The Makeup Insider
The Makeup Insider is a fortnightly one-on-one podcast exploring the life and career of makeup artists, hosted by freelance mua Vanessa Barney.. Finding your community of other likeminded mua’s – the creative, artistic, talkative, flexible, adaptable with a good eye for colour kind-of-people, can often be daunting. Like, where do you start? The Makeup Insider is designed for just that. To build a collaborative online community of artists to build their confidence, connections and help drive their career to the next level.If you’re just starting out or have been in the industry for a long time, tune in now, check out the key takeaways in the show notes and subscribe so you never miss an episode. Find Vanessa @vanessabarney @the.makeupinsider
The Makeup Insider
Navigating Superannuation and Tax: A Freelancer’s Handbook with Lucas from Darkwave Consulting
Navigating Tax Pitfalls and Maximizing Deductions for Creative Professionals with Lucas from Darkwave Consulting.
What we talk about:
Introduction to Tax Obligations for Creatives:
- Understanding the unique tax landscape for arts, entertainment, and media production industries.
- Key differences between tax obligations for creatives vs. traditional nine-to-five workers.
Importance of Record-Keeping:
- Common mistakes like poor record-keeping and how to avoid them.
- Practical advice for makeup artists starting their businesses.
- Benefits of using expense-tracking software.
GST Registration and Compliance:
- Navigating the complexities of GST registration, especially with fluctuating incomes near the $75,000 threshold.
- Requirements for maintaining or deregistering GST status.
- Tips on claiming car and travel expenses, including the importance of keeping a travel diary.
- Advantages of maintaining separate business and personal accounts for streamlined financial records and simplified GST management.
Superannuation Obligations:
- Guidance on handling superannuation for contractors and freelancers.
- Responsibilities of agents vs. employers.
- Legalities surrounding superannuation payments and how to manage them correctly.
Tune in now to stay ahead of the game and ensure you're maximising your deductions while avoiding common tax pitfalls!
"Darkwave was launched by Directors Meredith Fannin and Andrew Elmore in 2006. Darkwave is an Australian accounting firm providing services to clients in the Arts, Entertainment and Media Production Industries. Darkwave’s services include Bookkeeping & Taxation Compliance, through to Management Accounting and Business Consulting Services. Darkwave provides Film Accounting Services for QAPE and EMDG Application Preparation and Lodgement.
Darkwave works with some of the biggest names in music and entertainment, who trust the experience, credentials and people at Darkwave not only to simplify complex aspects of their finances but also to help them understand the finance, tax and monetary side of their business."
Darkwave is happy to discuss any Tax/Superannuation questions you. Please email contact@darkwave.com.au.
Website: Darkwave Consulting
General Email: contact@darkwave.com.au
LinkedIn: https://au.linkedin.com/company/darkwave-consulting
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there. Thank you for joining me today, Lucas.
Speaker 2:Thank you so much for having me. It's great to be on.
Speaker 1:Can I get you to introduce yourself to the audience? Tell us a little bit about where you work, what you do and where you guys can be found online.
Speaker 2:Yeah, absolutely so. I work with Darkwave Consulting and we're an Australian accounting firm that provide services to, in particular, clients in the arts, entertainment and media production industries or anyone that really falls within those sort of creative areas outside of that. But that's sort of our specialty and we have a quite deep understanding of those industries. You can find us just by looking up Darkwave Consulting or darkwavecomau and that gives you links to all of our other connected media accounts.
Speaker 1:Our team everything there Great, thank you. I'd like to start off by having a bit of a chat with you about how does a creative or a makeup artist's tax needs differ from maybe like a nine to five worker.
Speaker 2:Yeah, look, it really depends on the individual, but oftentimes creative individuals would be working uh through their abn as a sole trader or possibly through a company structure, and so the actual reporting side of everything falls on on the client rather than their employer just reporting their their income tax withheld, etc. Uh, so it's, it's more um that those individuals need to be more on top of their record, keeping their income throughout the year and their deductions, which also differ a bit from. From most, I wouldn't say no, but yeah, nine to five workers where you know, they may have some office supplies or minimal expenses.
Speaker 2:Their credit. Individuals tend to have quite significant costs for equipment, tools, research.
