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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The one big, beautiful bill that may not be so beautiful for Aussies

By Clarke McEwan • July 2, 2025

Where are things at? Australian superannuation funds currently have about $400 billion invested in the US and tax concessions are currently available under existing tax treaties. This could change. A new bill, backed by the Trump administration and recently passed through the House of Representatives proposes higher taxes on countries seen to be discriminating against US businesses, including Australia. If the bill becomes law, Australian super funds could face higher taxes on US investments, directly affecting the long-term returns of super funds. The implications Even if you don’t have direct investments in the US, this matters. If your business is tied to superannuation funds or if you rely on consistent super returns for your retirement planning, changes like these can add pressure. It also adds a layer of uncertainty for Aussie businesses operating globally. As trade tensions rise and tax rules shift, doing business internationally becomes more complex and potentially more costly. Tax experts say these changes could override existing treaties between the US and Australia. And they’re not just aimed at big corporates, any individual or entity with US exposure could potentially be affected in some way. What’s being done? Industry groups including the Financial Services Council are calling on the Australian Government to step in and protect Australian investors through diplomatic and trade channels. Major super funds have already met with US lawmakers, reminding them that Australia is a significant source of capital for US markets and that strong partnerships go both ways. That said, this legislation is still working its way through Congress and faces pushback even from some Republicans. But as one US political expert said, ‘Bills that looked doomed have passed before.’ We live in hope but it’s not over yet. What can you do? Using John Howard’s barometer, for now we’re at the be alert but not alarmed stage. If you’re managing a business, planning your retirement, or investing overseas, this is a reminder of how global politics can impact your bottom line. Here’s what we recommend: • Stay informed. Tax rules can change quickly • Ensure your retirement planning is flexible enough to adjust if needed or talk to us to help you • Talk to us if you’ve got exposure to US investments, but you might need some input from a US tax specialist. There’s undoubtedly a bit to consider in the world of tax / finance at the moment, the environment’s changing at pace. You’re not alone in this though, as always please reach out if you have any questions and concerns. We’re here to help.

Trust funds: are they still worth the effort?

By Clarke McEwan • July 2, 2025

Is there a shift away from trusts? In recent years, we have noticed a slight trend of businesses transitioning from trust structures to corporate entities. This shift is largely due to increasing scrutiny on how trusts are used and the growing complexities involved in managing trusts, particularly when it comes to documentation and compliance requirements. Trustees and directors of trustee companies are realising that they need to devote more time and resources to ensure compliance with evolving and complex regulations. One of the primary challenges in utilising trusts for business purposes is the need for timely and accurate decision making. Trustees are normally required to make decisions about distributions by the end of the financial year to prevent the profits of the trust from being taxed at penalty rates. This timing can be problematic as it might not align with the availability of complete financial information, especially for businesses that are actively trading. This can lead to difficulties in making informed decisions regarding the distribution of trust income and to achieve optimal tax outcomes. The ATO has also intensified its focus on trust arrangements, especially when it comes to the use of integrity rules which have formed part of the tax system for many years, but haven’t tended to be applied all that often. The risk of making mistakes and being detected is probably higher than ever before. All’s not lost (we’re here to help) While the landscape around trusts is evolving and the scrutiny is high, this doesn’t mean that trust structures don’t still have their place. With the right support (support that we can provide in conjunction with other experts) trusts can still offer advantages that other structures can’t. They can still be a useful platform for passive investment activities, estate planning and as part of a business structure. This isn’t the time to give up on trusts. But it is important to seek advice before setting up a trust to make sure it is the most appropriate option and to fully understand the advantages, disadvantages and practical issues that will need to be managed when using a trust structure.

Finfluencers: bad tax advice could cost you

By Clarke McEwan • July 2, 2025

Finfluencers: bad tax advice could cost you Relying on this advice could not only leave you out of pocket but also expose you to ATO penalties, fines or in the worst case scenario - prosecution. What’s the problem? Many finfluencers make money by promoting financial products on behalf of companies, which means that they don’t necessarily have your best interests in mind when sharing information or insights. Finfluencers aren’t always qualified to provide advice on tax or financial products. You just can’t expect to receive solid, reliable or tailored guidance. Unfortunately, we’re seeing some influences share tax hacks that are either completely false or apply only in extremely limited situations. The ATO and some of the accounting professional bodies have sounded the alarm on some recent false claims, including: • Claiming your pet as a work related guard dog • Writing off luxury handbags as laptop bags • Deducting fuel costs without any documentation • Trying to claim swimwear as a work uniform These kinds of suggestions might sound plausible but following them could get you into serious trouble. The ATO uses sophisticated data matching tools to detect suspicious or inflated claims. If your deductions don’t meet the legal criteria, this could trigger an audit and if mistakes are found, the consequences can include: • An increased tax liability • Interest charges • Fines • A criminal record and in the most serious cases, imprisonment. Here’s how to stay safe and tax smart: • If it sounds too good to be true, it probably is. Dodgy deduction tips on social media are best ignored, at least until they can be verified. • Stick to trusted sources. For official tax guidance, visit ato.gov.au. • Don’t risk your business or personal reputation for a quick deduction. If you aren’t sure, please reach out to us and we can help you stay compliant, no filters or hashtags!

