Today, my guest is none other than my accountant, Clayton!
Clayton and I have talked about doing this podcast for a while. I pay him thousands of dollars each year to help with tax planning, structuring our investments and businesses and other strategic decisions that ultimately help me reach FIRE sooner.
I thought it would be interesting to chat to him about what role an accountant can play when someone is trying to reach FIRE, and explore why certain decisions were recommended for our family in terms of tax advice and planning.
Some of the topics we cover in today’s episode are:
- The difference between an accountant, a tax advisor and a financial planner (00:05:36)
- The role an account can play in someone’s journey to financial independence? (00:09:08)
- Common financial structures for people wanting to improve their situation (00:11:56)
- Some of the advantages of a financial trust structure (00:14:13)
- The difference between tax minimisation and tax evasion (00:16:52)
- How can people get the most out of their accountant? (00:22:30)
- Easy things you can do to help you at tax time (00:26:58)
- How do you find a good accountant who'll work with you to build wealth? (00:34:33)
- What are the main things to consider when starting a sole trader/freelancer business? (00:36:54)
- How often does the ATO actually audit people? (00:49:10)
Links
- Website - McMillans
Popular Podcasts
My Favorite Murder with Karen Kilgariff and Georgia Hardstark
My Favorite Murder is a true crime comedy podcast hosted by Karen Kilgariff and Georgia Hardstark. Each week, Karen and Georgia share compelling true crimes and hometown stories from friends and listeners. Since MFM launched in January of 2016, Karen and Georgia have shared their lifelong interest in true crime and have covered stories of infamous serial killers like the Night Stalker, mysterious cold cases, captivating cults, incredible survivor stories and important events from history like the Tulsa race massacre of 1921. My Favorite Murder is part of the Exactly Right podcast network that provides a platform for bold, creative voices to bring to life provocative, entertaining and relatable stories for audiences everywhere. The Exactly Right roster of podcasts covers a variety of topics including historic true crime, comedic interviews and news, science, pop culture and more. Podcasts on the network include Buried Bones with Kate Winkler Dawson and Paul Holes, That's Messed Up: An SVU Podcast, This Podcast Will Kill You, Bananas and more.
24/7 News: The Latest
The latest news in 4 minutes updated every hour, every day.
Dateline NBC
Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations. Follow now to get the latest episodes of Dateline NBC completely free, or subscribe to Dateline Premium for ad-free listening and exclusive bonus content: DatelinePremium.com