Ben Sinclair

January 20, 2023

Tax law can be fun!

When my wife and I sold our business back in 2018, we engaged an expert to ensure we reduced as much tax as we could legally. We didn't go with an accountant but a hard-core tax law firm that charged the big bucks. And you know what, it was worth every cent. They literally saved us close to 7 figures in tax.

That to me is an important lesson. If you don't know what tax laws you can be entitled to, you're giving more money to the tax man than you should. 

I recently purchased a book that included a bunch of different tax laws in Australia that can be taken advantage of. I was pleased that I knew many of them but it taught me some things I didn't know. 

I'm a big fan of having an accountant do our tax returns to ensure we maximize our savings legally. But similar to financial planners, the more you can increase your knowledge, the better return you'll get from your accountant.

What if you could buy things before tax, legally?

When you're an employee or sole trader (self-employed), you get hammered when it comes to tax. Options are slim. However, if you have a business that is structured under a trust or company, you can spend pre-tax dollars on things that relate to you running your business. That's my kind of law! Employees and sole traders don't have this power. 

This is why I'm a big fan of people starting businesses! If you want to be rich, this is a strong path towards that goal.

-Ben

About Ben Sinclair

Hey! I'm Ben. I’m a Christian, husband, father, son, friend, writing a book and also the CTO at Tithe.ly. I'm passionate about finance and technology. These writings are for me, however, maybe they’ll be interesting to others. Thanks for stopping by!