Tony Robbins on the Next Big Disruptor to every Business

Clarke McEwan Accountants

Tony Robbins. CREDIT: Getty Images

"Not since the dawn of the internet has a single technology had the power to fundamentally change every business and industry," says Tony Robbins in his latest podcast, The Next Big Disruptor|NextVR's Brad Allen talks about how virtual reality is about to change everything .

When Tony Robbins first put on a pair of virtual reality goggles, he was transported to a basketball game, courtside. "I have been fortunate enough to sit courtside watching an NBA finals game, and I felt like I was right back there," says Robbins.

I must admit that my first reaction was to be skeptical. Ever since Star Trek's Holodeck, I have wanted to believe that virtual reality would one day change the very fabric of how we consume content and thereby how we do business. I was an early supporter of Linden Lab's Second Life in the late '90s and a huge fan of Neal Stephenson's Snow Crash novel (published in 1992). But for the better part of the past two decades, virtual reality has not seemed to progress very much, until now.

Virtual Reality (Finally) Ready for Prime Time
What has changed is that the technology has finally caught up with the vision of what's possible. And the end-user cost of the technology has dropped below the $1,000 price point, which means that we're about to see massive growth in user adoption. According to research firm Tractia, more than 200 million consumer virtual reality head-mounted displays (HMDs) will be sold worldwide by 2020. The same article states, "The company forecasts that consumer virtual reality hardware and content revenue will increase from $108.8 million in 2014 to $21.8 billion worldwide by 2020, with a compound annual growth rate (CAGR) of 142 percent."

Consumer adoption is fundamentally being driven by three players: (1) Google's Cardboard, (2) Samsung's Gear VR, and (3) Facebook's Oculus Rift.

Why Virtual Reality Is the Next Big Disrupter
In Robbins's latest podcast, he and NextVR's executive chairman, Brad Allen, discuss what has fundamentally changed in both virtual reality and augmented reality that has made it ready for prime time. NextVR has invested millions in building the hardware and software technology that allows you to feel like you're right there.

"It's as if you are transported," says Allen. "It's the closest thing to teleportation you'll ever experience. You put on the goggles and instantly you're right there. From a courtside seat at the NBA to backstage with your favorite artist." NextVR has cut deals with the NBA, Nascar, Live Nation, PGA, NHL, boxing, NCAA March Madness, and Fox TV (to name just a few). NextVR is actively working to deliver the kinds of experiences you can't even buy in the real world. Not just front-row seats at your next music concert, but onstage, backstage, and the ability to bounce around from multiple perspectives during the live event.

"This is an unfair competitive advantage for businesses in the next 12 to 18 months," says Allen. "Goldman Sachs is predicting virtual reality will become an $80 billion industry." He expects as many as 20 million customers will adopt the technology in 2016, with another 50 million to 70 million in 2017 and hundreds of millions thereafter.

And while the focus of NextVR is currently entertainment, Allen sees applications in every industry. Imagine your child coming home from school and telling you, "We went to the pyramids today and walked around." Or how about using virtual reality for enhanced training programs? These are way better webinars when you can actually attend the live event. Or in the medical profession, why not consult your doctor virtually? And what about all the advertisers who want to tap this medium?

With the technology finally being ready for prime time, there are a slew of applications we are only just beginning to explore that will fundamentally shift your business.

What Business Are You In? What Business Must You Become?
Robbins teaches that every business must know the answers to two fundamental questions: What business are you in? And what business must you become? When you fall in love with your customers (instead of your products), you must build the future of your business for tomorrow while simultaneously delivering the value you've promised today. Regardless of what business you are in today, Robbins is encouraging you to be thinking about what business you need to become so you are not disrupted when the needs of your customers fundamentally shift.

In the podcast, I enjoyed Robbins's hockey analogy: "The best hockey players in the world don't skate to where the puck is, but rather they get to where the puck is going." Google, Facebook, Samsung, and Robbins believe that virtual reality will fundamentally impact every business. It's not a matter of if so much as a matter of when. Strategizing and planning for these shifts today will help ensure you ride the technology wave rather than have the wave of technology crash over you.

Being Transported Into the Heart of Incredible Experiences
But hardware is not enough. We've seen massive flops in technology such as 3-D television sets. Why should anyone believe that virtual reality will succeed when other technologies have failed utterly? The answer is in the incredible content that is currently being developed.

