Smarten Up! The Tax and Business Podcast

How do you take on the challenge of buying three businesses at once? Tim Muller shares his whirlwind journey of acquisition, growth, and the lessons learned from the trenches of entrepreneurship.Today, Sally sits down with Tim Muller, the ambitious new owner of Geisha Ceramics, Quantum Leap Imports, and Discount Tiles Warehouse. Tim talks candidly about his experience of acquiring three businesses simultaneously, the challenges he faced, and the strategic mindset he developed along the way. From the motivations behind his decision to his sharp insights on navigating the complexities of business ownership, Tim's journey is packed with valuable lessons for budding entrepreneurs.Whether you're contemplating buying a business or simply interested in entrepreneurial stories, this conversation offers raw and insightful perspectives on taking risks, facing unexpected challenges, and building a lasting legacy.In this episode of Smarten Up! The Tax and Business Podcast, you'll learn:Tim's motivations behind taking the plunge into entrepreneurship (00:20)Tim's early career and the spark that ignited his business ambitions (02:29)Tim's acquisition criteria that led him to the world of tiles and ceramics (04:23)The process of finding the right businesses and filtering potential opportunities to find profitable, sustainable businesses (07:23)Strategic decisions to ensure the business is set up for future growth or even a possible sale (09:07)How leveraging networks and the expertise of brokers can play a key role in making the acquisition happen (11:58)Closing the deal and why the right professional network is crucial (16:02)Lessons learned in buying and running a business, from operational challenges to unexpected hurdles (20:13)Preparing your family for the demands of entrepreneurship (25:19)How to support Tim's businesses (30:02)Tim Muller's story is a testament to the power of determination, adaptability, and strategic thinking in the world of business acquisitions. His journey is a strong reminder that owning a business isn't for the faint of heart, but with the right mindset and support, it can be a rewarding path. CONNECT WITH SALLY PRESTONWebsite: http://www.smartsolutionstax.com.au/Facebook: https://www.facebook.com/SmartSolutionsTaxInstagram: https://www.instagram.com/smartsolutionsau/Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/LinkedIn: https://www.linkedin.com/company/smart-solutions-tax-and-business-advisory/

Ready to dive into the high-stakes world of mergers and acquisitions? Discover the critical steps between a signed term sheet and a closed deal — everything from due diligence to final integration!In this episode, Sally takes you through part three of her deep dive into mergers and acquisitions. She breaks down the intricate process that follows the drafting of the term sheet, including due diligence, contract negotiations, and final integration. We begin by recapping the essential elements leading up to a signed term sheet and quickly move into the critical due diligence phase. You'll then get an insider's look at the negotiation adjustments that often follow, before being walked through the final closing, the importance of expert legal counsel, and the often-overlooked integration phase that can make or break a deal.In this episode of Smarten Up! The Tax and Business Podcast, you'll learn:Recap of M&A Parts 1 and 2 (00:37)The importance of due diligence and how it uncovers hidden risks and verifies value (03:35)Financial due diligence and how it impacts the deal's valuation (04:46)Legal due diligence and how it can protect you from unforeseen legal headaches (06:45)Operational and commercial due diligence and why you should dig into these areas yourself (09:28)Tax and IT due diligence for a smooth post-acquisition integration (12:39)Why due diligence matters for both buyer and seller (14:53)Adjustments that may arise after due diligence, including price changes and restructured agreements (17:33)Drafting the definitive legal agreement and why expert legal guidance is crucial for buyers and sellers alike (22:33)Closing the deal and integration (23:52)CONNECT WITH SALLY PRESTONWebsite: http://www.smartsolutionstax.com.au/Facebook: https://www.facebook.com/SmartSolutionsTaxInstagram: https://www.instagram.com/smartsolutionsau/Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/LinkedIn: https://www.linkedin.com/company/smart-solutions-tax-and-business-advisory/

