<![CDATA[Smarten Up! The Tax and Business Podcast]]>36893fc7-ebff-59f9-b227-17ab6f81581eMon, 28 Oct 2024 18:00:32 +0000Captivate.fmSally Prestonhttps://artwork.captivate.fm/f6791227-28d7-4f63-84a8-75c0b90fc9af/8f7df5e0-884f-11ee-945c-9343b3d3db7d.jpgSmarten Up! The Tax and Business PodcastSally PrestonSally PrestonWelcome 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.https://podcasts.bcast.fm/smarten-up-the-tax-and-business-podcastfalseepisodichttps://feeds.captivate.fm/smarten-up-the-tax-and-business-podcast/nopodcast50: Mergers & Acquisitions: Insights from Tim Muller’s Multi-Business Acquisitions50: Mergers & Acquisitions: Insights from Tim Muller’s Multi-Business AcquisitionsHow 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 PRESTON


]]>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 PRESTON


]]>0a34c978-d306-4adc-a177-0220466c7a55Tue, 29 Oct 2024 05:00:00 +110032:44falsefullSally Preston49: Mergers & Acquisitions Part 3: Does Due Diligence Really Matter?49: Mergers & Acquisitions Part 3: Does Due Diligence Really Matter?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 PRESTON


]]>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 PRESTON


]]>9fa80da6-a41e-4017-b252-00cd7d5800fbTue, 22 Oct 2024 05:00:00 +110026:55falsefullSally Preston48: Mergers & Acquisitions Part 2: Do I need a Term Sheet?48: Mergers & Acquisitions Part 2: Do I need a Term Sheet?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 PRESTON


]]>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 PRESTON


]]>4525d2c7-2736-428d-b0b6-a8d796d5c21fTue, 15 Oct 2024 05:00:00 +110024:30falsefullSally Preston47: Mergers & Acquisitions Part 1: The Early Stages of M&A Explained47: Mergers & Acquisitions Part 1: The Early Stages of M&A ExplainedBehind 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 PRESTON


]]>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 PRESTON


]]>d269c9c4-be1d-4cf2-acb5-d53d7e42fd52Tue, 08 Oct 2024 05:00:00 +110022:35falsefullSally Preston46: ATO Debt Crisis? Here’s How to Take Control and Avoid Penalties with Ellie Murdoch46: ATO Debt Crisis? Here’s How to Take Control and Avoid Penalties with Ellie MurdochStruggling 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 PRESTON


]]>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 PRESTON


]]>43051a51-9202-43dd-b0ac-a09ae9d530dcTue, 01 Oct 2024 05:00:00 +110020:01falsefullSally Preston45: ATO Audits? Don’t Panic! Here’s What To Do45: ATO Audits? Don’t Panic! Here’s What To DoGot 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 PRESTON


]]>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 PRESTON


]]>de68220a-50fa-4eb7-bfe5-032b8cce6281Tue, 24 Sep 2024 05:00:00 +110039:07falsefullSally Preston44: The Real Cost of Not Consulting Experts - A Tax Horror Story44: The Real Cost of Not Consulting Experts - A Tax Horror StoryEver 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 PRESTON


]]>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 PRESTON


]]>ca6c5bdf-a0a7-49fd-8eff-03726bc5dafaTue, 17 Sep 2024 05:00:00 +110024:18falsefullSally Preston43: Cash Flow Tips to Keep Your Business Afloat43: Cash Flow Tips to Keep Your Business AfloatAre 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 PRESTON


]]>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 PRESTON


]]>4735b305-db4e-4a06-8763-8d2ffe85e965Tue, 10 Sep 2024 05:00:00 +110030:50falsefullSally Preston42: Master Payroll Tax from Basics to Best Practices Part 242: Master Payroll Tax from Basics to Best Practices Part 2Are 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 PRESTON


]]>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 PRESTON


]]>4af2c214-1792-451a-bc3e-6b572cfb61afTue, 03 Sep 2024 05:00:00 +110025:22falsefullSally Preston41: Master Payroll Tax from Basics to Best Practices41: Master Payroll Tax from Basics to Best PracticesAre 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 PRESTON