This year at Collision, I was consumed by a virtual reality storytelling panel that had David Eun and Marc Mathieu of Samsung Electronics speaking with Jacques Methe of Cirque du Soleil. Eun talked about his own life-changing experience being transported to Africa. "I was fortunate enough to be with Scott Harrison, CEO of Charity: Water, and a small group of benefactors," said Eun. "We put on our VR goggles and were instantly transported to a small village in a third-world country. There we experienced the joy of dozens of children as the water well Charity: Water had drilled went online. I've never experienced anything like it. I was there. We all were there. And yet each of us had a different and unique experience depending on which child's face we chose to focus on. I believe virtual reality will fundamentally change the nature of the charities we support, when you can stand in front of the very people whose lives you are forever changing."

Then, Jacques Methe blew my mind when he described what Cirque du Soleil was doing in partnership with Samsung. "At first, we used virtual reality to capture the front-row-seat viewing experience" he said. "But then we asked ourselves, what if we put you right in the middle of the action? Rather than watch from the audience, what if you could be in the show? With virtual reality, you can now be onstage and part of the story."

Imagine experiencing what it feels like to be a Cirque du Soleil acrobat. With the ability to change perspectives, you can be flying on a trapeze, bouncing on a trampoline, or simply look out into the audience as a clown. We are now only scratching the surface of what's possible with virtual reality storytelling. The content creators have an entirely new medium to play with.

We Must Get Beyond the Novelty
I also had the opportunity to speak with Curtis Evey and Dominic Kurtaz of Dassault Systemes 3DExcite, a leader in virtual reality for the automotive and aerospace industry. "Until you put on a virtual reality headset, you don't understand," says Evey. "Today, retail is primarily an execution of decisions already made digitally before you ever enter the store. But with virtual reality, we can finally experience the product without leaving our homes."

"What gets me really excited," says Kurtaz, "is combining 3-D printing capabilities with virtual reality. This is going to completely change the game in so many industries."

And that, my friends is the point of all of this. Virtual reality is (finally) here, and it appears to be gaining traction in all the right places. You can choose to ignore virtual reality and wait for one of your competitors to disrupt you. Or you can take the time to understand what this is all about and find new and interesting applications for your business.

Take Massive Action on Virtual Reality
So, enough of the intellectually interesting information. The time has come to take massive action. If you want the full benefit of this knowledge, you need to do something with it. So here are the three things you must do if you're serious about building the business you must become.

Listen. Hear all of these insights from the very players who are making it happen today. Listen to Tony Robbin's podcast: The Next Big Disruptor|NextVR's Brad Allen talks about how virtual reality is about to change everything.
Put on a damn virtual reality head-mounted display. We can discuss and debate this until we're blue in the face. You're at a massive disadvantage until you adorn a virtual reality headset from Facebook's Oculus Rift or Samsung's Gear VR. Even Google's Cardboard at least gets you a taste of what's possible. But just talking the talk is meaningless. You won't get it until you wear it.
Envision and write down three possible futures. Once you've experienced today's virtual reality, take 30 minutes to brainstorm (by yourself or with your team) how you might use this technology to make your customers' experience 10X better. Don't fall in love with the technology. Instead, fall in love with how you will dramatically improve the lives of the customers you serve. That's the only way to win.

I appreciate your taking the time to read my articles, but if you choose not to take these action steps, then all I've done is bring this technology to your attention. For the full benefit of your business, you need to take the time to do something with this information. Otherwise, there's very little benefit for you or your company.

If I haven't convinced you, you can also read Tony Robbin's latest LinkedIn Influencer post on the same topic. Perhaps hearing it from "the Chairman" (i.e., the man whose ownership of multiple businesses is worth more than $5 billion) will inspire you to take massive action. Robbins is, after all, the No. 1 life and business strategist, a New York Times best-selling author, an entrepreneur, and a philanthropist. When he sees something insightful, let alone game-changing, I tend to pay attention.

The opinions expressed here by Inc.com columnists are their own, not those of Inc.com.

