situation is complex, so it is going to be a hassle to organise.’

‘It will be expensive.’

People who tell me they don’t have much are surprised to find they actually have quite a lot.

Those who think it is complex now have no idea how complex it is going to be when they are not here.

And yes, it might be expensive to set up. But nothing compared to the cost it will be to sort out once they are gone.

There is no such thing as a good death. I have been told that those who are suffering because of old age or pain have been spared that, and so it was a good death. I am not so sure. What if you just happen to end up in hell? From what I hear, the place is not exactly a great place to have a picnic. According to every single religion, we lowly humans have sinned. And that means we are all doomed.

But that does not mean those that you leave behind should be doomed trying to sort out your affairs. So, a good death, from their point of view, looks like this:

1 Have the conversation

Talk about your death and your wishes with your family. Hard, I know. Prior to my heart attack, my wife refused to talk about my death. It was as if she did. Somehow, my death could come earlier. But now she at least has an interest.

If, like me, you happen to be the only person who knows their way around the family’s finances, this is going to be a problem. You need to give them the bare bones or leave a set of detailed instructions. Most people do not think their financial lives are complex, but in reality, most are.

2 Choose your executors but choose wisely.

Your executors will be responsible for carrying out the instructions left in your will.

You can appoint several and should have at least two, one as a backup in case the main person is unable to act.

Choose wisely. Very wisely.

They need time to do the work, the process is complex, and decisions need to be made. There is some maturity required too so your 18-year-old kid may not be the most ideal person.

Most will choose their spouse, which makes sense. But as we all know, death can have a devastating effect on those left behind. Will they be able to cope with the added burden of dealing with probate?

3 Think about tax

Inheritance tax does not apply in Australia. But do not assume everything gets passed down tax-free.

Superannuation balances can become taxable. And if assets are inherited and sold afterwards, tax may be payable, too.

This is where tax planning becomes important. This tax planning must be done before death. It cannot be done afterwards.

So you can decide not to plan for it and pay the taxman a crapload of money, or you can plan for it and pay hardly anything. Your choice.

4 Don’t Forget Life insurance

Life insurance policies pay out a tax-free lump sum when you die.

If the policy is within Superannuation, then how and who it is paid too will depend on what you have advised the Superfund trustee to do.

If you have a nomination to say it goes to your spouse, it falls outside the estate and goes directly to them. If you have nominated your legal representative (executor) or have not nominated at all, it goes to your estate and is distributed per your will.

There are binding and non-binding nominations, so make sure you know what you have in place. A binding nomination means the superfund MUST pay according to your wishes. A non-binding one allows the trustee to consider your wishes but does not have to follow them.

5 Powers of Attorney (POA)

While not strictly a plan for death, it is an important part of estate planning.

If you become incapacitated, what happens? Who makes decisions?

Believe it or not, if you are unable to make decisions because of incapacity, then the only person who can make decisions is a judge – someone who does not know you or know what values you have.

And do not assume you have to be old to become incapacitated. About 10 years ago, we had a client who had a 19-year-old child who was involved in a car accident. She was unconscious, so she could not make medical decisions. The doctors wanted to undertake a procedure which the child’s parents thought their child would not want.

Too bad. As the child did not sign a POA appointing her parents, they had no say. If they wanted to change the medical treatment they would have to go to court and convince a judge.

There are two types of POA – medical and financial.

Medical is obvious – whoever you appoint can make medical decisions on your behalf. Financial means they have the right to make financial decisions on your behalf.

6 Who will look after the kids?

If you have minor children, you need to consider who is going to look after the children if both parents are not around.

By experience, I will tell you that grandparents will happily step in. In fact, they will be prepared to argue over it. But even the best grandparents are probably not ideal guardians.

Here’s why.

A four-year-old child can be a handful for any parent. Now imagine a 60-year-old grandparent who needs a knee or hip replacement trying to look after a four-year child. It could be worse if you have 2 little monsters running around causing havoc.

Or a young teenager who wants to hang out with their mates at 10 pm. Will a grandparent really understand the generational gap that even parents struggle with?

As a general rule, I tell clients to stay away from having grandparents being guardians. It is tough on the kids and tough on the grandparents.

My advice would be to have guardians who may be of a similar age or generation to you. And think about if these guardians will have similar views and values as you do because this will rub off on your children.