]]>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 PRESTON


]]>3fa3d5a7-d61d-4d27-9f7e-3a5b20574667Tue, 27 Aug 2024 05:00:00 +110021:53falsefullSally Preston40: How I Survived My First Year in Business40: How I Survived My First Year in BusinessReady 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 PRESTON

Website: http://www.smartsolutionstax.com.au/

Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517

Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/

]]>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 PRESTON

Website: http://www.smartsolutionstax.com.au/

Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517

Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/

]]>k18mzp40Mon, 19 Aug 2024 19:00:00 +110026:35falsefullReady 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.Sally Preston39: Is Your Not-for-Profit Truly Tax-Exempt? Find Out Now!39: Is Your Not-for-Profit Truly Tax-Exempt? Find Out Now!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 determine tax exemption status, revealing essential details that every committee member and volunteer should know. 

In this episode of Smarten Up! The Tax and Business Podcast, you'll learn:

  • Defining not-for-profit (00:22)
  • Differentiating between the Australian Taxation Office (ATO) and the Australian Charities and Not-for-profits Commission (ACNC) in assessing and managing not-for-profits (00:42)
  • Various categories under the tax law that may qualify an entity for tax exemption (01:54)
  • The self-assessment process for non-charity, not-for-profit entities and the importance of meeting specific tax law requirements (02:39)
  • Highlighting the new reporting requirements for non-charity not-for-profits starting from July 2023 (05:40)
  • The ACNC's definition of a charity and the necessity of pursuing exclusively charitable purposes for public benefit (08:05)
  • The importance of proper documentation and the need for legal and expert advice in setting up and maintaining charitable status (15:48)
  • What it means for a charity to be a deductible gift recipient and the implications for donors (16:43)
  • The unique tax calculations for licensed clubs and the principle of mutuality (17:14)
  • A recap and emphasis on why you need to seek professional advice to ensure compliance with tax laws and avoid potential pitfalls (20:07)


Keep in mind the critical importance of understanding the tax obligations of your not-for-profit or charity. The new reporting requirements mean it's time to revisit and possibly reassess your organisation's status. Don't navigate these complex waters alone — seek expert advice to ensure compliance and maintain your tax-exempt status!

CONNECT WITH SALLY PRESTON

Website: http://www.smartsolutionstax.com.au/

Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517

Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/

]]>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 determine tax exemption status, revealing essential details that every committee member and volunteer should know. 

In this episode of Smarten Up! The Tax and Business Podcast, you'll learn:

  • Defining not-for-profit (00:22)
  • Differentiating between the Australian Taxation Office (ATO) and the Australian Charities and Not-for-profits Commission (ACNC) in assessing and managing not-for-profits (00:42)
  • Various categories under the tax law that may qualify an entity for tax exemption (01:54)
  • The self-assessment process for non-charity, not-for-profit entities and the importance of meeting specific tax law requirements (02:39)
  • Highlighting the new reporting requirements for non-charity not-for-profits starting from July 2023 (05:40)
  • The ACNC's definition of a charity and the necessity of pursuing exclusively charitable purposes for public benefit (08:05)
  • The importance of proper documentation and the need for legal and expert advice in setting up and maintaining charitable status (15:48)
  • What it means for a charity to be a deductible gift recipient and the implications for donors (16:43)
  • The unique tax calculations for licensed clubs and the principle of mutuality (17:14)
  • A recap and emphasis on why you need to seek professional advice to ensure compliance with tax laws and avoid potential pitfalls (20:07)


Keep in mind the critical importance of understanding the tax obligations of your not-for-profit or charity. The new reporting requirements mean it's time to revisit and possibly reassess your organisation's status. Don't navigate these complex waters alone — seek expert advice to ensure compliance and maintain your tax-exempt status!

CONNECT WITH SALLY PRESTON

Website: http://www.smartsolutionstax.com.au/

Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517

Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/

]]>p1kprl90Mon, 12 Aug 2024 19:00:00 +110024:49falsefullAre 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.Sally Preston38: Five Financial Mistakes To Stop Making In Your Business38: Five Financial Mistakes To Stop Making In Your BusinessAre 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 right now. 