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Specialist Accountants for Doctors and Medical Centres

Why Doctors Who Use Specialist Accountants Often Achieve Better Financial Outcomes

By Clarke McEwan • September 11, 2026

Specialist Accountants for Doctors and Medical Centres

Discretionary trusts and the proposed 30% minimum tax

By Clarke McEwan • September 8, 2026

Discretionary trusts, often referred to as family trusts, have been a popular structure for Australian families and businesses for many decades. They are commonly used to operate family businesses, hold investments and assist with succession planning. Their flexibility, together with asset protection and estate planning benefits, has made them an attractive option for many groups. In the 2026–27 Federal Budget, the Government announced a significant proposed change. From 1 July 2028, trustees of discretionary trusts would generally be required to pay a minimum tax of 30% on the trust's taxable income. According to the Government, the proposal is intended to better align the tax paid on trust income with that paid by salary and wage earners, while reducing opportunities to split income between family members. However, the announcement has generated considerable debate. Professional bodies, business groups and tax advisers have expressed concerns that the changes could increase complexity and compliance costs for many genuine family businesses and investment structures. How the proposal is expected to work Under the proposal, the trustee would generally pay the minimum 30% tax on the trust's taxable income. Where trust income is distributed to individual beneficiaries or certain other non-corporate beneficiaries, those beneficiaries would generally receive a non-refundable tax offset recognising the tax already paid by the trustee. This is intended to reduce the risk of the same income being taxed twice, but while maintaining the impact of the 30% minimum tax rate. Importantly, the minimum tax would not apply to every trust. The Government has indicated that a number of trusts would be excluded, including fixed trusts, widely held trusts, complying superannuation funds, charitable trusts, deceased estates, special disability trusts and genuine testamentary trusts. Primary production income and certain income relating to vulnerable minors would also be excluded. The Government has also stated that more than 90% of small businesses are not expected to be affected. While that may be reassuring for some taxpayers, there are still some important issues that could affect family groups using discretionary trusts. What could this mean in practice? One area likely to receive close attention is the use of companies as beneficiaries of family trusts. Many family groups have historically distributed some trust income to a company. This can provide flexibility in managing cash flow, retaining profits within the business and funding future growth. Under the proposed rules, however, the corporate beneficiary would not receive a tax offset for the tax already paid by the trustee. In many cases this will mean that income distributed from a discretionary trust to a company would be subject to double taxation. Another practical impact of the proposed change is that some family groups may find it more difficult to fully utilise existing tax losses. While the impact will depend on each group's circumstances, the proposed minimum tax is likely to reduce some of the flexibility that currently exists when managing taxable income across a family structure within many groups. The Government has also proposed a temporary three-year rollover period, commencing from 1 July 2027, to help restructure into alternative business structures, such as companies or fixed trusts, without triggering immediate income tax or capital gains tax consequences. While this may assist some groups, restructuring is rarely straightforward. Depending on the circumstances, it might be necessary to consider things like stamp duty, loan approvals, financing arrangements, contract changes, licensing requirements and professional advice. Even relatively simple restructures can involve significant time and cost, so careful planning will be important. The rules are not yet final At this stage, the proposal remains subject to consultation. Treasury released a consultation paper in July 2026 seeking feedback on a range of design issues, including how the new rules would operate in different situations. Final legislation has not yet been introduced, meaning aspects of the proposal could still change before the rules become law. For this reason, most groups utilising discretionary trust structures should avoid making major structural decisions based solely on the announcement. Instead, it is sensible to monitor developments while considering whether existing structures are likely to remain appropriate if the proposal proceeds. What should you do now? For many families, discretionary trusts are about much more than tax. They can continue to provide valuable asset protection, succession planning and business flexibility. The proposed changes do not remove those benefits, nor do they prevent discretionary trusts from continuing to be used. However, the proposal does have the potential to change the tax outcomes for some family groups, particularly those with more complex structures or those that regularly distribute income to companies. With the proposed start date still some time away, there is an opportunity to pause and carefully understand how the changes may affect your circumstances and consider whether any planning or restructuring might be appropriate. As the legislation develops, we can help you assess the impact on your business or investment structure and determine whether any action is warranted.