Whatever you do, make sure you speak to those you identify as guardians. The worst case is when they have no idea and suddenly realise they have just inherited 2 kids.

7 Testamentary trusts

I could write an entire book on this, so a few sentences are not going to do much justice to the topic.

Testamentary trusts are great for asset protection and if you have minor children.

Under a will, assets go to your children once they become adults—18 years old. But if an 18-year-old gets $1m, what are the chances they will spend it wisely?

But let’s say, on the off chance you have the most responsible child on the planet, but they marry the love of their life only to find their partner is not actually the love of their life. You may find the person who is not the love of their life walking away with 60% of your $1m.

To avoid mismanagement of your money and to protect it, you can leave your assets and estate in trust. It usually preserves your wealth and protects it too.

8 Write a letter of wishes

Write a letter of wishes to those managing your estate that explains how you would like your assets to be dealt with.

But it is not legally binding.

You could include the age at which you wish beneficiaries to receive their inheritance if these assets are in a testamentary trust. You can make specific requests if you want to here as well.

9 Get a Proper Will

One of the worst things you could do is to die without a will. The second worst thing is to try and DIY it.

You need a professional full stop. We facilitate will creation, or you can go to a lawyer who will specifically write up a will for you.



10 Create a file

No point doing all the prep work if your family members do not know where to find the information.

Pull together a folder that includes your will, POA, letter of wishes and list of assets, and make sure your family and executors know where it is kept. You might also want to let them know how they can access passwords for online banking as well as social media accounts.

Estate planning is step 9 of our 9 steps to working less, earning more and creating wealth. If you would like to know more, contact Hitesh at [email protected] or call 07 3161 9548.
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Time – Going, Going…. Gone!

As you know, I speak about having more time. I like the fact that I can work 3 to 4 days a week and still manage to do all the things that I do.

But I do know this. Time is finite. No amount of money will get you more. We may leave things for later, but we really do not know if we are going to be around when later comes. I have been there, so I know. In many ways it can be a scary place to be.

It also means that I try to do too much. And that is not necessarily a good thing.

I often get asked how I manage to do all that I do. Sometimes, I think that, too. I run three separate brands and create 2 pieces of content a week, which you read and now listen to. I do charity work and am now also training to run the London Marathon.

At the same time, I am trying to ensure clients are happy and that my team is doing its best not to destroy whatever it is I have built. Add to that the demands of family life, and I also wonder how it’s all done.

But honestly, I am doing exactly what you are doing. Like everyone, I am trying to cram as much as possible into the few years we have left.

So, either it means I am brilliant, or I have a system. Now knowing me, I would like to think I am brilliant, but as my wife keeps reminding me, I am a moron, which means I cannot be both. And as my wife is infinitely more sensible than I, I am going to say I think I have a good system.

Without further wasting of time…. here is a system which may help you.

1. Time is the most valuable possession

So, use it wisely — and that means owning your diary.

I have no hesitation in blocking time out. One day a week is dedicated to new business. I never have meetings in the early morning on Tuesday and Thursday because those are my training days. Late Monday is when I write content.

Friday is always a non-work day – unless there is an emergency that needs to be attended to.

Work out what days and times you need to block out and stick to it.

2. Be prepared for contingencies

Know that you will need time every day for those surprises, dramas, unexpected demands and interruptions. In my case, it is client work that needs attending to or team matters. And sometimes, you will need time to help a friend or colleague in need. And sometimes you will be on the phone to family and friends enjoying yourself.

3. Don’t Forget About Yourself

This is your wellbeing time, thinking time, time for family, friends and hobbies,

I often have time to do nothing (dumb time), too. It is important to switch off.

4. When are you most productive?

Some people work best in the morning, others in the middle of the day and others are night owls.

Does it matter? Maybe. If you are a night owl, modern work practices that work 9-5 won’t help.

But what you do during the day and when you do it determines how productive you are. I feel I am most productive and creative in the morning. That means that type of work should be done in the morning and emails later in the afternoon.

Work out what works for you.

5. We cannot multitask.

I know we all like to think we can multitask but when we do it is proven we are not productive. I went to a seminar recently and this was proved in a roomful of about 400 people.

Do one thing at a time. Work in batches. Phone calls, meetings, emails, reading — all are quite different.

6. Prioritise

What wasn’t urgent last week might be urgent today. And if it doesn’t need to be done immediately then don’t stress yourself over it, making yourself late for what does need prioritising.

