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Business By Design
Business by Design is the podcast for owners who want to start, scale or exit a business. Each week, Stuart Wemyss and Mena Abraham unpack the four things every business must get right: value, engine, reach and team. Using the VERT flywheel, they show how these fit together to build a business that runs without you, and how the choices you make inside the business flow through to your personal wealth, lifestyle and exit options. Every episode is short and to the point, with no fluff and no sales pitches. Go to https://www.vertflywheel.com
Business By Design
Ep 78: Debunking common tax minimisation myths
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In this episode, Stuart and Mena debunk common tax minimisation myths perpetuated by some accountants to attract clients. They delve into strategies often marketed as tax-saving methods but may not necessarily be beneficial in the long run.
One such myth revolves around the promise of quick tax refund turnaround times, which should not be the sole driving factor in choosing an accountant. Additionally, they address the misconceptions surrounding motor vehicle expenses and the potential pitfalls of focusing solely on negative gearing benefits when investing in property, which could lead to poor asset choices.
The hosts also caution against unnecessary upgrades of equipment or the use of overly complicated structures solely for perceived tax advantages. These practices may not yield tangible benefits and could potentially expose individuals to unnecessary risks or costs.
Through this insightful discussion, Stuart and Mena aim to empower listeners with a clear understanding of these common myths, encouraging them to make informed decisions and seek professional advice tailored to their unique financial situations.
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Work with Mena & Stuart's team: At ProSolution Private Clients we encourage clients to adopt a holistic and evidence-based approach when making financial decisions. Visit our website.
Follow us: Stuart: Twitter/X and LinkedIn. Mena: LinkedIn
IMPORTANT: This podcast provides general information about finance, taxes, and credit. This means that the content does not consider your specific objectives, financial situation, or needs. It is crucial for you to assess whether the information is suitable for your circumstances before taking any actions based on it. If you find yourself uncertain about the relevance or your specific needs, it is advisable to seek advice from a licensed and trustworthy professional.
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