In this episode of Founders Playbook, host Nelson speaks with Justin
Mastores, elite business advisor and Managing Director of Rees Group.
They unpack common tax misconceptions among entrepreneurs, the dangers
of DIY tax management, and the essentials of deductions and self-managed
funds. Justin shares legal, effective strategies to reduce tax
liabilities—making this a must-listen for business owners aiming to stay
compliant and financially savvy.
Follow Nelson:
https://www.instagram.com/creatornelson
Work with Justin Mastores:
https://www.instagram.com/justinmastores/
Follow us on socials:
https://www.instagram.com/foundersplaybook
https://www.youtube.com/@foundersplaybookpodcast
Timestamps:
00:00:00 - Introduction
00:01:27 - Common Tax Mistakes by Business Owners
00:02:19 - Importance of Professional Advice
00:03:19 - Transitioning from Sole Trader to Company
00:04:40 - The Role of Accounting Software
00:06:01 - Differences in Tax Strategies for Business Sizes
00:07:37 - Legal Ways for Business Owners to Reduce Tax
00:08:50 - Importance of Business Structure for Tax Savings
00:09:59 - Common Tax Deductions: Travel Expenses
00:10:11 - Tax Deductibility of Travel Expenses
00:34:06 - Property Investment and Tax Strategies
00:36:09 - Company Structures for Tax Minimization
00:39:07 - Trusts vs. Companies: Which to Choose?
00:41:12 - Asset Protection through Trusts
00:42:17 - Buying Assets through Company or Trust
00:44:30 - Transferring Assets Between Company and Trust