Curious how mergers and acquisitions truly take shape? Let's dive into the heart of the M&A process, breaking down the critical steps behind drafting a Term sheet (otherwise known as a Heads of Agreement or a Letter of Intent) and ensuring your deal stays on track.In this episode, we're continuing our three-part M&A series, focusing on the pivotal moment in any merger or acquisition: drafting theTerm Sheet. Sally demystifies how this document sets the tone for the entire deal, explains the importance of structuring the transaction correctly, and discusses the financial implications that can impact the success of the sale.We're talking everything from asset purchases to share acquisitions, the role of tax advisors, and why exclusivity and confidentiality are must-haves in your Term Sheet. Plus, Sally highlights the importance of expert advice before putting pen to paper — because a deal done wrong could later fall apart.In this episode of Smarten Up! The Tax and Business Podcast, you'll learn:Recap of M&A Part 1 (00:50)What is a Term Sheet and why it matters (02:15)How the structure of your deal — whether an asset or share purchase — affects due diligence and long-term outcomes (05:30)Why you need tax and legal experts at the table early on (12:10)Methods of calculating the final settlement payment calculated in M&A deals and how they impact both buyer and seller (16:30)How earnouts bridge the gap between buyer and seller valuations (22:45)Elements crucial for protecting buyer and seller as the deal progresses (26:00)Termination clauses and binding/non-binding provisions (30:40)Whether you're thinking of selling, acquiring, or just curious about how these business transactions happen, this episode will give you valuable insights into the high-stakes negotiation process that ensures both parties are aligned before moving forward.Stay tuned for the final episode, where we delve into due diligence and post-closing steps!CONNECT WITH SALLY PRESTONWebsite: http://www.smartsolutionstax.com.au/Facebook: https://www.facebook.com/SmartSolutionsTaxInstagram: https://www.instagram.com/smartsolutionsau/Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/LinkedIn: https://www.linkedin.com/company/smart-solutions-tax-and-business-advisory/

Behind every successful M&A deal lies a complex web of strategy, preparation, and negotiation. Ready to unravel the mystery?In this episode, Sally Preston takes us through the foundational steps of a mergers and acquisitions (M&A) deal. From strategic planning to initial negotiations, she offers a clear breakdown of the process, highlighting why thorough preparation is critical for both buyers and sellers. Sally shares real-world examples of M&A deals gone wrong, emphasising the importance of having accurate financials and organising your business before pursuing a sale. With insights on finding the right fit, engaging in early conversations, and protecting proprietary information with NDAs, this episode is packed with actionable advice for navigating the early stages of M&A. Plus, Sally gives a sneak peek into the next steps — what happens when the deal moves from conversation to commitment.Whether you're buying, selling, or just curious about the M&A process, this episode is your roadmap to the key decisions and strategies that can make or break a deal.In this episode of Smarten Up! The Tax and Business Podcast, you'll learn:An overview of mergers and acquisitions (M&A) and why they're vital for growth and competition (00:03)The first phase of any M&A deal and why knowing your goals before you begin is crucial (01:12)How one seller's failure to prepare almost derailed a deal (03:15)Why finding a strategic match is key to a successful M&A (05:40)Approaching potential buyers or sellers and establishing genuine interest early on (08:20)Why a non-disclosure agreement is essential before sharing proprietary details (10:15)What buyers need to know before making an initial offer — and why sellers tend to be wary (13:00)How initial offers are made, and why deal structure discussions are just as important as price (15:45)What happens once the buyer and seller agree to proceed (19:30)We've uncovered the groundwork of M&A deals, from strategy to that all-important NDA. Next, we'll dive deeper into what happens after a letter of intent is signed. Let's continue to explore the fascinating world of mergers and acquisitions together! CONNECT WITH SALLY PRESTONWebsite: http://www.smartsolutionstax.com.au/Facebook: https://www.facebook.com/SmartSolutionsTaxInstagram: https://www.instagram.com/smartsolutionsau/Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/LinkedIn: https://www.linkedin.com/company/smart-solutions-tax-and-business-advisory/

