G’day friends,

Let’s start with quiz:

You might think:

• Car.
• House.
• Vacations.

Well, you would be wrong, wrong, and wrong.

The biggest life expense?

Tax.

Yes, that boring thing you hire someone else to think about.

But there are only 3 guarantees in life.

1. Death.
2. Taxes.
3. Michael mentioning durians.

So, understanding how to control your tax liability is the #1 wealth generating skill you can learn.

(as well as loving durians)

Especially for ex-corporate executives turned solopreneurs.

With your 9-5 job, you:

• Received a salary.
• Get taxed immediately at the highest tax bracket.
• Spent the remaining amount on lifestyle expenses and necessities.

After tax, your $250k yearly salary doesn’t do much.

If you live in Australia (like me), you’ll be taxed 47% of every dollar above $190k.

That’s a wild number.

That means that 60k of your salary is taxed at almost 50%.

I don't know about you but this reduces my desire to work hard.

But as a solo consultant and coach with a business structure, you:

• Receive payments from clients.
• Incur expenses from delivering the work.
• Decide how much tax you’re liable to pay after costs.

This isn’t financial advice or an accountant approved equation.

But as a biz owner, you control how much tax you pay and when.

As an employee, you are taxed immediately. No exceptions.

Control your tax liability, or be controlled by your tax liability.

​Read the FULL newsletter HERE​

Let’s Launch Together,

Michael ‘don’t let the tax man win’ Lim.