7. Make decisions quickly.

Businesses that make slow decisions never progress. Over my nearly 20 years in business a lot of things have gone right and a crapload have gone wrong. Just get on with it.

Come to think of it I am not convinced I would have made any better decisions just because I spent more time on them.

8. Delegate

Yes, your team will screw up. Yes, they will get it wrong but over time they get it right most times and this will allow you a lot of free time.

Time management is step 3 of 9 to working less, earning more and creating wealth. If you would like to know more contact Hitesh at [email protected] or call 07 3161 9548.
Book your call!
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Starting this Monday with a frugal and fabulous meal. Financial freedom begins with every mindful bite.
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Meet Mae Rose Tiongson! Mae joined the team in 2020. She quickly became known for her infectious smile and bubbly personality. A true family person, she’s happily married and finds joy in gardening and seaside adventures. A fun and unusual fact about Mae: she owns a betta fish named A! Get to know her more; her warmth and enthusiasm will brighten your day.
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FBT – They Are Coming!

If you are a client of ours, you may have noticed that we sent out an email recently on FBT and the changes we are making to how we calculate and deal with FBT.

And now you have a second FBT email from me. As you all know, this is not exactly a topic that gets my juices flowing.

So, what’s going on?

Well, the ATO has told us that they know most businesses are not recording FBT matters property, nor are they calculating FBT correctly, nor are returns being completed correctly. They believe there is, in the words of the ATO, “a $1.3 Billion FBT Gap.”

I think it is bigger. Much bigger.

I think the ATO is right. Most businesses do not understand FBT, and most accountants do not give it priority because the ATO does not. That is about to change.

Because the ATO has told us there will be a ‘’big focus’’ in 2024 and beyond when it comes to FBT.

The ATO actually knows a lot of information about you and your business. For example:

⏺ If you buy a vehicle for more than $10,000, they know.
⏺ If you sell a motor vehicle for more than $10,000, they know
⏺ Take out insurance on a car or boat they know.
⏺ How much money you take out of the business they know
⏺ What kind of house you are living in, they know.

So, if you are getting your business to pay for private things, they probably know.

Employee contributions – this is where a business provides an employee or owner a motor vehicle and that motor vehicle is used privately – have also changed so that the business cannot create a loan to it from an employee unless one already exists. They know if you have done that too.

And finally, log books are now being checked for e-tag records and they know many logbooks are not correct nor accurate. If fact they have openly told us they believe a vast majority of logbooks are ‘incorrect’. That’s is being polite. Recently an ATO inspector told me that they know 90% of logbooks are ‘fake.’

But FBT is not just about Motor Vehicles. It covers food, drinks, the Xmas party and much more.

The ATO did something nice, too, which, to be honest, was unusual. They told us what they would be concentrating on so that we can tell you in the hope you will listen, change things and get everything into shape.

Here is what they are looking at:

🚗 Cars

There are 2 ways to calculate potential FBT on cars.

If you want to use the logbook method, the logbook has quite a few requirements. One of these requirements is the logbook (obviously), and we often find that they do not contain enough information.

If there are insufficient records, the calculations used will be the statutory formula, which usually results in more tax. A lot more tax. This makes the ATO happy and you very angry. So do it properly.

🚖 Exempt Vehicles

Many businesses think that minor or infrequent use may be exempt.

Many vehicles thought to be exempt are actually not exempt either.

Exempt vehicles are those that are not designed to carry passengers, so single and dual cabs usually do not have quality. Vans, on the other hand, do. If you have a ute and want it to be exempt, then the private use must be minor, infrequent and irregular. If it is not, then FBT is still due.

📱 Portable devices

Provide two devices in the one FBT year that perform different things, and then both devices can be exempt. But if they both have the same functionality, the second one is subject to FBT. An iPad and iPhone may be okay, but giving a laptop and a tablet may not be.

And the item must be mostly used in the employee’s employment. If you give it to an employee and then give it to the kids for school, then that device is subject to FBT. And remember that if you give a device as an incentive gift or bonus, you pay FBT unless it can be shown to be primarily for use in the employee’s employment.

Paying or calculating FBT is step 2 of our 9 steps to work less, earn more and create wealth. If you would like to know more contact Hitesh at [email protected] or Ros at [email protected] or call 07 3161 9548.
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