In this episode of Smarten Up! The Tax and Business Podcast, you'll learn:

  • Sally’s recent experiences with business sales and acquisitions (00:10)
  • Mistake #1: Mixing business and personal finances (01:05)
  • Mistake #2: Neglecting basic bookkeeping essentials (04:10)
  • Mistake #3: Overlooking the importance of regular financial health checks (07:39)
  • Mistake #4: Underestimating tax planning and the value of getting good advice (11:20)
  • Mistake #5: Neglecting compliance and regulation (14:22)


From the pitfalls of mixing personal and business finances to the importance of regular financial health checks, Sally provides practical advice to help you steer clear of costly errors and ensure your business thrives.

CONNECT WITH SALLY PRESTON

Website: http://www.smartsolutionstax.com.au/

Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517

Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/

]]>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 right now. 

In this episode of Smarten Up! The Tax and Business Podcast, you'll learn:

  • Sally’s recent experiences with business sales and acquisitions (00:10)
  • Mistake #1: Mixing business and personal finances (01:05)
  • Mistake #2: Neglecting basic bookkeeping essentials (04:10)
  • Mistake #3: Overlooking the importance of regular financial health checks (07:39)
  • Mistake #4: Underestimating tax planning and the value of getting good advice (11:20)
  • Mistake #5: Neglecting compliance and regulation (14:22)


From the pitfalls of mixing personal and business finances to the importance of regular financial health checks, Sally provides practical advice to help you steer clear of costly errors and ensure your business thrives.

CONNECT WITH SALLY PRESTON

Website: http://www.smartsolutionstax.com.au/

Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517

Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/

]]>k08mjy61Mon, 05 Aug 2024 19:00:00 +110018:22falsefullAre 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.Sally Preston37: “How Will They Know?” - Let’s Talk About the ATO’s Access to Data37: “How Will They Know?” - Let’s Talk About the ATO’s Access to DataHow 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 lot of curiosity in a reel posted on social media about overseas income — "How will the ATO know?" 

Prepare to uncover the extensive network of information providers both in Australia but also internationally that the ATO receives and provides information to. The access that the ATO has to information, and the powerful tools and methods including data matching, that it employs, to ensure compliance and detect fraud, may shock you. 

This information may be what triggers the ATO to review or audit you or your business including questioning your expenditure against your income.. The failure to lodge a return is almost the worst idea too, as then the ATO can issue you an assessment for you to prove wrong.  

In this episode of Smarten Up! The Tax and Business Podcast, you'll learn:

  • The topic that piqued interest — How does the ATO know about your overseas income? (00:08)
  • How the ATO uses data matching to pre-fill your tax returns with information from health insurance, banks, and investment bodies (01:18)
  • Third party sources, from motor vehicle registries to online selling platforms, that feed information to the ATO (02:34)
  • The scope of international tax treaties and the sharing of financial account information globally (04:10)
  • Examples of how the ATO uses data to track undeclared income, including Sally’s own experience of living in Canada (05:18)
  • Insight into the bulk data exchanges between tax authorities around the world (11:25)
  • How the ATO uses personal living expenses worksheets to detect discrepancies in reported income (16:02)
  • What to expect during an ATO review or audit and how to handle it effectively (17:07)
  • Steps to take if you realise you've made an error in your tax returns, including the benefits of proactive amendments (19:30)


We've peeled back the curtain on how the ATO keeps tabs on your financial activities, both domestically and internationally. Armed with this knowledge, you can now better ensure that you stay compliant and avoid any unpleasant surprises.  

CONNECT WITH SALLY PRESTON

Website: http://www.smartsolutionstax.com.au/

Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517

Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/

]]>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 lot of curiosity in a reel posted on social media about overseas income — "How will the ATO know?" 

Prepare to uncover the extensive network of information providers both in Australia but also internationally that the ATO receives and provides information to. The access that the ATO has to information, and the powerful tools and methods including data matching, that it employs, to ensure compliance and detect fraud, may shock you. 