Important tax update: deductions for ATO interest charges scrapped

By Clarke McEwan • July 2, 2025

What are the interest charges? There are two main types of interest that are charged by the ATO. These are: • General Interest Charge (GIC) : This applies when you pay your tax liability late. The ATO applies GIC to encourage tax liabilities to be paid on time and ensure taxpayers who pay late don’t have an unfair advantage over taxpayers who pay on time. GIC is calculated on a daily compounding basis on the overdue amount. The GIC annual rate for the July – September 2025 quarter is 10.78%. • Shortfall Interest Charge (SIC) : This is applied when there is a shortfall in tax paid because of an amendment or correction to your tax assessment. SIC is also calculated on a daily compounding basis. The SIC annual rate for the July – September 2025 quarter is 6.78%. The ATO applies SIC to the tax shortfall amount for the period between when it would have been due and when the assessment is corrected. What’s changing? Historically, both GIC and SIC amounts could be claimed as a deduction. This has meant that the net after-tax cost of the interest charges has been reduced for taxpayers who have a positive income tax liability for the relevant income year. However, the Government has passed legislation to ensure that GIC and SIC amounts incurred on or after 1 July 2025 are no longer deductible, even if the interest relates to a tax debt that arose before this date. As these interest charges are no longer deductible, this means that the after-tax impact of the charges is higher for many taxpayers. The impact becomes greater as your tax rate increases. For example, let’s take a look at two individuals who have the same level of tax debt owed to the ATO and the same level of tax debt owed to the ATO and the same GIC liability of $1,000 for a particular income year: • Sally is a high income earner and subject to a 45% marginal tax rate (ignoring the Medicare levy). Under the old rules the net cost of the interest charge was only $550 because she could claim a deduction for the GIC amount and this reduced her income tax liability by $450. Under the new rules no deduction is available and the full cost to Sally will be $1,000. • Adam is subject to a 30% marginal tax rate (again, ignoring the Medicare levy). Under the old rules the net cost of the interest charge was $700 because he could reduce his income tax liability by $300 by claiming a deduction for the GIC amount. As with Sally, under the new rules no deduction is available for the GIC and the full cost to Adam is $1,000. What can I do to minimise the impact of this change? The simple answer is to pay down ATO debt as quickly as possible. As you can see, the GIC rate is relatively high and continues to accrue on a daily basis until the debt is paid off. The faster you can pay off that debt, the lower the interest charges that will accrue. If you can’t afford to pay off your ATO debt in the short term then you might want to explore other options, including whether you would be better off borrowing money from another source at a lower interest rate to pay off the ATO debt. In some cases it is possible to claim a deduction for interest accruing on a loan that is used to pay tax debts, although this is normally only possible if the debt arose from business activities. It isn’t normally possible to claim a deduction for interest accruing on a loan that is used to pay a tax debt that arose from investment or employment activities. While the ATO will sometimes allow taxpayers to enter into a payment plan so that tax debts can be paid through instalments, tax debts that are subject to a payment plan still accrue GIC. On a more proactive basis, a better option is to plan ahead to ensure that upcoming tax payments can be made on time. This will sometimes mean setting aside funds regularly for tax instalments, GST, PAYG withholding and other amounts that need to be paid to the ATO. Keeping these amounts separate will help to ensure you’re ready when the ATO bill arrives. If you're currently carrying tax debt or need help staying ahead of your obligations, we're here to help. Let’s work together on a strategy that keeps you compliant and protects your bottom line.