Speaker 1:Um yeah, that sort of side of everything is a lot more extensive what would you say are the biggest mistakes that you see from, like you know, creatives when they first start coming to you like what are, what are common things that we, that we forget to do or that we don't do?
Speaker 2:look, some creatives are very on top of their record keeping. Others are not so much minded in that way.
Speaker 2:They they're not uh you know, not big on numbers or or quite as as organized um in in their receipts necessarily uh, so sometimes we do have clients that, um, have quite a mess of records or or spreadsheets or um, nothing at all tracked throughout the year, and it's it's a lot harder to backtrack and work out what can be claimed there. Often you'd miss out on quite a number of deductions if you haven't kept some form of record. So yeah, I'd say the biggest mistake there is just not keeping track of everything throughout the year, so you have sufficient evidence to actually make that claim against your income.
Speaker 1:Yeah. So let's say someone's listening and their. You know, next end of financial year is coming up and in the new financial year they're going to be starting their makeup business. What are some practices they can get into straight off the bat to get off to a good start?
Speaker 2:get off to a good start, yeah, so, firstly, I'd recommend some sort of software to keep track of receipts, whether that's just the ATO app that has my deduction section in it, that just allows you to take pictures as you expense everything and at the end of the year just export that out.
Speaker 1:You don't need to have the actual physical records.
Speaker 2:Digital is completely fine or, up to you know, zero QuickBooks rounded. Those sort of more advanced softwares are also available if you are expecting quite a significant number of invoices and expenses that would be quite difficult to keep track of throughout the year. So, yeah, certainly organising yourself in that sense and maybe just gaining a deeper understanding of how the tax system actually works. A lot of people don't quite understand the different tax brackets what actually makes up your taxable income.
Speaker 2:What actually makes up your taxable income? Tax-free thresholds, all that sort of combined stuff, can sometimes leave new creatives at a disadvantage if they haven't set aside anything for a tax bill at the end of the year, or if they, you know, have registered for GST but don't understand that side of everything. So, yeah, doing your research or even contacting an accountant just to discuss. You know what you need to be aware of before actually making that leap is always a good idea.
Speaker 1:Do you? Does Dark Web offer a consultation service or anything like that? Like, would they take on someone small and starting out? Is that something that you guys could help with? Yeah, absolutely, we take on clients in all different areas of their professional careers.
Speaker 2:So whether they're just starting out as a small fry independent, up to you know massive companies. We are more than happy to take on any client in that area, oh great, and we certainly do do initial phone meetings or in-person meetings to give you an understanding of, if you're wanting to work with Darkwave, how it would work, what to be aware of, and there's also plenty of resources available either through Darkwave or online.
Speaker 1:Oh, awesome, so they could just email you guys and have a chat.
Speaker 2:Great. Yeah, definitely so, through that, through our website there's a contact section that you can just write in a query or book in. You know an initial phone meeting as a new client and that goes through our admin team and they set everything up. Yeah, fab.
Speaker 1:Okay, cool. So I'm going to just jump into a couple of questions that the audience has sent in, because I think this will cover a lot of things. Um, can we talk about some deductions that maybe a makeup artist may have, like some some unexpected deductions that a creative may have or be able to claim?
Speaker 2:Absolutely so. Obviously it depends on what they're doing. But, for example, research costs are often overlooked or not understood. For example, if a make-up artist is working on a feature film where they have to, you know, de-age or increase an age of someone through, you know, prosthetic or special make-up, or increase an age of someone through prosthetic or special make-up or FX or similar, they could potentially claim the costs of researching other plays or films that they have to attend to get an understanding of that, or professional resources such as physical media, digital media, provided that that research does have, you know, a direct nexus with the work that they will be doing, so they can't just claim any film that they go and see.
Speaker 2:They would need to have a clear sort of reasoning as to why they needed to see that and how it relates to their work, but it certainly could be something that they just aren't aware that could potentially be deductible, so you just need to be able to back it up. Yeah, it just needs to have a clear nexus between.
Speaker 1:So so I use zero for my bookkeeping, and if I was claiming it, would it be wise to? Because you know there's there's like the notes section. You can, um, put a little note in it as to why is that sort of? Is that, is that kind of a deduction, a good time to give a reasoning? Just because, like I don't, is it because you need to keep your tax records? What is it? Seven years, I think. So you know. So then you don't have to remember all these things.