This information may be what triggers the ATO to review or audit you or your business including questioning your expenditure against your income.. The failure to lodge a return is almost the worst idea too, as then the ATO can issue you an assessment for you to prove wrong.  

In this episode of Smarten Up! The Tax and Business Podcast, you'll learn:

  • The topic that piqued interest — How does the ATO know about your overseas income? (00:08)
  • How the ATO uses data matching to pre-fill your tax returns with information from health insurance, banks, and investment bodies (01:18)
  • Third party sources, from motor vehicle registries to online selling platforms, that feed information to the ATO (02:34)
  • The scope of international tax treaties and the sharing of financial account information globally (04:10)
  • Examples of how the ATO uses data to track undeclared income, including Sally’s own experience of living in Canada (05:18)
  • Insight into the bulk data exchanges between tax authorities around the world (11:25)
  • How the ATO uses personal living expenses worksheets to detect discrepancies in reported income (16:02)
  • What to expect during an ATO review or audit and how to handle it effectively (17:07)
  • Steps to take if you realise you've made an error in your tax returns, including the benefits of proactive amendments (19:30)


We've peeled back the curtain on how the ATO keeps tabs on your financial activities, both domestically and internationally. Armed with this knowledge, you can now better ensure that you stay compliant and avoid any unpleasant surprises.  

CONNECT WITH SALLY PRESTON

Website: http://www.smartsolutionstax.com.au/

Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517

Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/

]]>8056yjj1Mon, 29 Jul 2024 19:00:00 +110022:01falsefullDid 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?"Sally Preston36: Five Business Tax Myths Busted — What You Must Know36: Five Business Tax Myths Busted — What You Must KnowFrom 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 costly mistakes and optimise their tax strategies. Get ready to smarten up about what really counts as income, deductions, and legitimate business expenses. 

In this episode of the Smarten Up! The Tax and Business Podcast, you'll learn:

  • The broad definition of income in tax law and why it's often misunderstood (00:42) 
  • Explanation of assessable income and the impact of statutory provisions on income definitions (01:37)
  • Clarification on reporting worldwide income for Australian tax residents and non-residents (02:04)
  • Understanding deductible expenses and the two-part test for what constitutes a deduction (02:30)
  • Myth #1: Debunking the myth that all client entertainment expenses are deductible and what actually qualifies (05:06)
  • Myth #2: Addressing the misconception about employing family members to reduce taxes and the importance of paying commercial rates (08:45)
  • Myth #3: The pitfalls of running a business using only Excel and bank accounts, and the benefits of formal accounting systems (12:11)
  • Myth #4: Explaining why buying a car in the business or adding advertising doesn't necessarily make it deductible (13:47)
  • Myth #5: Discussing the risks of setting up simple business structures with the intention to restructure later (16:21)


Understanding these tax myths can save your business time, money, and headaches down the line. Make sure you’re not falling into these common traps by staying informed and seeking professional advice tailored to your specific situation.  

CONNECT WITH SALLY PRESTON

Website: http://www.smartsolutionstax.com.au/

Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517

Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/

]]>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 costly mistakes and optimise their tax strategies. Get ready to smarten up about what really counts as income, deductions, and legitimate business expenses. 

In this episode of the Smarten Up! The Tax and Business Podcast, you'll learn:

  • The broad definition of income in tax law and why it's often misunderstood (00:42) 
  • Explanation of assessable income and the impact of statutory provisions on income definitions (01:37)
  • Clarification on reporting worldwide income for Australian tax residents and non-residents (02:04)
  • Understanding deductible expenses and the two-part test for what constitutes a deduction (02:30)
  • Myth #1: Debunking the myth that all client entertainment expenses are deductible and what actually qualifies (05:06)
  • Myth #2: Addressing the misconception about employing family members to reduce taxes and the importance of paying commercial rates (08:45)
  • Myth #3: The pitfalls of running a business using only Excel and bank accounts, and the benefits of formal accounting systems (12:11)
  • Myth #4: Explaining why buying a car in the business or adding advertising doesn't necessarily make it deductible (13:47)
  • Myth #5: Discussing the risks of setting up simple business structures with the intention to restructure later (16:21)


Understanding these tax myths can save your business time, money, and headaches down the line. Make sure you’re not falling into these common traps by staying informed and seeking professional advice tailored to your specific situation.  

