QFF: 20+ years of experience as an accountant, an individual well-versed in business structures. Now helping small-medium business owners handle the difficulties of establishing the right business structure and tax implications. (Nathan McGrath)

In this week's Quick Fire Friday (QFF) episode, Michael Denehey interviews Nathan McGrath, the Head of Accounting and Tax at Collins SBA, based in Hobart, Australia. Nathan shares his 20 years of experience in public practice, helping small and medium business owners with their accounting needs.

The main focus of the discussion is the importance of business structures and their tax implications. Nathan emphasizes the significance of proper communication with clients to understand their goals and objectives, which is crucial in setting up the proper business structure. He also highlights the need to consider asset protection when choosing a suitable structure.

Nathan highlighted the importance of reviewing business structures regularly, especially as businesses grow and change. He recommends business owners ask a lot of questions to their trusted professionals to ensure their structure aligns with their goals and that they're not paying unnecessary taxes.

It's essential to have the right business structure in place; a feat that can be achieved by asking lots of questions of the pros. The more questions you ask, the better insight you're going to have. Ensuring their desires are granted.

Ready to dive deeper into this topic? Tune in to this week's podcast episode, where we tackle the importance of business structures and the implications for tax.

Link to listen now! Don't miss out on this game-changing insight. 👇

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Quotes:

"Whenever you're talking about any business structure, you need to get an understanding of who the lawyer is for the client." — Nathan McGrath.

"Most people are setting up a structure or going into business with a short-term view." — Nathan McGrath.

"Having the right people in the right room at the right time." — Nathan McGrath.

"The best option is to get the structure right in the first place." — Nathan McGrath.

"The more questions you ask, the better insight you're going to have." — Nathan McGrath.

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