Struggling with ATO debts? Discover the smart strategies to manage your tax burdens and avoid costly pitfalls.In this episode, Sally Preston sits down with ATO expert Ellie Murdoch to tackle a pressing issue faced by many businesses today — managing debts owed to the Australian Tax Office (ATO). With the current economic climate, more business owners are finding themselves unable to meet tax obligations like GST and income tax payments. Sally and Ellie dive deep into the steps you need to take when you find yourself overwhelmed by tax debt, emphasising why ignoring the ATO is the worst move you can make. From setting up realistic payment plans to navigating the complexities of ATO requirements, this episode provides practical advice to help you stay on top of your tax responsibilities and keep your business on track.In this episode of Smarten Up! The Tax and Business Podcast, you'll learn:The importance of engaging with the ATO early to avoid penalties and stricter debt collection actions (01:19)How to establish a manageable payment plan with the ATO and the financial information required (02:23)Does your business qualify for interest-free payments on activity statement amounts? (04:43)The extensive documentation and financial details needed for payment plans over $500,000 (05:46)What happens if you miss a payment and the risks associated with defaulting on an ATO arrangement (09:06)Why ongoing compliance and consistent payment history are critical for maintaining your payment plan (10:57)What can't be included in ATO payment plans (12:12)The importance of proactive financial planning to avoid using the ATO as a bank and how to manage tax debts effectively (15:15)Ellie Murdoch's insights underscore the reality that dealing with ATO debts requires prompt action, detailed financial transparency, and sometimes professional guidance. By taking proactive steps, maintaining good lodgement practices, and understanding the terms of payment plans, businesses can avoid escalating debt problems. Remember, the ATO is not your lender of last resort, and the interest rates on overdue taxes can be more punishing than you think. If you're finding it tough to stay on top of your tax debts, reach out to a professional who can help you navigate these complex waters. CONNECT WITH SALLY PRESTONWebsite: http://www.smartsolutionstax.com.au/Facebook: https://www.facebook.com/SmartSolutionsTaxInstagram: https://www.instagram.com/smartsolutionsau/Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/LinkedIn: https://www.linkedin.com/company/smart-solutions-tax-and-business-advisory/

Got a letter from the ATO? Don't panic — learn exactly what to do (and not do) when the Tax Office comes knocking.Today's episode dives into the often nerve-wracking world of ATO audits and reviews. Sally is joined by David Hughes, a seasoned tax law specialist and partner at McCullough Robertson Lawyers. David isn't your average tax lawyer — he's got years of experience turning daunting ATO encounters into manageable processes. He shares compelling stories of tax mishaps, from ignoring ATO letters to facing million-dollar assessments, and offers expert advice on how to handle each stage of an ATO review. We'll explore what those colour-coded ATO letters mean, the importance of not panicking, and why seeking help early could save you a fortune. If you've ever wondered what to do when the ATO starts asking questions, this episode is your essential guide.In this episode of Smarten Up! The Tax and Business Podcast, you'll learn:A cautionary tale of a young real estate agent overwhelmed by ATO letters and the consequences of ignoring them (00:50)How ATO letters escalate in urgency and why ignoring them is the worst thing you can do (02:31)The common “deer in the headlights” reaction to ATO audits and why curling up and hoping it'll pass is never the answer (03:33)Why the ATO knows more than you think (04:15)How the ATO uses real-time data to cross-check your transactions and why keeping good records is crucial (07:42)The value of voluntary disclosure and why timing is everything (11:04)The importance of getting a second opinion, especially when facing complex ATO queries (14:17)What happens once the ATO has formed an official view (18:22)The costly impact of interest and penalties (20:22)The last resort: Appealing ATO decisions (26:46)The value of detailed record-keeping (30:55)Sally and David's key takeaways (32:31)This episode arms you with the knowledge and strategies to tackle ATO audits and reviews head-on. Remember, it's free to open the letter — but the cost of ignoring it can be enormous. The right help at the right time can make all the difference! CONNECT WITH SALLY PRESTONWebsite: http://www.smartsolutionstax.com.au/Facebook: https://www.facebook.com/SmartSolutionsTaxInstagram: https://www.instagram.com/smartsolutionsau/Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/LinkedIn: https://www.linkedin.com/company/smart-solutions-tax-and-business-advisory/