CONNECT WITH SALLY PRESTON

Website: http://www.smartsolutionstax.com.au/

Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517

Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/

]]>713p4mz0Mon, 22 Jul 2024 19:00:00 +110021:55falsefullIn this episode, Sally demystifies the confusing world of business taxes by debunking five widespread myths.Sally Preston35: Top 15 Tax Myths Debunked: What You Need to Know Before Filing35: Top 15 Tax Myths Debunked: What You Need to Know Before FilingAre 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 you can and can’t claim as a deduction and when you must report amounts you receive as income. Her insights will help you navigate the complexities of tax law and make more informed financial decisions. 

In this episode of the Smarten Up! The Tax and Business Podcast, you'll learn:

  • Breaking down what counts as assessable income and the concept of statutory income (01:15)
  • How to determine if an expense is deductible and the importance of substantiation (04:30] 
  • Myth #1: Are your mobile phone expenses fully deductible if you use it for work? (06:06)
  • Myth #2: Can you claim all travel expenses for a conference? Learn about the rules on apportionment (06:51)
  • Myth #03: Working overseas? Find out if your income is still taxable in Australia (08:10)
  • Myth #4: Can you claim a gym membership as a tax deduction? Only if you're in a very specific job role (09:53)
  • Myth #5: When is clothing a deductible expense? Understand the criteria for work-related clothing (11:08)
  • Myth #6: Is a bank statement enough evidence for deductions? Discover the importance of keeping receipts (12:36)
  • Myth #7: Can you claim newspaper subscriptions? Learn about the connection needed between expenses and income generation (13:31)
  • Myth #8: Debunking the "automatic" deduction for work-related expenses (14:28)
  • Myth #9: Thinking of using a company or trust to cap your tax? Understand personal services income rules (16:04)
  • Myth #10: Can you offset your hobby losses against your salary? Know the criteria for deducting side hustle losses (17:49)
  • Myth #1 for investors: Can you claim the cost of accommodation and flights if you attend an Annual General Meeting (AGM) for a company you hold shares in? (20:12)
  • Myth #2 for investors: Are the costs of travelling to see a rental property deductible? (22:14)
  • Myth #3 for investors: Are all interest costs on a loan deductible if it is for an investment property? (23:29)
  • Myth #4 for investors: Is income from overseas sources exempt from being included in an Australian tax return if tax has already been paid in the foreign country? (24:27)
  • Myth #5 for investors: Can you rent your investment property to a family member and claim a deduction for all expenses? (25:11)


From understanding assessable income to debunking myths about deductions, this episode is a must-listen for anyone earning an income in Australia. Stay smart with your taxes by getting to the bottom of these common myths!  



CONNECT WITH SALLY PRESTON

Website: http://www.smartsolutionstax.com.au/

Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517

Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/

LinkedIn: 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 you can and can’t claim as a deduction and when you must report amounts you receive as income. Her insights will help you navigate the complexities of tax law and make more informed financial decisions. 

In this episode of the Smarten Up! The Tax and Business Podcast, you'll learn:

