In this episode of the Inner Sanctum, we talked about the T word! That's right, lovers. It was Tax and Relationships with your accountant and chat with Paris from Group One Accounting. You will often hear the team singing the praises of Paris. Not only is she an exceptional human, she's also an incredible Accountant! This chat covered Paris's journey into accounting. Some background into Samara and Paris' journey together. Then, we went deep into tax and all its variations. If you don't know your GST from your BAS or PAYG, this is the episode for you. We talk about sole traders transitioning to company status and the importance of financial discipline. And, of course, why is having a great relationship with your accountant so important?
00:00 Episode Summary
02:56 Introducing Our Special Guest: Paris from Group 1 Accounting
03:22 The Journey with Paris: Transforming Business Finances
04:13 Navigating Financial Challenges and Trusting the Process
05:48 The Importance of a Good Relationship with Your Accountant
08:53 Personal Stories and Emotional Support
15:29 Protecting Your Business and Personal Finances
20:14 Simplifying Tax Concepts for Business Owners
29:56 Understanding Superannuation
30:34 Breaking Down BAS Payments
32:49 Navigating PAYG Instalments
34:49 The Importance of Accurate Financial Planning
40:13 Director's Loans Explained
43:34 Transitioning from Sole Trader to Company
48:45 Effective Budgeting and Cash Flow Management
58:11 Final Thoughts and Advice
Mentioned in this episode:
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