Show Notes
Welcome back to The Account Rant.In this episode, Patrick El Bitar and Michael Hirmiz talk through a simple question, what would you actually do if you suddenly won $10 million?The conversation starts with lotto winnings, windfall gains and whether $10 million is enough to change your life. Patrick explains how he would think about property, shares, ETFs, business, family and making the money work, while Michael pushes the harder question, how do you protect it?They unpack why keeping money is often harder than making it, why sudden wealth can disappear quickly, and why people who receive windfall gains need a plan before they start spending.Patrick and Michael also discuss lifestyle creep, investing in things you understand, helping family, estate planning, insurance, crypto, ATO debt, overdue tax returns, and why financial stress can have a real impact on mental health.This is a practical and honest conversation about money, sudden wealth, business, tax, planning and what accountants would actually do if they came into serious money.This is a hypothetical conversation only and general information, not financial advice. Speak to a licensed financial adviser, lawyer or tax adviser before making decisions about investments, super, insurance, estate planning or large sums of money.Need an accountant?GET A FREE CONSULTATION FOR ALL ABN HOLDERShttps://forms.zohopublic.com/john205/form/GENERALENQUIRYFORM/formperma/VYEBrsCV_ompEVvnkA0eygWlJxXO5OajFsjjngf_jzwOUR SERVICEShttps://latitudeaccountants.com.au/accounting-services/[email protected]://www.tiktok.com/@latitudeaccountantsInstagramhttps://www.instagram.com/latitudeaccountants/YouTubehttps://www.youtube.com/@LatitudeAccountantsLinkedInhttps://www.linkedin.com/company/latitude-accountants/Facebookhttps://www.facebook.com/latitudeaccountants/Websitehttps://latitudeaccountants.com.au/Chapters:00:00 Keeping money is harder than making it00:33 What is a windfall gain?00:55 What Patrick would do with $10 million02:30 How do you protect the money?03:25 The first 90 days after winning04:29 Patrick’s passion project06:18 Would you invest it all at once?07:05 Would $10 million make you quit your job?07:57 Who would you tell if you won?08:40 Michael’s plan for $10 million10:15 Helping people fix overdue tax returns12:42 Why overdue tax can crush people13:15 Financial health and mental health14:41 Paying off someone’s ATO debt15:47 Why people lose windfall gains16:07 Lifestyle creep explained18:00 Why lotto winnings disappear18:47 Why advice matters after sudden wealth19:47 Final thoughts on windfall gains20:39 Crypto, FOMO and bad investment decisionsThe Account Rant is a business and tax podcast by Latitude Accountants, giving real conversations for Australian business owners, professionals and entrepreneurs.This content is general information only and does not constitute financial, legal or tax advice. Please speak with a qualified adviser about your own circumstances.
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Running your business through a company can be a great structure, but using that company incorrectly can create tax problems you never expected.In this video, Jacob Fahmy breaks down five of the biggest tax mistakes he sees company owners make, including treating company money like personal money, paying super late, buying vehicles through the company without considering FBT, ignoring ATO lodgements and leaving tax planning until after the financial year has ended.Jacob explains how Division 7A can apply when company money is taken personally, why unpaid super can create additional costs and director consequences, and why putting a car through the company does not automatically make it a good tax strategy.He also explains why lodging your BAS on time matters even when the company cannot immediately pay the debt, and why proper tax planning needs to happen before 30 June while there are still decisions available to you.The key takeaway is simple: having a company does not automatically mean you have a good tax structure. You still need to understand how money comes out of the company, when your obligations are due and the tax consequences of the decisions you make.Need an accountant?GET A FREE CONSULTATION FOR ALL ABN HOLDERShttps://forms.zohopublic.com/john205/form/GENERALENQUIRYFORM/formperma/VYEBrsCV_ompEVvnkA0eygWlJxXO5OajFsjjngf_jzwOUR SERVICEShttps://latitudeaccountants.com.au/accounting-services/[email protected]://www.tiktok.com/@latitudeaccountantsInstagramhttps://www.instagram.com/latitudeaccountants/YouTubehttps://www.youtube.com/@LatitudeAccountantsLinkedInhttps://www.linkedin.com/company/latitude-accountants/Facebookhttps://www.facebook.com/latitudeaccountants/Websitehttps://latitudeaccountants.com.au/This content is general information only and does not constitute financial, tax, accounting, legal, property or business advice. Speak with a qualified adviser about your own circumstances.#CompanyTax #Division7A #FBT #ATO #BusinessTax #TaxTips #Accountant #LatitudeAccountantsChapters00:00 5 Company Tax Mistakes00:42 Mistake 1: Treating Company Money as Your Own03:02 Mistake 2: Paying Super Late04:52 Mistake 3: Putting Your Car in the Company07:12 Mistake 4: Ignoring ATO Lodgements09:00 Mistake 5: Not Tax Planning10:49 How to Avoid These Tax Problems11:38 What’s Coming Next
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