  • Breaking down what counts as assessable income and the concept of statutory income (01:15)
  • How to determine if an expense is deductible and the importance of substantiation (04:30] 
  • Myth #1: Are your mobile phone expenses fully deductible if you use it for work? (06:06)
  • Myth #2: Can you claim all travel expenses for a conference? Learn about the rules on apportionment (06:51)
  • Myth #03: Working overseas? Find out if your income is still taxable in Australia (08:10)
  • Myth #4: Can you claim a gym membership as a tax deduction? Only if you're in a very specific job role (09:53)
  • Myth #5: When is clothing a deductible expense? Understand the criteria for work-related clothing (11:08)
  • Myth #6: Is a bank statement enough evidence for deductions? Discover the importance of keeping receipts (12:36)
  • Myth #7: Can you claim newspaper subscriptions? Learn about the connection needed between expenses and income generation (13:31)
  • Myth #8: Debunking the "automatic" deduction for work-related expenses (14:28)
  • Myth #9: Thinking of using a company or trust to cap your tax? Understand personal services income rules (16:04)
  • Myth #10: Can you offset your hobby losses against your salary? Know the criteria for deducting side hustle losses (17:49)
  • Myth #1 for investors: Can you claim the cost of accommodation and flights if you attend an Annual General Meeting (AGM) for a company you hold shares in? (20:12)
  • Myth #2 for investors: Are the costs of travelling to see a rental property deductible? (22:14)
  • Myth #3 for investors: Are all interest costs on a loan deductible if it is for an investment property? (23:29)
  • Myth #4 for investors: Is income from overseas sources exempt from being included in an Australian tax return if tax has already been paid in the foreign country? (24:27)
  • Myth #5 for investors: Can you rent your investment property to a family member and claim a deduction for all expenses? (25:11)


From understanding assessable income to debunking myths about deductions, this episode is a must-listen for anyone earning an income in Australia. Stay smart with your taxes by getting to the bottom of these common myths!  



CONNECT WITH SALLY PRESTON

Website: http://www.smartsolutionstax.com.au/

Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517

Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/

]]>60m63kk1Mon, 15 Jul 2024 19:00:00 +110027:41falsefullIn 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.Sally Preston34: Navigating GST on Property: Essential Insights for Owners34: Navigating GST on Property: Essential Insights for OwnersGet 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, investors, and developers must grasp to navigate GST effectively. 

In this episode of the Smarten Up! The Tax and Business Podcast, you'll learn:

  • Understanding taxable supply, input tax supply, and GST-free supply (01:20) 
  • What input tax credits are and how they affect property transactions (03:45) 
  • When and why you need to register for GST as a property owner (05:30) 
  • Differences between residential and commercial leases and their GST implications (08:00) 
  • GST considerations for selling residential and commercial properties (11:15) 
  • An overview of the margin scheme and its benefits (15:45) 
  • Income tax vs. GST in property transactions (19:10) 
  • Special GST exemptions for farming properties (22:30) 


Whether you’re leasing, selling, or buying property, this episode offers invaluable insights that can save you from costly mistakes and streamline your tax obligations. Remember, understanding the nuances of GST can save you time, money, and stress. 

CONNECT WITH SALLY PRESTON

Website: http://www.smartsolutionstax.com.au/

Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517

Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/

]]>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, investors, and developers must grasp to navigate GST effectively. 

In this episode of the Smarten Up! The Tax and Business Podcast, you'll learn:

  • Understanding taxable supply, input tax supply, and GST-free supply (01:20) 
  • What input tax credits are and how they affect property transactions (03:45) 
  • When and why you need to register for GST as a property owner (05:30) 
  • Differences between residential and commercial leases and their GST implications (08:00) 
  • GST considerations for selling residential and commercial properties (11:15) 
  • An overview of the margin scheme and its benefits (15:45) 
  • Income tax vs. GST in property transactions (19:10) 
  • Special GST exemptions for farming properties (22:30) 


Whether you’re leasing, selling, or buying property, this episode offers invaluable insights that can save you from costly mistakes and streamline your tax obligations. Remember, understanding the nuances of GST can save you time, money, and stress. 

CONNECT WITH SALLY PRESTON

Website: http://www.smartsolutionstax.com.au/

Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517

Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/

]]>41pmxw30Mon, 08 Jul 2024 19:00:00 +110025:30falsefullGet 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.Sally Preston33: GST Key Terms and Obligations Every Business Owner Should Know33: GST Key Terms and Obligations Every Business Owner Should KnowDive 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-opening insights to help you avoid common pitfalls.

