Show Notes
In this episode of The Account Rant, Jacob sits down with Rachel Carey to talk about the side of business growth people do not post about.More sales.More staff.More overheads.More problems.Rachel breaks down why growth can become dangerous if the systems, people and profit are not keeping up, and why business owners need to earn the lifestyle they want before pretending they already have it.Connect with Rachel CareyRachel Carey Websitehttps://www.rachelcarey.au/What Are We Drinking? w/ Rachel Carey Podcasthttps://www.youtube.com/@UCCoPPNW50WqjAR0lErxjEwQ Rachel Carey Instagramhttps://www.instagram.com/officialrachelcarey/Rachel Carey LinkedInhttps://www.linkedin.com/in/rachel-carey-allara/Allara Support Serviceshttps://www.allarasupportservices.com.au/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/The Account Rant is a business and accounting podcast by Latitude Accountants.This is general information only, not business, financial or tax advice. Speak with a qualified adviser about your own circumstances.Chapters00:00 When growth stops being worth it00:23 Revenue is vanity, profit is sanity01:23 Every sales level has new problems02:00 The $300k to $500k wilderness02:39 Why $1 million can be easier than $500k03:41 Growth sucks cash04:23 Sales do not matter without profit05:18 Hiring great people06:29 You have to earn work life balance08:07 The 4 hour work week is not real09:15 The trenches before success13:01 How ambitious employees should grow15:17 Why small business owners matter17:20 Rachel’s best advice for business owners#TheAccountRant #RachelCarey #BusinessGrowth #SmallBusinessAustralia #Entrepreneurship #BusinessOwner #RevenueIsVanity #ProfitIsSanity #LatitudeAccountants
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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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