Nathan Rigney protects $57 Million of family wealth, has discovered a system to reduce his clients’ working year by 364 hours every year and saves them up to $50,000 a year in tax.
Today, he is going to show you how to reduce your tax and save a lot of money.
Learn more about Nathan www.ngraccounting.com.au.
Learn More about Daniel Tolson & Nini Tolson at www.winsalesnow.com/wsn.
Daniel Tolson (00:01):
Okay, ladies and gentlemen, good morning, good afternoon, and good evening. Our guest today protects $57 million of family wealth and he’s also discovered a system to reduce his client’s working hours by 364 hours every year. And he saves his clients up to $50,000 per year in tax. And today he’s going to show you how to reduce your tax and save a lot more money. Please put your hands together and help us welcome to the Win Sales Now Podcast, our good friend, Nathan Rigney.
Nathan Rigney (00:35):
Hi guys. Thanks for having me.
Daniel Tolson (00:40):
My pleasure mate. $57 million of family wealth that your protecting. How do you manage to protect that amount of money and still have a normal life? Because you’re, you’re a father, you’re a husband, you’re a business owner. How do you do all of this at the same time?
Nathan Rigney (01:00):
Okay. W w when we talk about 57 million and it’s collective of all our clients, but you know, each one of our clients, they are running a business and they’re also got a family at home.
Nathan Rigney (01:12):
They go look after. And could you imagine that Eric, that you had in your family was taken away? You know, I like it. You’ve lost your family home. If family tasked on all, whilst your generating, I guess, income so your family can live. And I guess what I do as an accountant is, is I help clients protect themselves legally so that they don’t fall in this position. And that’s, that’s as simple as, you know, looking at the right tax structure to protect them, to, to S to aid, to save tax, but then also be protect their livelihood so that, you know, no, they, their children don’t grow up in, you know, a situation where, right. They can’t have what they need to survive this modern world. So so yeah, I mean you, you look at everyone, like everyone’s got a big mortgage and, and they’ve got their, they’ve got also the equity in their house.
Nathan Rigney (02:08):
Just one thing goes wrong in business. It could not have been been your fault and everything you’ve worked hard for, it will be after 20, 30, 40 years. It’s just gone. So choosing the right right structure. He’s what gets you to that position where you know, we protect that you’re protecting the $57 million, but you’re also reducing the amount of hours that they work, 364 hours a year they get back just because they’re following your advice. How does this change their life when these business owners can step away for 364 hours and then be with the family? What begins to change for them? Well, I think the way I liked the thing about it is, yeah, you got, you got parents that are no longer being part time. Yeah. How many, I mean this is particularly like a lot of dads. I mean we’re still in a world where unfortunately just I’m raising, you know, man, most you look on average stats. I think more men are going to work and monster, Homer, look, I’m all for stay at home dads. If I could do it, I’d be doing it. But you imagine like all you do is see your kids on the weekend. You’re a part time dad. And I guess what I’ve found is I’ve found a system, I guess technology so that when you’re running your business, saving you know, I bet 15 hours a week in not having to worry about doing your set of accounts and and you know, just saving, you know, using technology to save time means that what you get out of that is you get to go see your kids during, you know, seven days a week instead of just two nights away. And that’s so important. Why, why, why have, why have a family if you’re not going to be there?
Daniel Tolson (03:55):
If I asked my wife if you could save may 364 hours, she might say no. She might say, no, I don’t want him at home.
Nathan Rigney (04:08):
Daniel Tolson (04:08):
Yeah. She’ll say, well that’s, that’s working Tom. Daniel, you go back to work and I can get some, some more hats.
Nathan Rigney (04:14):
You know what I mean? You might actually add some more money in that time. Look, extend the time however you want to spend it.
Daniel Tolson (04:23):
I know the extra money will just turn into more handbags and more, more shoes and they’re high heel shoes, so they don’t, they don’t suit me now in, in Australia.
Nini Tolson (04:35):
Yeah. And I know that cause we used to live in Australia for a while, you know, once we, I mean w when we, after we gave birth to our first kids, and I know that Australia is one of the highest texts, no country in the world, you know. But I also heard that at some incredibly, where tax reductions, you know, dogs or X-Box or alcohol. So I know that you’ve been in this industry for a very long time. So what are some of the most bizarre one you have heard of or help your client with?