Speaker 2:It's always in the notes for you yeah, so the ato have um up to five years to request those actual records um and yeah, up up to that fifth year, it can be very difficult to go back and actually remember what the hell you were doing at the time, um so, yeah, either if you've got zero and you just make a note there of what it was related to an an Excel sheet.
Speaker 2:A note that you write down and put in a shoebox and hope that you never have to actually dig up, can definitely be useful. It depends on how good your memory is, but I certainly would need some note somewhere.
Speaker 1:Yeah, yeah. What about research? So you're a makeup artist and you want to see how other people do things and you get your makeup done by another makeup artist as research. Is that something that's claimable?
Speaker 2:generally no, that would most likely be seen as as a personal expense to get your your own makeup done, nails done, etc um, but potentially, if it's a specific uh client that you're maybe looking to work with at some point and have paid income you know intended to come in at some point, so like networking. Yeah, potentially, potentially Okay, otherwise yeah if you can really make a very clear connection as to why you needed that service from that particular artist and you actually received paid income from the project that that relates to. Then it may be.
Speaker 1:But in general no. So I think that would cover the question where it says I work in the beauty industry. Can I get facials, nails, makeup done from other artists and claim it as research? So unless you can really back it up, then no, yeah, exactly, and in most cases it probably would just be a personal expense. Okay, cool. It's probably better off doing some kind of a training session with the person, if you do, if you're wanting to learn something from them yeah definitely that would be um that would be more clear in the ato's eyes yeah, cool, uh, okay.
Speaker 1:So here I've got another question. When using contractors, like an extra artist for a wedding, etc. Um, does this affect how much tax or GST you have to pay?
Speaker 2:Yes, so it would affect it. It depends on your situation as to what the effect is. So, for example, for tax purposes, a contractor payment is a tax deduction that you can claim against your business income.
Speaker 2:If you were registered for GST and that contractor that you're paying is also registered for GST, then both of the GST components the GST collected and GST expensed would be reported on your business activity statement and then on your tax return. The net of GST cost would be deducted from your business income. Or, if you're not registered for GST, the artist is registered for GST or contractor is registered, then you would report the total cost including GST as a deduction on your return.
Speaker 1:Okay, all right. And then another question when is the best time to register as a business, opposed to a sole trader?
Speaker 2:Yeah again, it depends on a number of factors and also your underlying reason for wanting to make that transition so if you're coming from the perspective that you have assets that you're looking to protect through the limited liability within a company, then you would just need to assess the advantage of that limited liability, as opposed to the costs of actually registering as a company entity, which are a lot higher than just running as a sole trader.
Speaker 2:Compliance required if you're looking at it from a tax perspective, you would want to compare the flat 25 tax rate that companies pay against what your individual tax rate is likely to be or your individual effective tax rate. So if it's in one of the much higher brackets and you're well over that 25% on average, then it may be beneficial to run that through the company and take advantage of that flat rate of tax. If you're not paying anywhere near 25% tax as an individual, then, operating through the company, you would either have to pay it so yourself as a wage and then have the same tax rate that you would, as well as the ongoing costs within the company, or you keep it within the company and pay a much higher rate of tax.
Speaker 1:With that sort of decision.
Speaker 2:I would always recommend contacting an accountant to sort of run through your options and your reasoning before making that leap, because it can be quite a high cost to make that transition.
Speaker 1:Yeah, that one does sound like a phone call with a professional from my point of view.
Speaker 2:Yeah, definitely.
Speaker 1:And now I've got one about GST. So you've registered for GST. However, you have a varied revenue year from one year is under $75,000 and then the next goes over. Do you still have to pay GST on the year that you're under?
Speaker 2:So the answer to that question is are you registered for GST?
Speaker 1:If, you are registered for GST, then any.
Speaker 2:Australian sourced income that you're invoicing has to have a GST component. If you're not registered for GST, you cannot charge GST. That threshold relates to whether you're obliged to register for GST or not. So if you're earning $75,000 plus from Australian sourced income, then you're obliged to be registered for GST or not.
Speaker 1:So if you're earning, pardon me $75,000 plus from.
Speaker 2:Australian sourced income, then you're obliged to be registered for GST, and if it's under that, you're not. So you can certainly make the decision to deregister, if your business conditions change and you're not making that amount, but for the period that you are registered you must be charging GST.
