In this episode of the Connect Podcast, we interview Michael Messner from Vantage Accounting, who shares insights on various business structures, including sole traders, companies, and trusts. Michael emphasises the importance of understanding these structures for asset protection and tax benefits, particularly for small and medium enterprises (SMEs). He explains the differences between business types, the complexities of ABNs, and the role of offset accounts in managing finances. The conversation also highlights the responsibilities of directors and the significance of building trust with accountants for informed decision-making.

Key Takeaways

• A company is a legal structure that can conduct business.
• Trusts allow for flexible income distribution among beneficiaries.
• Offset accounts help manage loan interest effectively.
• Choosing the right business structure depends on individual circumstances.
• Building a personal relationship with your accountant is essential.