Daniel Tolson (05:05):
Because everybody wants to reduce their tax. Can I get this tax run off? What are the, what are the weed ones that you’ve heard?
Nathan Rigney (05:13):
Yeah, you’re right. Entertainment’s always want me to get all the time, but no, can’t, can’t I take my clients out?
Daniel Tolson (05:19):
So can you, can you write off the strip club?
Nathan Rigney (05:23):
Well, it’s funny you say that. Like, I remember when I was younger, you know, going through bank statements and loses black lines through and the client was going to a strip club, chronic Lyme, that that is [inaudible]. But yeah, look, we’ve had some, some really, really odd ones. You know, people trying to claim their boat when there are landscape Gardner trying to climb a boat. Well, well unless you’re in the business of you’re not doing, I guess you know, taking [inaudible] work out there on the sea. Well you were maybe a fisherman or I you know, I do
Daniel Tolson (06:02):
Probably cruise as well, maybe use Dan on that because Dan on the port hacking in and working on load deck waterfront, maybe that was easy excuse.
Nathan Rigney (06:11):
But yeah, look, it’s you get all types of things. Like even like I get people always wanting to claim their everyday clothes. Like, you know, I’ve gone down the jeans West and I bought jeans. Well con con Kline, that sort of stuff. But Mmm. But most people that I do see, like they, they kind of, they’re trying to get it and it’s because we take them through that education process to explain how things do work and we find the [inaudible] types of actions that they can climb. And yeah,
Daniel Tolson (06:43):
Well yeah, I ended up pulling broking business for 17 years and a great shop. And what we found a number of times was that a lot of men would go and buy things from what was called the tool shed. And the tool shed was the local sex shop and on the receipt on the F POS for a seat, all the stuff they bought, the pornos, the toys from the sex shop, it came up as the tool shed. So when their wife went through their bank statement, the wife just assumed they were buying things from like Bunnings and hardware house. And we used to say this all the time. What’s the strangest thing that you’ve seen? Like out of all the things, what’s the strangest one that somebody wanted to write off and that you’ve got to cross the line?
Nathan Rigney (07:26):
That sounds like I could have the ATO knocking on [inaudible].
Daniel Tolson (07:31):
Just the gray zones.
Nathan Rigney (07:34):
Yeah. Look, I, I think, yeah, the [inaudible] in a timing is always the big one that, that people try, try, try on with me. And that’s probably the craziest of what I have saying. Like, you know, I think maybe people down here in the show, maybe, maybe they’re not doing anything that’s crazy or maybe they’re really good at Hottie what they’re doing, but I really haven’t seen a whole lot of crazy stuff. Well the tool shed. Mmm. Well definitely what comes to mind anyway, but I think that’s actually all three of your friends are like, this is genius cause they, even that would get past me
Daniel Tolson (08:10):
In, in Taiwan, it’s very normal for men to go to the club and to have the ladies serve them drinks and it’s all part of business over here. And that’s how people do business. So we see that quite often with the top are nice that they’ll go down to the strip club, take their Australian clients along, serve them drinks and look after them with their, some good entertainment. And that’s perfectly normal over here.
Nathan Rigney (08:33):
Yeah. Yeah. And look, I mean it’s there you can’t go, there’s nothing to stop you from annotating your clients. You can still do that. It’s just, it’s just not tax deductible. But yeah, look there. Yeah, I’ve, I’ve seen things where people like my favorite one is teachers, school teachers love and types it up and, and they’ll often say, but you know, I’ve gone go see the little than whites cause that’s on the curriculum. Or I went and did this to her, that to her and well now that that’s on the curriculum, right, but you teach maths.
Daniel Tolson (09:07):
Maybe they should change subjects. Now look, these Riley, in tech situation everybody wants to reduce their tax. Nobody wants to pay the top dollar for tax. They all want to pay the least. And I agree with them. I love paying tax, I make contributions, but I want to find a ride off wherever I came. What are ideas can you share with business people like ourself in across the country? What can we start doing today to reduce our tax? What are some ideas that you could share with us?