Div 296 super tax and practical things to consider

By Clarke McEwan • July 2, 2025

How does it work? While we are waiting to see whether the measure will become law, let’s assume for the moment that the Government passes legislation which is consistent with the Government’s announcements to date. If so: • If your TSB is over $3 million at 30 June, a portion of your annual superannuation earnings above that threshold will be taxed at an additional 15%. • The tax is assessed to you personally and can be paid from your super or your own funds. • Superannuation earnings for this purpose reflect the increase in your net super balance for the year, adjusted for certain contributions (eg, inheritance via death benefit pension) and withdrawals. • Some exclusions apply: children on super pensions, structured settlements (personal injury), and the deceased. It is important to remember that your TSB is the aggregate of all Australian superannuation interests (including balances with APRA funds, SMSFs and defined benefit schemes) held at the end of the income year. If the start date is 1 July 2025, then the first test date will be 30 June 2026. An individual’s TSB at this date, and each following 30 June, will determine whether they will have a Division 296 tax liability for that income year. Only where the individual has a TSB on 30 June in excess of $3 million will they have a Division 296 tax liability for that income year. Examples Sam’s account • 30 June super balance: $4 million. • Annual growth: $120,000. • Portion above $3m: ($4m–$3m)/$4m = 25% • Taxable earnings: $120,000 x 25% = $30,000 • Extra tax: $30,000 x 15% = $4,500 Lisa’s inheritance • Lisa’s balance rises from $2m to $4.5m after receiving a death benefit pension. • Only new investment growth (not the transferred amount) is taxed as earnings, but a total balance over $3m means she may still have a liability. What can you do? • Review your super fund liquidity and cashflow planning for future tax payments • Ensure your asset valuations are up to date • Estimate your combined super balances and plan for any large transactions • Document asset values, especially for SMSF members • Seek tailored professional advice before making any changes While we are waiting to see whether the legislation passes through Parliament and whether any significant amendments or adjustments are made to the proposed measures, if you have any questions or concerns around this in the meantime, reach out – we’re here to help.

Leveraging Xero for Medical Practices: The Importance of Monthly Bank Reconciliation

By Clarke McEwan • June 12, 2025

Leveraging Xero for Medical Practices: The Importance of Monthly Bank Reconciliation In the evolving world of financial management, the use of cloud-based accounting software like Xero has transformed how businesses, including medical practices, handle their finances. For healthcare providers in Australia, maintaining accurate financial records is crucial, not only for compliance but also for ensuring business efficiency and growth. One of the fundamental accounting processes that support this is regular bank reconciliation. Why Choose Xero for Your Medical Practice? Xero is a user-friendly, cloud-based accounting software designed to simplify day-to-day financial operations. Here are some key reasons why medical practices are increasingly adopting Xero: Streamlined Billing and Invoicing : Xero allows for easy creation and management of invoices, ensuring that patients are billed correctly and efficiently. Real-Time Financial Overview : With Xero, you can access your financial data anytime, anywhere, providing you with a real-time snapshot of your practice's financial health. Integration with Other Systems : Xero integrates seamlessly with a plethora of healthcare management systems, reducing manual data entry and enabling smooth workflow. Efficient Payroll Handling : Automate payroll processing within your practice, helping you manage employee payments and relevant compliance efficiently. The Significance of Regular Bank Reconciliation Bank reconciliation is the process of aligning the records in your practice's accounting system with the corresponding information on your bank statement to ensure both sets of records are accurate. Here’s why doing this every month is vital: 1. Error Detection and Correction Bank reconciliation allows you to spot any discrepancies between your records and the bank's data. This includes identifying double payments, missed transactions, or bank errors that could cost your practice a significant amount if left unchecked. 2. Fraud Prevention By regularly reconciling your accounts, you create an opportunity to detect early signs of fraudulent activity or unauthorized transactions, safeguarding your practice’s funds. 3. Cash Flow Management Accurate reconciliation ensures that your cash flow statement reflects the true financial state of your practice, helping you plan for any financial commitments and investments with confidence. 4. Compliance and Reporting Regular reconciliation ensures your financial statements are accurate, facilitating smoother tax filing and adherence to Australian financial regulations. 5. Financial Decision-Making When reconciled correctly, your financial data becomes a reliable foundation for making strategic business decisions, such as expanding your practice or acquiring new equipment. Incorporating Xero into Your Routine To maximize the benefits of Xero for your medical practice: Schedule Monthly Reconciliation : Set aside dedicated time each month to complete your bank reconciliations without fail. Leverage Automation : Use Xero’s bank feeds to automate transaction imports, which makes the matching and reconciliation process quicker and more efficient. Stay Informed : Regularly review reports generated by Xero to keep abreast of your practice’s financial performance and trends. Consult with Professionals : Collaborate with your accountant or financial advisor to ensure that your reconciliation processes are optimized and aligned with best practices. In conclusion, adopting Xero and maintaining regular bank reconciliations in your medical practice are not merely about staying compliant; they are essential components of robust financial management. They ensure your practice operates smoothly and is prepared for growth, making them indispensable tools in today’s healthcare landscape. Discover how our accounting services can further enhance your financial management processes. Get in touch with us today for tailored solutions to meet the unique needs of your medical practice. To arrange a no obligation meeting please use the link here