Ever thought about cutting corners to save a little on business advice? This cautionary tale might make you think twice. In today's episode, Sally Preston takes us through a jaw-dropping story of a business owner who learned the hard way that skipping expert advice can have devastating consequences. Bill, a landscaper turned business seller, believed he had set himself up for retirement with a $4 million business sale — only to realise after the dust settled that he'd net less than $500,000 due to poor tax planning. If you're in business, this episode is a must-listen to avoid Bill's fate. Sally walks you through the intricate web of tax laws, asset sales, and division 7A loans. Learn the critical steps to take before selling a business and why paying for quality advice is never a bad investment.Tune in as Sally unravels this nightmare of missed opportunities and how sound advice could have made all the difference.In this episode of Smarten Up! The Tax and Business Podcast, you'll learn:A word of caution for those who think they can skip professional advice (00:08)Meet Bill & Ben — and find out what happens when Bill decides to buy out Ben (01:38)Why Bill's practice of borrowing money from the business sets the stage for future disaster (03:03)Will Bill's decision to sell the business without proper tax planning lead to huge missteps? (03:55)How failing to account for tax on equipment and financing reduced Bill's windfall significantly (04:53)Mishandling capital gains tax on goodwill and intellectual property (08:39)The shocking aftermath: Bill is left with only $492,000! (11:43)How proper advice could have saved Bill over $1.1 million (18:00)The critical importance of expert advice when navigating large transactions and business sales (22:05)Don't be like Bill. If you're thinking about selling your business or making a big financial move, invest in expert advice to avoid losing out on potentially life-changing sums of money. Take this lesson to heart: paying for good advice now will save you far more in the long run. CONNECT WITH SALLY PRESTONWebsite: http://www.smartsolutionstax.com.au/Facebook: https://www.facebook.com/SmartSolutionsTaxInstagram: https://www.instagram.com/smartsolutionsau/Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/LinkedIn: https://www.linkedin.com/company/smart-solutions-tax-and-business-advisory/

Are you ignoring the warning signs that your business might be on the brink of insolvency? You're not alone. We have the tips you need to steer your business out of troubled waters.In this episode, Sally dives deep into one of the most pressing concerns facing businesses today — cash flow management and the alarming rise of company insolvencies in Australia. She breaks down the latest statistics from ASIC, revealing the sobering reality of the current business climate. Whether your business is teetering on the edge or you want to ensure your operations stay afloat, this episode is packed with actionable advice on cash flow forecasting, managing accounts receivable and payable, budgeting, and recognising the early warning signs of insolvency.Sally doesn't just present the problem — she offers a clear, step-by-step guide on how to forecast cash flow weekly, enforce strict payment terms, and avoid common pitfalls like using the ATO as a bank. With practical strategies to optimise revenue and manage costs, this episode is a must-listen for any business owner looking to safeguard their financial future.In this episode of Smarten Up! The Tax and Business Podcast, you'll learn:Startling ASIC statistics on company insolvency (00:18)The top 3 paths to insolvency: voluntary liquidation, court-ordered liquidation, and voluntary administration (02:10)The technical definition of insolvency and what it means for your business when debts are overdue (04:06)Red flags business owners should look out for before it's too late (04:36)Cash flow forecasting dos and don'ts (08:04)Managing your accounts receivable and how to ensure you get paid on time (09:38)Managing your accounts payable and the importance of setting aside funds (13:43)How to budget for business expenses and make tough decisions about cutting costs when revenue dips (17:55)The balance between pricing increases and customer retention (21:25)When and why you should rely on internal funds or finance assets, and the danger of using external finance for cash flow (25:46)Why you should seek expert advice and not stick your head in the sand when facing potential insolvency (28:19)This episode is a critical wake-up call for business owners to be proactive in managing their cash flow and recognising the signs of financial trouble. Remember, you're not alone — thousands of businesses are facing the same challenges. Stay smart, stay informed, and always reach out for help when needed!CONNECT WITH SALLY PRESTONWebsite: http://www.smartsolutionstax.com.au/Facebook: https://www.facebook.com/SmartSolutionsTaxInstagram: https://www.instagram.com/smartsolutionsau/Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/LinkedIn: https://www.linkedin.com/company/smart-solutions-tax-and-business-advisory/

Are you underestimating your payroll tax liabilities? Discover the hidden traps in payroll tax grouping and contractor provisions that could cost your business big time.In Part 2 of this two-part series, Sally Preston dives into the complexities of payroll tax that often trip up employers across Australia. Building on the foundations laid in Part 1, this episode unpacks two notoriously tricky areas: payroll tax grouping and contractor provisions. Sally reveals how seemingly simple business arrangements can lead to unexpected tax liabilities and highlights the common pitfalls that could put your business at risk. Whether you're a startup or a large enterprise, this episode is a must-listen to ensure you're not caught off guard by the intricacies of payroll tax law.In this episode of Smarten Up! The Tax and Business Podcast, you'll learn:An overview of this episode's topics and a recap of Part 1 (00:11)How businesses can unintentionally be grouped for payroll tax purposes, and why this matters for your bottom line (02:41)Examples of how employees working across multiple businesses can trigger unexpected grouping (06:07)Ways in which controlling interest in different entities can lead to payroll tax grouping (07:46)The complexities of tracing corporate interests and how they can create larger, unexpected payroll tax groups (09:45)The financial implications of grouping and how it affects your payroll tax liabilities (11:15)The intricacies of contractor provisions and the steps to determine if a contractor is actually an employee for payroll tax purposes (13:08)What constitutes a "relevant contract" and how it impacts payroll tax (13:56)Key exemptions that could save your business from unnecessary payroll tax (19:05)Actionable advice on assessing your payroll tax obligations and when to seek expert help (23:32)Payroll tax can be a minefield, especially when it comes to grouping and contractor provisions. Don't let these complexities catch you off guard. Take the time to understand your obligations, and when in doubt, always consult with an expert. CONNECT WITH SALLY PRESTONWebsite: http://www.smartsolutionstax.com.au/Facebook: https://www.facebook.com/SmartSolutionsTaxInstagram: https://www.instagram.com/smartsolutionsau/Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/LinkedIn: https://www.linkedin.com/company/smart-solutions-tax-and-business-advisory/