New reasonable travel and overtime meal rates

By Clarke McEwan • September 8, 2026

The ATO has released its updated reasonable travel and overtime meal allowance rates for the 2026–27 income year in Taxation Determination TD 2026/4. The overtime meal allowance has increased to $40.00, while the reasonable amounts for domestic and overseas travel have also been updated based on salary levels and travel destinations. Although these figures are widely publicised each year, they are often misunderstood. A common misconception is that employees can automatically claim a tax deduction up to the ATO's published rates. In reality, the rules are much narrower, and applying them incorrectly could lead to deductions being denied as well as interest and penalties. A travel allowance is the starting point The ATO's reasonable amounts only become relevant if an employee receives a genuine travel or overtime meal allowance from their employer. Generally, an allowance should: Be paid specifically to cover work-related travel or overtime meal expenses; Relate to particular work trips or overtime worked, rather than being a general additional payment; Be shown separately from normal salary or wages; and Be intended to help cover expenses the employee is expected to incur. If an amount has simply been built into an employee's normal salary package or is not identified as a separate allowance, the ATO's reasonable rates generally do not apply. Instead, the normal substantiation rules will usually apply to any deduction claimed. The reasonable rates are not an automatic deduction One of the most common misunderstandings is that receiving a travel allowance allows an employee to automatically claim the ATO's published rate as a tax deduction. This is not how the rules operate. Employees can generally only claim the amount they actually spend on deductible work-related travel or overtime meal expenses. The ATO's reasonable amounts simply mean that, in certain circumstances, employees may not need to keep a receipt for every specific expense. Importantly, the expenses must still have been incurred and they must relate to work-related activities. Good records are still essential Even where a genuine travel allowance has been paid, employees should still keep sufficient records to demonstrate that they incurred the expenses and that their claim is reasonable. Useful records may include: A diary recording work trips and overnight travel; Details of meals and incidental expenses incurred while travelling; Bank or credit card statements showing the expenses were personally paid; A representative sample of receipts; and Where travel involves six or more consecutive nights away from home, a travel diary recording the dates, locations and purpose of the travel. While receipts may not always be required, relying solely on the ATO's published rates without any supporting evidence could expose you to unnecessary scrutiny if your return is reviewed. Practical tips for employees and employers If you receive a travel or overtime meal allowance, it is worth checking that the arrangement satisfies the ATO's requirements before claiming a deduction. Some practical steps include: Review your payslip. Check that the allowance is separately identified rather than being included in ordinary salary or wages. Keep records throughout the year. Maintaining a simple travel diary and retaining some supporting documents is much easier than trying to recreate the information months later. Only claim what you actually spend. The ATO's reasonable amounts are not a target or standard deduction. They simply provide a benchmark for when the normal receipt requirements may be relaxed. Take extra care on longer trips. If you are away from home for six or more consecutive nights, additional travel diary requirements will generally apply. A little preparation can avoid problems later The updated reasonable amounts provide a useful guide for employers and employees during the 2026–27 income year, but they should not be viewed as an automatic entitlement to a tax deduction. Understanding how the rules operate, keeping appropriate records and claiming only genuine work-related expenses can significantly reduce the risk of problems if the ATO reviews your tax return. If you or your employees receive travel or overtime meal allowances, now is a good opportunity to review your current arrangements. We can help you confirm whether the allowances meet the ATO's requirements and what records should be kept to support any future claims.

