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Welcome to "SMARTEN UP!" a podcast aimed to help business owners navigate the complex tax and business landscape. Host Sally Preston simplifies complex tax and business matters for business owners to help them make smart decisions when running their businesses. Expert guests will help navigate financial, tax, and legal issues that are essential for business success.
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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…
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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 t…
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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…
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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 t…
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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 own…
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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…
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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, believ…
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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…
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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 …
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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 runni…
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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 fi…
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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 you under the impression that your organisation is automatically exempt from taxes? Think again. Sally clarifies the intricate rules and conditions that deter…
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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. Drawing from her extensive experience in business acquisitions and sales, she shares the top five things you need to stop doing in your business finances…
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How much access does the ATO have to your information? The answer might surprise you. 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 l…
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From entertainment expenses to bookkeeping shortcuts, we're exposing the truth behind five business tax myths you can't afford to ignore. In this episode, Sally demystifies the confusing world of business taxes by debunking five widespread myths. Drawing on legal cases and tax law, Sally provides practical insights to help business owners avoid cos…
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Are you falling for these common tax myths? Get the real deal on what's deductible and what's not. 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. For anyone who needs to lodge a tax return you need to understand what …
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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. From taxable supplies to input tax credits, Sally breaks down the essential concepts that property owners, i…
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Dive into the essentials of GST and make sure you're GST-compliant. Not doing so could result in costly mistakes. In this episode, Sally Preston breaks down the essentials of Goods and Services Tax (GST) in Australia. Whether you're new to business or looking to brush up on your GST knowledge, this episode is packed with crucial information and eye…
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Are you ready to find out if you’ve been making costly tax errors with your investment property? Let’s dive into the details! In this episode, we unravel the common mistakes that investment property owners make when lodging their tax returns. With the end of the financial year fast approaching, it’s crucial to get your tax details right.  Sally div…
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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. With the end of the financial year approaching, business owners are often focused on payro…
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Discover how your financial decisions today impact your tax savings tomorrow with our in-depth look at long-term tax planning. In this episode, Sally Preston dives deep into the world of future tax planning, exploring the strategic decisions business owners need to make today to ensure maximum cash flow and minimal tax liabilities in the long run. …
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Discover how your financial decisions today impact your tax savings tomorrow with our in-depth look at long-term tax planning. Welcome to another insightful episode of Smarten Up! The Tax and Business Podcast. Today, we're diving into a critical yet often overlooked aspect of financial management — long-term tax planning. While end-of-year tax stra…
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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. Death and taxes — two certainties in life that intersect when someone passes away. tax implications can significantly impact the assets and wealth you leave…
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As the end of the financial year approaches, are you leaving money on the table by not taking advantage of tax planning strategies? In this episode, Sally walks you through a ton of useful tactics to slash your tax bill and keep that hard-earned cash money where it belongs - in your pocket, not the ATO's. She breaks it all down into simple, easy-to…
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Unleash the power of your superannuation savings and unlock a world of investment opportunities with self-managed super funds (SMSFs) and property. Superannuation savings are often an untapped source of wealth, but with the right strategies, you can make your super work harder for you. In this episode, Sally Preston sits down with Tracey Norris, a …
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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. The main residence capital gains tax exemption seems straightforward — sell your home and pay no tax, right? Wrong. There are numerous complex rules and requirements that …
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Capital gains tax can be a daunting and complex topic for many individuals and business owners. With its intricate rules, numerous exceptions, and potentially significant financial implications, navigating the world of CGT can feel like a minefield. Sally takes you on a deep dive into the fundamentals of capital gains tax. She breaks down the key c…
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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. As April marks the time when you should start work on setting your budget for the 2025 financial year, th…
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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) t…
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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 challen…
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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. In this episode of the Smarten Up! The Tax and Business Podcast, y…
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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. In this episode of the Smarten Up! The Tax and Business P…
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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, share…
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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…
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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. Sally illuminates this notoriously confusing…
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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 sen…
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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. In this episode…
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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. In this episode, host Sally Preston sits down with Laura Hanrahan, an expert succession and estates lawyer, to demystify this complex topic. With SMSFs now…
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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. In this episode, host and tax expert Sally Preston demystifies contractor vs employee status. She ex…
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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. Join Sally as she demystifies the tangled web of rules around land transactions. Expect clear guidance on capital gains versus ordinary income, …
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Expanding a business internationally into new markets can be an exciting yet daunting venture. But without asking the right tax and compliance questions upfront, your global growth plans could be stopped in their tracks. In this information-packed episode, Sally breaks down the top 5 tax considerations that every Australian business needs to addres…
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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 tax…
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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 emp…
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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…
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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 infor…
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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 methodolo…
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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. In this episode of the Smarten Up! The T…
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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 a…
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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, Mart…
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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 choos…
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