Speaker 1:Okay, so you can deregister. So if, like last year, I registered for GST and then this year I'm under, I could deregister for GST, but then that would be tricky, because then you would have already maybe claimed all the GST. Sorry, just talking out loud. Yeah, that's the tricky one, isn't it?
Speaker 2:Because do you have to deregister, um, at the beginning of the financial year no, so you can deregister or register at any time throughout the year and you would only track that that gst component um from the period that you're registered. So okay generally, you would make that decision based on, firstly, what you have made throughout the year and what you're likely to make.
Speaker 2:It depends on how large that fluctuation is. So if you're thinking maybe you'll be $1,000 or $2,000 under that threshold, but you don't know, it's probably best to remain registered, yeah, if you're, you know you've lost a massive client or you're not working nearly as much and you're likely to earn, you know, $10,000, $20,000 less, then it's safe to deregister. And then, if something changes you can always re-register as required.
Speaker 1:Okay, yeah, cool. And then I'd like to talk about claiming your car expenses. So best way to claim your car and I've got fuel running cost logbook, fuel card. This is a question from the audience.
Speaker 2:Yeah, so there are two options for claiming motor vehicle costs the first is the cents per kilometre rate which for 2024 is 85 cents per kilometre, and that is a maximum claim of 5,000 kilometres.
Speaker 2:Or there's the actual running costs method where you are required to maintain a minimum 12-week representative logbook of your vehicle use throughout the year and then that should show a representative percentage that you use the vehicle for business purposes and that you use it for personal purposes. And then, when using that method and having that representative logbook, you can then claim any actual costs related to it at that business percentage, so any fuel servicing, registration, depreciation on the vehicle and prepaid fuel cards. But it would only be at the percentage that your business amount shows, and you would also need to make sure that you keep records of all of those expenses. Mm-hmm.
Speaker 1:Mm-hmm when it comes to travelling for work. So if I'm travelling to Sydney for a job sorry, to Melbourne for a job, because I'm in Sydney, can I claim all my food and all of those kind of things while I'm interstate?
Speaker 2:So it depends on the reasoning for the travel, and if it's entirely business, partly personal et cetera. So if you've, got a client that you're travelling to perform work for in Sydney, then you would ideally keep a travel logbook noting the days of travel, the reason for travel if it's for business, so just creating that sort of direct nexus I mentioned earlier and then the costs that were involved on that business-related day.
Speaker 2:So if for example, it was for two days, but one was, you know, personal travel that you were doing while in Sydney. You would be able to claim any actual, you know, incidental costs that were incurred on the business day. Meals not alcohol, unfortunately, so yeah, you wouldn't be able to make that claim, but certainly any meals, accommodation, public transport et cetera that were incurred on that business day and then nothing that was incurred on that personal day.
Speaker 2:And then the overarching expenses, like flights, for example. You would just claim it 50%, because you've got a logbook that shows one day was business and one day was personal.
Speaker 1:Oh, I see so, because I actually have been traveling a lot for work, so it's best to keep some kind of a log of. Is it a diary, like, is just your work diary enough for that, or do you need something more than that?
Speaker 2:The ATO has some guidance on what is acceptable as a travel diary. So yeah, I would just suggest looking up travel diary ATO and it'll come up with a template of what is that criteria?
Speaker 1:Okay, thank you for that. I really didn't know anything about that, so I will be on to that, not a problem. I want to move on to superannuation. Is there anything, any other, anything that you think I've missed when it comes to tax or anything else you could add?
Speaker 2:nothing that you've missed. I would also just add that, um, it could be beneficial to have a separate business account and personal account when operating as a sole trader, just to make things a bit more clear in terms of your records. It can be a bit messy when you've got both coming through your personal account.
Speaker 1:As a sole trader, you're not legally obligated to have a separate account.
Speaker 2:But, yeah, definitely might not be a bad idea. And then if you're registered for GST, even having a sub-account that you transfer, you know that GST component to, so you've got it set aside rather than treating it as income and then being shocked by a bill every quarter.
Speaker 1:Yeah, that's a good one, the separate bank accounts. So, moving on to superannuation, have the laws changed recently around superannuation for freelancers? Is that something that's happened?
