She's On The Money Talk To An Accountant
Jun 11, 2024
Finance guru Julian Mauro shares key tax tips, advantages of Xero software, maximizing tax benefits, and the importance of trust in business relationships. He also discusses strategy for claiming business expenses and the differences between accountants and bookkeepers.
AI Snips
Chapters
Transcript
Episode notes
Using an Accountant
- Consider using an accountant for tax returns, especially for business owners.
- While PAYG employees can use ATO resources, accountants can identify missed deductions.
Sole Trader vs. Company
- Sole trader structure can be disadvantageous for high earners due to higher tax rates.
- Consider discussing company structures with an accountant for potential tax advantages and asset protection.
Reasons to Set Up a Company
- Set up a company for asset protection, regardless of income.
- Companies offer tax advantages by allowing some profits to be taxed at a lower corporate rate.