Are you ready to untangle the web of payroll tax and save your business from costly mistakes? Join us as we break down the essentials every employer needs to know!In this revealing episode, Sally Preston dives deep into the often confusing world of payroll tax — an essential topic for business owners and managers. Whether you're a startup or running a large enterprise, understanding payroll tax is crucial for staying compliant and avoiding hefty penalties. In Part 1 of this two-part series, Sally lays the groundwork, covering the basics of payroll tax in Australia, how it's calculated, and the critical factors that could impact your business across different states and territories. She also offers insights into common pitfalls and the best practices to ensure your payroll tax obligations are met with precision.In this episode of Smarten Up! The Tax and Business Podcast, you'll learn:An overview of this two-part series (00:26)A breakdown of payroll tax's state-specific nature in Australia and the significance of harmonisation in legislation (00:53)Understanding payroll tax thresholds and rates, why they vary across states, and what you need to know to stay compliant (03:04)What counts as taxable wages and the hidden elements that could trip up your payroll tax calculation (04:18)How to handle payroll tax when your workforce is spread across Australia (06:58)Key steps for calculating payroll tax, including the importance of determining your total Australia-wide wages (10:25)What you might be able to exclude and why small business concessions could be a game-changer (14:19) The risk of audits and penalties — common mistakes businesses make and how to avoid them (17:23)What to do if you discover an error in your payroll tax (19:35)From the intricacies of state-specific legislation to the nuanced inclusion of allowances, benefits, and even certain contractor payments, Sally's expert guidance will help you navigate the complexities of payroll tax with confidence. If you've ever wondered how to avoid the common mistakes that could trigger a costly audit, or if you simply want to ensure you're doing things by the book, this episode is a must-listen. CONNECT WITH SALLY PRESTONWebsite: http://www.smartsolutionstax.com.au/Facebook: https://www.facebook.com/SmartSolutionsTaxInstagram: https://www.instagram.com/smartsolutionsau/Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/LinkedIn: https://www.linkedin.com/company/smart-solutions-tax-and-business-advisory/

Ready to dive into the nitty-gritty of launching a business? Join Sally Preston as she unpacks her first year as a business owner, sharing invaluable lessons, mistakes, and insights that could save you both time and money on your entrepreneurial journey.In this special episode, Sally reflects on the first 12 months of running her own accounting firm. From the challenges of choosing the perfect business structure and name to the unexpected hurdles of onboarding software and staff, she reveals the ups and downs of starting a business in the tax and accounting world. Whether you're a seasoned entrepreneur or just starting out, Sally's candid advice on avoiding common pitfalls and the importance of flexibility could be the key to your success. Plus, she offers practical tips on branding, client management, and financial planning that every business owner needs to hear. In this episode of Smarten Up! The Tax and Business Podcast, you'll learn:Sally's motivation and initial steps leading to the birth of Smart Solutions (01:15)Why choose a discretionary trust and company structure, and how it can benefit your business (03:40)The struggles and strategies behind selecting an impactful and future-proof business name 05:20)How to leverage online tools to create a distinctive brand without breaking the bank (07:10)The importance of integrated software solutions and why cybersecurity was a top priority (10:05)The importance of hiring the right team early on (13:00)Sally shares how she bootstrapped her business, what she invested in, and when she finally paid herself (15:45)The necessity of being flexible with plans and learning to adapt in a constantly changing business landscape (18:30)Why not every client is a good fit and the value of focusing on ideal clients (22:25)The importance of healthy scepticism and aligning with the right people (24:01)As Sally celebrates one year of Smart Solutions, she leaves listeners with the reminder that it's okay to make mistakes in business — as long as you learn from them. Whether you're in your first year or your tenth, her journey is full of actionable insights that can help guide your path to success. CONNECT WITH SALLY PRESTONWebsite: http://www.smartsolutionstax.com.au/Facebook: https://www.facebook.com/SmartSolutionsTaxInstagram: https://www.instagram.com/smartsolutionsau/Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/LinkedIn: https://www.linkedin.com/company/smart-solutions-tax-and-business-advisory/