Nathan Rigney (09:38):
I think the first one we touched on it to start with is, is tax structuring. You don’t have the right structure. If you possibly going to be paying definitely behind to be paying more tax than you have to. So getting the structure right so that you can, I guess really share the profits cause the end of the day, whatever profits left, buy some somewhere someone’s going to pay tax. Remember it’s like a corporate, right? Or you know, someone’s along the line, someone’s going to collect some sort of tax. The goal is we want to reduce that amount of tax, right? So what a lot of people do is that they will look at, you know, possibly maybe I’m paying tax at the corporate tax rate or even like distributing the daily members who are maybe earning as much. So mum and dad, they might be retired and you know, we can, you know, you get your first 20 grand tax free essentially.
Nathan Rigney (10:33):
No sir, we’ve got, that’s 40 grand right there, tax free. You know, you might have a brother or sister that’s going to university and they’re only working part time. Well, yeah, there’s a whole lot of, you know, the tax free threshold, we’ll save tax there too. So looking at structuring is important. Mmm. Then also being smart about, I guess, and this is probably whether you’re on business or first personal, but looking at where your lines are as well. If you have lines in business or aligned for an investment property, you really want to call on a pay that off loss. If you’ve got your home line, the home loan interest will be, won’t be tax deductible. So you really want to pay that off first and then let the interest that is tax deductible. Mmm. You know, a crew, well, you know, don’t pay that, pay that line off last because at least then you can claim that test.
Nathan Rigney (11:28):
But the other thing as well is what I tell my clients as well, don’t, don’t think that, Hey, I’m going to go out and buy a new car because it’s a tax deduction right now. Here’s the thing. Sure. It’s going to be a tax deduction, but you only getting back, you’ll, you’ll sell your tax rate to 30% or you’re going to get back is it’s, you know, if you had say, $1,000 of interest and appreciation I’m going to use 80 big as he had $9,000 a year, $10,000 to claim, Oh, I’m going to get back for you. It’s free thousand dollars. But if you don’t need that car and it’s not serving a purpose for your business, you might as well keep that cash from having to pay back that asset. And you know, on that $10,000 profit that you would have, you would have had, you don’t have that tax deduction anymore by the free thousand dollars to the ITO and kicked 7,000 for yourself.
Nathan Rigney (12:19):
So sometimes, sometimes, like it’s, it’s silly just to go and chase a tax deduction if you, you know, you don’t need it. And it’s, you know, I always tell my clients, I only bought capital equipment if needed. You got a car parked in the garage there that costs $150,000, right? It’s not earning you money. So you’ve gotta be, you gotta be smart with money in business. You know, cashflow is really taught for a little doing. A lot of businesses are going through a tough, and I think that now we’re starting to see the true light of, wait, wait, we’re at if you silly with your money, you, you, you, you’ll be going down the gurgler and you’ll be, you know, liquidating before you know it so
Daniel Tolson (13:02):
Well for our friends and followers who want to save tax. And for those people who want more money in their pocket, for those people who want to work less hours this year and earn more than they did last year, and for those people who want to protect their family wealth, what’s the best way for them to contact you? Where should they go right now to learn more about what you’re doing?
Nathan Rigney (13:23):
So we were, there’s a few ways you can, you can find us. Even just Google you know, type in NGR accounting and you’ll find us on online. We’ve, we’ve, we’ve got a website where we’re very interactive on the social media. So like if Facebook and then LinkedIn we’re, we’re a really big believer in actually getting by those those mediums [inaudible] information out to, to clients, potential clients or just people just interested in, in what’s going on out there in the tech, the accounting world. And sometimes as well, it’s just not counting in tax. It’s also some generalized, this is information that is important to know. Like in a candidate,
Daniel Tolson (14:06):
Your, your website is NGR accounting.com that I you, if they go there right now, can they, can they learn more about what you do?
Nathan Rigney (14:15):
Exactly. I can learn. Yup. Yup. Exactly. Testimonials on our website, fine to have actually use this and still use us and, and how much they love as the, so and, and you know, success stories.
Daniel Tolson (14:31):
Lovely. Well, ladies and gentlemen to learn more about the work of Nathan and he’s sitting there and NGR accounting had ever done NGR accounting.com today you and let Nathan and his team show you how to protect your wealth, to reduce the amount of hours that you’re working every year and how to keep more money in your pocket. So Nathan, thank you for sharing your ideas with us and we look forward to seeing you again soon. Have a wonderful day. Thanks guys. Jeff and Al.