Speaker 2:It's more. The compliance has changed in terms of the ATO, trying to ensure people are meeting their obligations for paying superannuation and still is often overlooked, whether it's willfully or because people aren't aware of it. So it's not necessarily that the rules have changed. Yeah, the actual compliance to it has changed.
Speaker 1:Okay.
Speaker 2:Sorry, I think you froze there for a bit, Mavid.
Speaker 1:Oh, we cut out. That's all right, no worries. Are you able to explain what the compliance is? That's changed regarding superannuation for freelancers.
Speaker 2:Well, when I say compliance, it's more that the. Ato is keeping track of whether people are paying superannuation when they're obliged to or not. Oh okay, so it's the compliance from individuals or companies where they should have been paying superannuation.
Speaker 1:All righty, it changes that now?
Speaker 2:Hopefully they are, because the ATO is more on top of it.
Speaker 1:All right. What are the rules around it then? If I am a freelancer who is working for a client, what's the client?
Speaker 2:It depends on a few factors. So, as a freelancer, many of your jobs would have the obligation to be paid superannuation if it's business to business.
Speaker 1:If you're invoicing a, client.
Speaker 2:So you're working at a wedding, for example, doing makeup, you're not requesting superannuation from that client. But if it's through a business and you're using your personal skill and labour in that work, you are likely obliged to receive superannuation. And so, yeah, that's usually when you would. And also when you're actually employing or contracting other sole traders, if they're also, you know, within that sort of field and using their personal skill and labour during the work, they should also be paid superannuation.
Speaker 1:So if I'm that business is obliged to pay, my super Did that cut out again it cut out again yeah. No, that's okay. No, no, all good, all good. So if I'm doing hair and makeup for a fashion label, are they obliged to pay my super?
Speaker 2:Yeah as a sole trader you would likely be obliged to receive superannuation there. As to whether it's inclusive or exclusive of your fee, that depends on the contract that you have. In general it should be currently 11%, moving up to 11.5% on top of your fee. But if it's agreed that your fee is inclusive of super, then that is completely fine if it's stipulated in the contract.
Speaker 1:Okay, and is the client the one who pays the super into your account, or do they pay you and then you put it in the account?
Speaker 2:So it should always be paid directly to the superannuation fund. It should never be paid to you and then paid into your superannuation separately. It should never be paid to you and then paid into your superannuation separately. So they would need to be provided with your complying superannuation fund details. Mm-hmm.
Speaker 1:If you're GST registered, is that without GST on it?
Speaker 2:Sorry, I only caught the last half of that. Oh no, that's okay.
Speaker 1:That's fine. Is the superannuation charge? I don't know if charge is the right word, but the superannuation fee if you're GST registered is the superannuation fee without the GST cost.
Speaker 2:Yeah, so it's on your net of. Gst Okay, and there's no GST on superannuation either.
Speaker 1:Okay, cool, all righty. I had another question regarding the super new.
Speaker 2:Sorry, I think it's dropping out again. Let's see.
Speaker 1:So if you're a makeup artist employed I don't know if employed is the right word If you're a makeup artist and you work through an agency, is it the agency's responsibility to take care of the GST or collect it and put it and deposit it into the super fund, or is it still the client's responsibility?
Speaker 2:So it depends on who the contract is between. So if you're just acting as an intermediary or the agent is acting as an intermediary or the agent is acting as an intermediary between the client and their end user, then the agent has nothing to do with the superannuation. If the agent is employing the contractor and effectively acting as their employer for that work and the contract is between the agent and the client, then the agent would be obliged to pay a separate annuation in that case. Mm-hmm.
Speaker 1:Okay, cool. And if I've got a makeup artist assisting me and I'm invoicing the client for all of the expenses and then the assistant invoicing the client for all of the expenses and then the assistant invoices me, am I obliged to pay the assistant's GST? Does that make sense?
Speaker 2:Sorry, so GST or super.
Speaker 1:Oh, sorry, super.
Speaker 2:Sorry. Yes, so if you're employing that artist to assist you in the work and they're also a sole trader and they've performed their personal services and labour in that project, then yeah, you should be paying superannuation to them on top of their fee.
Speaker 1:Mm-hmm, do you have any suggestions on how to go about discussing this with your clients or bringing it up?