Are you sure your not-for-profit entity is truly tax-exempt? Today, we're diving deep into the often misunderstood world of tax obligations for not-for-profits and charities in Australia.

Are your business finances in top shape, or are you making any of these five common mistakes? Today, Sally Preston discusses the critical financial missteps that many business owners usually make.

Did you know that the Australian Tax Office (ATO) knows about your bank transactions, your overseas income, when you buy a car or property or sell one, when you enter and exit the country? In this enlightening episode, we're diving into a question that sparked a lot of curiosity in a reel posted on social media about overseas income — "How will the ATO know?"

In this episode, Sally demystifies the confusing world of business taxes by debunking five widespread myths.

In this episode, Sally Preston tackles some of the most pervasive myths and misconceptions about taxes that could be putting you at risk of ATO scrutiny and significant penalties.

Get ready to be enlightened about GST on property transactions - something every property investor and developer needs to know! In this episode, Sally Preston dives deep into the intricate world of GST as it applies to property transactions.

Dive into the essentials of GST and make sure you're GST-compliant. Not doing so could result in costly mistakes.

Are you ready to find out if you've been making costly tax errors with your investment property? Let's dive into the details!

Thinking of raising salaries? Wait! There are smarter ways to reward your team. Unlock the secrets to employee satisfaction beyond paychecks! In this episode, Sally Preston dives deep into the complexities and strategic opportunities of employee remuneration.

Discover how your financial decisions today impact your tax savings tomorrow with our in-depth look at long-term tax planning.

Discover how your financial decisions today impact your tax savings tomorrow with our in-depth look at long-term tax planning.

Grim but essential — don't let death and taxes blindside you or your loved ones. This episode covers key tax questions to ask when drafting a will, acting as executor, or receiving inheritance.

As the end of the financial year approaches, are you leaving money on the table by not taking advantage of tax planning strategies?

Unleash the power of your superannuation savings and unlock a world of investment opportunities with self-managed super funds (SMSFs) and property.

Selling your home? Don't make the costly mistake of assuming it's completely tax-free. Discover the truth about the main residence CGT exemption and how to maximize your savings.

Sally takes you on a deep dive into the fundamentals of capital gains tax. She breaks down the key concepts, definitions, and calculations involved, ensuring that even those with limited tax knowledge can gain a solid understanding of this critical area.

Plagued by endless questions surrounding budgeting and forecasting? You've come to the right place! In this information-packed episode, Sally Preston and Ellie Murdoch delve into the importance of budgeting and forecasting for small businesses.

Confused about FBT? Or maybe you would just prefer to bury your head in the sand and hope you aren't providing your employees fringe benefits. Unfortunately, if you are providing benefits, there is an increasing chance the ATO will pick up on it. So, in this episode, Sally Preston and Ellie Murdoch dive into the topic of Fringe Benefits Tax (FBT) to demystify some of the most common benefits you may be providing. Ellie answers five essential questions to help employers navigate FBT compliance.

Are you a business owner facing financial challenges? Don't know where to turn or what your options are? In this episode, Sally Preston talks again to Mitchell Herrett, a partner at RSM in the restructuring and recovery division. Mitch provides an in-depth look at the various options available for individuals and businesses facing financial challenges and insolvency.

Are you a company director unsure about your legal obligations and liabilities? In this episode, host Sally Preston chats with Mitchell Herrett, a partner at RSM in the Restructuring and Recovery division, to break down the key things every director must know to stay out of trouble.

Are you wondering if you are still a tax resident of Australia after moving overseas? In this episode, Sally Preston provides an in-depth overview of how to determine individual tax residency in Australia. She covers the ATO's 2023 updated ruling on the factors to consider for tax residency.