Penalty units increase from 1 July 2026

By Clarke McEwan • September 8, 2026

From 1 July 2026, the value of a Commonwealth penalty unit increased from $330 to $364. While this may sound like a minor administrative change, it has a direct impact on many ATO penalties, increasing the cost of a range of compliance failures. A penalty unit is simply the method used under Commonwealth law to calculate many fines and administrative penalties. Rather than specifying a fixed dollar amount, the legislation often refers to a certain number of penalty units. As the value of a penalty unit increases, so too do the penalties that rely on it. The new value applies to breaches that occur on or after 1 July 2026. Earlier breaches continue to be assessed using the previous rate. Where the increase is likely to be felt Many of the ATO's administrative penalties are based on penalty units, meaning the increase flows directly through to the amount payable. Failure to lodge on time One of the most common penalties applies where tax returns, activity statements or other required documents are lodged late. The base penalty is generally one penalty unit for every 28 days (or part of 28 days) that a document remains outstanding, up to a maximum of five penalty units. For a small entity, this means the maximum base penalty has increased from $1,650 to $1,820. Higher penalties may apply to medium and large entities, while significant global entities are subject to much larger penalty amounts. False or misleading statements Providing incorrect information to the ATO can also result in penalties. Where there is no tax shortfall, the law provides for base penalties of 20, 40 or 60 penalty units, depending on the circumstances and the taxpayer's level of care. At the new penalty unit value, these base penalties have increased to $7,280, $14,560 and $21,840 respectively, before taking into account any reductions or increases that may apply. Self-managed super funds Trustees of self-managed superannuation funds (SMSFs) should also be aware of the higher penalty amounts. A range of SMSF administrative penalties are calculated using penalty units. For example, some breaches that previously attracted a penalty of $19,800 (60 penalty units) now carry a penalty of $21,840. Importantly, these penalties are generally imposed on each individual trustee rather than the fund itself. This means the total cost can increase significantly where a fund has multiple individual trustees, and the penalties cannot usually be paid from the assets of the superannuation fund. Other obligations, such as certain record-keeping requirements, tax invoice obligations and some superannuation guarantee penalties, may also be affected by the higher penalty unit value. Why this matters For most taxpayers, these penalties are entirely avoidable. Late lodgements, poor record keeping and incorrect information remain some of the most common reasons businesses and individuals incur ATO penalties. While the increase in penalty units may not seem substantial on its own, the cost can add up quickly where there are multiple outstanding obligations or repeated compliance issues. It is also worth remembering that ATO penalties are generally not tax deductible, meaning they must be paid from after-tax income. The good news is that the ATO will often consider remitting penalties (in part or full) where there are genuine mitigating circumstances, reasonable care has been taken, or a voluntary disclosure is made before the issue is identified by the ATO. Addressing problems early typically results in a better outcome than waiting until formal compliance action begins. Practical steps to reduce your risk There are several simple steps that can help minimise the risk of penalties: Lodge on time. Providing information to us well before due dates gives enough time to prepare accurate returns and meet lodgement deadlines. Keep good records. Accurate and up-to-date records make it easier to prepare returns correctly and support your tax positions if questions arise. Review your compliance regularly. If you operate a business or manage an SMSF, periodic reviews can identify issues before they become costly. Seek advice early. If you think you've made a mistake or have fallen behind with your tax obligations, speaking with us as soon as possible will generally provide more options than waiting for the ATO to contact you. A timely reminder The increase in penalty units is a timely reminder that the cost of tax non-compliance continues to rise. While the higher penalties are intended to encourage timely and accurate compliance, they also reinforce the value of good record keeping and proactive tax management. If you have any concerns about outstanding lodgements, record-keeping obligations or any other tax compliance matter, please contact us. We can help you address issues early and minimise the risk of unnecessary penalties.

SMSF and property – preparing for a smooth audit

By Clarke McEwan • September 8, 2026

For many SMSF trustees, property is one of the most significant assets held by their SMSF. Unlike personally owned assets, there is a legal requirement that all SMSF assets are valued each 30 June. This can be a simple process for assets that have a ready market like listed shares, however the process for other assets like property can be more onerous. Trustees are responsible for determining the market value of fund assets. After your annual financial statements are prepared your fund auditor will need to see objective and supportable evidence that backs up how you have arrived at the market value. Trustees have the option to use a qualified independent valuer for this and should consider this where an asset represents a significant part of the fund’s value or might be difficult to value. Where trustees choose not to use an independent valuer, they will need to be able to support asset valuations with evidence from multiple sources. Typically, for property this may include: Recent comparable sales – Generally at least 3 and the properties should be genuinely comparable in terms of size and location. A real estate agent appraisal that also includes comparable sales. Net income yields for commercial property (generally not sufficient evidence on its own). The ATO includes some helpful guidance on this in their Guide to valuing SMSF assets. Where an SMSF holds property that meets the business real property (BRP) definition it is possible that this property can be leased to a business that is operated by a member or a related party of the SMSF. However, the fact that an arrangement like this is permitted does not mean the fund trustees can charge a non-market rate of rent. When a rental arrangement is entered into with a related party of the super fund, that arrangement should be on arm’s length (commercial) terms and this should be supported by a rental appraisal. An easy way to think about this is – do all the lease terms reflect an arrangement that would be agreed to if the tenant was an unrelated third party? To evidence that a related party arrangement is on arm’s length (commercial) terms an auditor should be provided with; A properly documented lease; A rent appraisal when the lease was first entered into; Evidence that the arrangement is operating based on the terms of the lease; and Evidence that where a prior lease term has expired the terms have been reset to market value – backed up by a new rent appraisal. Although your financial year 2026 SMSF audit might not be taking place for some months, the process can be much smoother where SMSF trustees are proactive and start to compile this evidence in advance, rather than waiting for the auditor’s request.

Loss carry back rules reintroduced

By Clarke McEwan • September 1, 2026

At the Federal Budget in May 2026, the Government announced that it would reintroduce a loss carry back tax offset for companies, providing a crucial buffer to any business facing difficult trading conditions.