A podcast dedicated to the New Orleans Pelicans. Exclusive NBA analysis, news and opinion about Boogie and The Brow!
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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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50: Mergers & Acquisitions: Insights from Tim Muller’s Multi-Business Acquisitions
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32:44How 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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49: Mergers & Acquisitions Part 3: Does Due Diligence Really Matter?
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26:55Ready 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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48: Mergers & Acquisitions Part 2: Do I need a Term Sheet?
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24:30Curious 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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47: Mergers & Acquisitions Part 1: The Early Stages of M&A Explained
22:35
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22:35Behind 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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46: ATO Debt Crisis? Here’s How to Take Control and Avoid Penalties with Ellie Murdoch
20:01
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20:01Struggling 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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45: ATO Audits? Don’t Panic! Here’s What To Do
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39:07Got 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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44: The Real Cost of Not Consulting Experts - A Tax Horror Story
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24:18Ever 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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43: Cash Flow Tips to Keep Your Business Afloat
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30:50Are 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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42: Master Payroll Tax from Basics to Best Practices Part 2
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25:22Are 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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41: Master Payroll Tax from Basics to Best Practices
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21:53Are 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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40: How I Survived My First Year in Business
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26:35Ready 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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39: Is Your Not-for-Profit Truly Tax-Exempt? Find Out Now!
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24:49Are 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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38: Five Financial Mistakes To Stop Making In Your Business
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18:22Are 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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37: “How Will They Know?” - Let’s Talk About the ATO’s Access to Data
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22:01How 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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36: Five Business Tax Myths Busted — What You Must Know
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21:55From 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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35: Top 15 Tax Myths Debunked: What You Need to Know Before Filing
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27:41Are 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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34: Navigating GST on Property: Essential Insights for Owners
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25:30Get 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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33: GST Key Terms and Obligations Every Business Owner Should Know
22:11
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22:11Dive 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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32: Top 10 Tax Mistakes to Avoid for Investment Property Owners
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24:29Are 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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31: Innovative Employee Rewards Beyond Pay Rises
31:55
31:55
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31:55Thinking 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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30: Strategic Tax Planning: Thinking Beyond This Financial Year - Part 2
25:59
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25:59Discover 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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29: Strategic Tax Planning: Thinking Beyond This Financial Year
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23:37Discover 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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28: Navigating The Inevitable – Death and Taxes
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23:41Grim 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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27: EOFY Tax Planning 101: Strategies to Reduce Your Tax Bill
22:03
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22:03As 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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26: Secrets to Supercharging Your Retirement with Property Investing with Tracey Norris
36:11
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36:11Unleash 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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25: Don't Get Caught by Surprise: What Homeowners Must Know About the Main Residence Exemption
27:00
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27:00Selling 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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24: CGT Basics: Navigating the Fundamentals of Capital Gains Tax
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25:47Capital 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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23: Budgeting and Forecasting: The Pillars of Business Success with Ellie Murdoch
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24:24Plagued 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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22: Navigating FBT: A Practical Guide for Employers with Ellie Murdoch
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28:11Confused 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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21: Advice for Troubled Businesses with Mitchell Herrett
29:48
29:48
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29:48Are 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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20: Navigating Director Duties and Liabilities with Mitchell Herrett
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27:48Are 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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19: Decoding Tax Residency: When Are You Within the Australian Tax Net?
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21:43Are 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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18: Legal Landmines: Navigating Shareholder Disputes and Resolutions with Sarah Bryden
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22:00Are 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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17: Avoiding Nasty Surprises: Tax Planning for Private Company Distributions
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29:36Private 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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16: Income Earned From Your Efforts - Who Reports the Income and Pays the Tax?
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25:29Do 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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15: Make It Your Super Power - Smarter Superannuation Decisions with Nathan Nash
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27:24Planning 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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14: Trusts 101: Everything Business Owners Must Know
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26:23Do 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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13: Succession Planning for Self-Managed Super Funds with Laura Hanrahan
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16:35What 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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12: Contractor Myths - Are They Really Your Employees?
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22:21As 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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11: Navigating Tax on Subdividing and Selling Land
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18:10Taxes 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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10: Expanding Your Business Overseas: Top 5 Tax Questions You Must Ask First
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25:22Expanding 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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09: Is Your Side Gig a Hobby or a Business? Tax Facts You Should Know
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17:37Side 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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08: Navigating the Complex Process of Business Succession and Exit with Kylie Wilson
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22:41Business 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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07: Setting Your Business Up For Success: Top 10 Things To Get You Started
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11:01For 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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06: Show Me The Money! Business Loan Application Success with Donna Bannister
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33:58
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33:58Ever 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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05: Business Valuations - When You Need One And What Is Required
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22:12Getting 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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04: R&D Tax Incentive: Are You Getting the Most Out of Your Investment in Innovation?
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14:47Does 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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03: Employee Share Schemes: Unlocking Tax Concessions and Structuring Win-Wins
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23:44Can 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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02: Saving Taxes When Selling Your Small Business - Capital Gains Tax Concessions Revealed
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18:30Selling 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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01: Choosing the Right Structure for your Business
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19:44Deciding 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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