Are you a private company owner navigating the complex world of contracts and potential disputes? In this episode, Sally speaks with litigation lawyer Sarah Bryden about the potential pitfalls around contracts and disputes that private company owners need to understand. Sarah provides an in-depth look at key legal issues related to contracts, shareholder agreements, and resolving disputes.

Private company profits and distributions to shareholders seem straightforward, but complex tax rules can create unintended consequences. In this eye-opening episode, Sally speaks about the potential landmines around dividends, franking credits, tax rates, and anti-avoidance provisions you need to understand as a private company owner. She provides an in-depth look at key tax issues related to private company profits and distributions to shareholders.

Do you earn your income from providing your services to clients and customers? Well, how you earn income can have major tax implications for business owners. Yet many enterprising professionals fail to fully grasp complex personal services income rules that can have a big impact on their annual tax bill.

Planning and saving for retirement is a complex, long-term endeavour that many people find overwhelming. With changing tax laws, contribution limits, investment options, and more - optimising your super can feel like an impossible task. In this information-packed episode, Sally sits down with qualified financial planner Nathan Nash to help make sense of it all.

Do trusts confuse you? Are you unsure of the differences between discretionary and fixed unit trusts? As a business owner, understanding how to best leverage trusts can save you significant money through tax efficiency and asset protection. However, trusts are complex structures that often leave entrepreneurs scratching their heads.

What happens to your hard-earned super when you die or become incapacitated? For those with self-managed super funds (SMSFs), proper planning is essential to ensure your fund continues smoothly.

As a business owner, do you really know whether your workers are legitimate independent contractors or employees in disguise? This is a complex area, but incorrectly classifying workers can lead to underpaid entitlements and penalties down the road.

Taxes can take a huge bite out of real estate profits. So it is important to understand what you may be liable for when subdividing and selling land. In this complex area, proper tax planning is essential. In this episode, Sally demystifies the tangled web of rules around land transactions.

Thinking of taking your business global, but unsure how to navigate the tax implications? Tax expert Sally demystifies the crucial tax questions Australian entrepreneurs must resolve before expanding overseas.

Side hustles are more popular than ever. From rideshare driving to selling crafts online, people are finding creative ways to supplement their income. But if your side gig starts generating serious cash, you may suddenly have some not-so-fun tax obligations. So how do you know if your hobby has crossed into business territory in the eyes of the taxman? What happens if you start racking up losses from your entrepreneurial experiments? Can you reduce the tax on your regular salary? Finding clarity on these issues is critical. Get it wrong and you could face penalties, interest as well as the tax bill! In this episode, Sally demystifies the complex issue of hobby vs business taxation. With her tax wisdom and personal experience moonlighting as a gym instructor, Sally provides practical insights for side hustlers.

Business succession and exit planning is a complex, multifaceted process filled with potential pitfalls. In this information-packed episode, Sally speaks with lawyer Kylie Wilson, a specialist in business succession, on this crucial topic for business owners. They explore several common scenarios - selling to a third party, transitioning to key employees, passing down to family members. Kylie brings her extensive experience to outline not only the opportunities in each case but also the disputes, legal consequences, and other complications that frequently arise when succession planning is inadequate. From the nitty-gritty of structuring share sales to the critical emotional dynamics in family businesses, Sally and Kylie leave no stone unturned. They offer smart strategies and savvy advice to properly plan your own exit, avoid destructive conflicts, maximise sale value, and leave the legacy you envision.

For any aspiring entrepreneur ready to take the leap into business ownership, the landscape can seem daunting. Between permits, legal entities, taxes, accounting, insurance, banking, not to mention actually creating and selling your product or service, launching a company requires crossing many T's and dotting many I's. It's complex, but it doesn't have to be overwhelming. In this episode, Sally draws from her real-world expertise to simplify the process and presents her top 10 steps that all entrepreneurs should take when embarking on their journey. As an accountant turned entrepreneur herself, Sally understands the multitude of essential boxes business owners need to check before opening their doors. From concrete tasks like registering your business structure to conceptual musts like projecting profit margins, her actionable advice aims to prevent aspiring business owners from leaving loose ends that could create issues down the road.