Speaker 2:Yeah, look, I suppose it would first be to research. If you are, you know you are obliged to receive superannuation for that role. If there's a contract provided to you for that, that role as well, then, um, just reading through and seeing if they mention superannuation, if they do, then it's likely that they're already sort of aware of those obligations and so just mention it, uh, during those negotiations.
Speaker 2:Um, if it, if it isn't mentioned or they're not aware of it. Yeah, I mean just maybe gently nudging them in the right direction, that they may have to pay superannuation and they can do their own research, like I said it is something that can sometimes be overlooked, but, yeah, making them aware of that obligation is never a bad idea, and even if the work that you're performing isn't necessarily something that you, have to receive superannuation, for it can be a term of your service.
Speaker 2:As long as you've made it clear in your negotiations and your contract that you are to be paid superannuation, then that is completely fine. Importantly, I should also note that this is for sole trader businesses. If you're operating as a company, then you do not charge or you do not receive superannuation. You would only pay superannuation to employees through that company. So yeah, that's also an important difference to be aware of, Mm-hmm.
Speaker 1:Mm-hmm. Okay, is there anything we've missed in the superannuation chat?
Speaker 2:Look, I think it can be a complicated subject there are a variety of tools the ATO have available that sort of have a question and answer format. I think it's called the Superannuation Guarantee Tool or similar that might sort of assist in your understanding of if you should be being paid super or if the work you're performing is not, you know, within that realm where you should be paid super.
Speaker 1:Yeah, I think I've actually seen that is. It's like a little link and you can sort of and it's kind of like we answer questions and it tells you. It takes to the end and it tells you if you should be being paid super. Is that? Does that sound like the right?
Speaker 2:yeah, yeah, that would be the one um. And then, if, if you are aware that you should be paid super um, just making sure that you actually provide your, your fund details. Um, yeah, that's just as a note at the bottom of your invoice saying um, you know, these are all my, my fund details and it's at 11 or 11.5 depending on when you're invoicing um, yeah just so that they they clearly have that on the invoicing and can make that payment.
Speaker 1:And is it something that has to be included on the invoice, the super, or does it just come in?
Speaker 2:It doesn't have to be included on the invoice.
Speaker 1:It's more.
Speaker 2:Just to simplify it, you can separately provide your super fund details.
Speaker 1:Oh, sorry, to simplify it you can separately provide your Superfund details. Oh sorry, I mean, if they are paying your super, is it something that needs to be included on the invoice or is it something that they do separately?
Speaker 2:Okay, yeah, so it doesn't need to be included as a line item on the invoice. You can make a note of it, along with your super details just at the bottom. But yeah, it shouldn't be sort of making up that total. It's, yeah, separate there, but you can certainly include it somewhere on the invoice, just so they're aware of the amount to pay.
Speaker 1:If you are asked to invoice it and then pay it yourself, is that I'm just sort of thinking. Should you just do it, or is it something that you should like? Is that a conversation you should have? Just be like oh, I'm not, legally you're supposed to the client's supposed to pay the super. Is it a conversation worth getting into? Or like are you going to get in trouble if you're doing it that way is?
Speaker 2:what I'm asking. So you shouldn't be receiving your superannuation payment directly ever. You may, you know, sort of get in trouble if you're receiving that willingly, if you, for example, are invoicing and aware that you should be paid super but for some reason they never actually make that payment you're not going to get in trouble, you're going to miss out on the superannuation, so ideally you do get paid. But if they're not meeting that obligation, they're the ones that will be in trouble. But if they're asking you to specifically invoice for your superannuation and they make that payment to you directly.
Speaker 2:It's not a superannuation payment. So they are still obliged to pay you that superannuation and you would have to report that amount as income because you've received it. So it's definitely not up to code.
Speaker 1:Okay, so then if you're GST registered, then you'd be paying the GST out of your own pocket.
Speaker 2:Yeah, look, it would cause all sorts of problems. So yeah, I would absolutely recommend not invoicing for GST in that way. Sorry superannuation in that way.
Speaker 1:Yeah, okay Now, thank you. That makes things very, very clear. Okay, I think I've covered all of the questions. So, Lucas, thank you so much for this chat. I think it will be very helpful for all the freelancers out there. Thanks again.
Speaker 2:Yeah, thank you so much for having me and yeah, if anyone needs any more advice, they're always welcome to reach out to Darkwave. But yeah it was great to be on the show. Thank you.