Ever wondered why it takes so long for a bank to approve your business loan application? As days turn into weeks without a response, you're left confused and anxious, pulling your hair out wondering what exactly is happening behind the scenes. Getting a bank loan approved for your business can be frustrating when it seems hard to access clear information on the complex loan application process. In this episode, Sally interviews finance expert Donna Bannister, who demystifies exactly how banks assess business loan applications over $2 million. We break down the lengthy but critical process banks use to assess loans over $2 million.

Getting your business valuation right is crucial, yet the process is often shrouded in complexity. From navigating tax compliance rules to making sound strategy decisions, an accurate valuation forms the foundation. However, many entrepreneurs and business owners find valuations confusing. When do you need one? Who should conduct it? What methodology should they use? How do you avoid penalties if the ATO contests your valuation? In this episode, Sally and Ellie Murdoch peel back the layers on these pressing questions. You'll learn the intricacies of the valuation process from an experienced practitioner perspective.

Does your business invest in innovation? Find out how the R&D Tax Incentive can help support your R&D activities. Sally interviews R&D advisor Ellie Murdoch on the intricacies of the R&D Tax Incentive. Understand the eligibility criteria and application process to see if your business can access the program.

Can you keep talent without paying top dollar? Learn how employee share schemes can offer a compelling way to incentivise and retain staff. Sally breaks down the most common arrangements used to give employees a stake in your company, alongside the legal and tax considerations. With expert commentary from Ellie Murdoch, they unpack the pros, cons and obligations around schemes like discounted employee shares, share options, vendor financing and more. In this episode of the Smarten Up! The Tax and Business Podcast, you'll learn: The most popular alternatives used to incentivise staff beyond salary (0:22) The key decisions to guide your employee share scheme approach (1:52) Where businesses should start when exploring their options (3:53) Tax obligations triggered by issuing discounted employee shares (6:45) Tax risks around vendor financing employees to purchase shares (11:54) How partly paid shares work and considerations before using them (13:38) Case study on structuring incentives for a tech startup (18:33) Reporting deadlines and admin needs with employee share schemes (25:01) Discover what you need to ask before offering equity, as well as how to structure incentives that excite employees without nasty surprises. Whether you want to issue shares upfront or tie them to tenure and performance hurdles, this episode will help you make better informed decisions.

Selling a business can yield significant profits, but with profit also comes tax. Learn how small business capital gains tax concessions can reduce or even eliminate taxes when selling. Sally explains how these little-known but impactful tax rules work when structuring the sale of a small business. She examines a case study of business owners, Martha and Artie selling their engineering firm. In this episode of the Smarten Up! The Tax and Business Podcast, you'll learn: Key decision points when selling a business (2:21) Overview of basic requirements to qualify for concessions (8:47) How the 15-year exemption could make gains completely tax-free (13:42) How the 50% small business CGT discount works on top of general discounts (15:28) Other concessions like rollovers and retirement exemptions (17:12) Why obtaining expert advice early is crucial (20:36) Selling a successful small business can represent the culmination of years of hard work. Arm yourself with the knowledge from this episode before you sell your small business and reap maximum reward from your years of effort.

Deciding on the best structure for your business can be confusing. In this episode, we look into the key factors to consider when choosing between a sole proprietorship, partnership, company, or trust. Sally summarises the basic pros and cons of each structure and does an in depth discussion into the critical factors you need to evaluate when choosing a business structure. In this episode of the Smarten Up! The Tax and Business Podcast, you'll learn: The scenarios where a company structure is preferable vs operating as a sole trader (12:05) How to protect your personal assets when choosing a business structure (17:30) Tips on structuring your business to facilitate future growth or sale (23:45) Choosing the right structure for your business is a foundational decision that will have significant long-term impacts. While the analysis may seem complex on the surface, breaking it down methodically makes your path forward clearer. Tune into this information-packed episode to ensure you choose the optimum structure.

Do tax rules make your head spin? Stop getting distracted by complicated compliance so you can focus on growing your empire. Self-confessed Tax Nerd Sally Preston translates financial jargon into simple steps to control YOUR money. Meet your host, Sally Preston, an experienced chartered accountant, chartered tax advisor, and a business tax expert with almost two decades of experience. Delve into Sally's professional journey and gain insights into her life as a business owner and mother of five. Sally sheds light on the critical impact of business taxes on the bottom line. Proactively managing taxes can pave the way for substantial savings and growth of your business, while neglecting them may result in unnecessary expenses and complications. Frustratingly, small business owners often find accessing understandable tax and financial information a significant challenge.