In this episode of the Smarten Up! The Tax and Business Podcast, you'll learn:

  • What constitutes a taxable supply and why it's crucial for your GST obligations (02:00)
  • The impact of input tax supplies on your business and how it affects your GST credits (05:00)
  • The types of supplies that are GST-free and how to claim back GST on expenses (07:30)
  • When you need to register for GST and the implications for your business (10:00)
  • Get clarity on calculating your GST turnover and the importance of accurate record-keeping (12:30)
  • What makes an acquisition creditable and how to maximise your GST claims (15:00)
  • Common GST exemptions, such as international transactions and the sale of a going concern (18:00)


By understanding and mastering these GST basics, you can ensure your business stays compliant and avoids unnecessary costs. Remember, keeping informed and maintaining accurate records is key to leveraging GST for your business's advantage. Stay smart with your taxes! 

CONNECT WITH SALLY PRESTON

Website: http://www.smartsolutionstax.com.au/

Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517

Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/

]]>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-opening insights to help you avoid common pitfalls.

In this episode of the Smarten Up! The Tax and Business Podcast, you'll learn:

  • What constitutes a taxable supply and why it's crucial for your GST obligations (02:00)
  • The impact of input tax supplies on your business and how it affects your GST credits (05:00)
  • The types of supplies that are GST-free and how to claim back GST on expenses (07:30)
  • When you need to register for GST and the implications for your business (10:00)
  • Get clarity on calculating your GST turnover and the importance of accurate record-keeping (12:30)
  • What makes an acquisition creditable and how to maximise your GST claims (15:00)
  • Common GST exemptions, such as international transactions and the sale of a going concern (18:00)


By understanding and mastering these GST basics, you can ensure your business stays compliant and avoids unnecessary costs. Remember, keeping informed and maintaining accurate records is key to leveraging GST for your business's advantage. Stay smart with your taxes! 

CONNECT WITH SALLY PRESTON

Website: http://www.smartsolutionstax.com.au/

Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517

Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/

]]>v07vxv61Mon, 01 Jul 2024 19:00:00 +110022:11falsefullDive into the essentials of GST and make sure you're GST-compliant. Not doing so could result in costly mistakes.Sally Preston32: Top 10 Tax Mistakes to Avoid for Investment Property Owners32: Top 10 Tax Mistakes to Avoid for Investment Property OwnersAre 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 dives into the top 10 pitfalls identified by the ATO, from understanding initial repairs and capital improvements to correctly claiming depreciation and borrowing expenses. 

Discover why the way you categorise repairs and improvements can significantly affect your tax deductions. Learn about the nuances of claiming interest on your loans, and why using borrowed funds for private purposes can be a costly mistake. Uncover the importance of keeping detailed records and how to accurately calculate capital gains when selling your property. 

Sally breaks down the complex tax laws surrounding property improvements, repairs, and expenses, ensuring you have the knowledge to make informed decisions and avoid costly mistakes. 

In this episode of the Smarten Up! The Tax and Business Podcast, you'll learn: 

  • Understanding the difference between initial repairs vs. capital improvements and how to avoid costly mistakes (02:00) 
  • Learn what you can and can’t claim as depreciation (05:00) 
  • How to correctly claim interest on loans and avoid non-deductible pitfalls (07:30) 
  • What expenses are deductible over the life of the loan (09:45) 
  • Why stamp duty is a capital cost and how to handle it (12:00) 
  • Claiming capital works deductions over 40 years (14:00) 
  • Deductible vs. nondeductible body corporate fees (16:00) 
  • Apportioning expenses and income correctly for co-owned properties (17:30) 
  • How to limit deductions to periods of income generation for private use of properties (19:00) 
  • The importance of maintaining detailed records (21:00) 
  • Calculating gains or losses accurately when selling your property (23:00) 


By understanding and avoiding these common tax mistakes, you can ensure your investment property works for you, not against you. Remember, staying informed and seeking expert advice is key to maximising your tax benefits and keeping more of your hard-earned money. 
Whether you're a seasoned investor or just starting, understanding these common errors can save you time, money, and stress. Remember, tax compliance is key to maximising your investment returns. 
CONNECT WITH SALLY PRESTON

Website: http://www.smartsolutionstax.com.au/

Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517

Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/

]]>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 dives into the top 10 pitfalls identified by the ATO, from understanding initial repairs and capital improvements to correctly claiming depreciation and borrowing expenses. 

Discover why the way you categorise repairs and improvements can significantly affect your tax deductions. Learn about the nuances of claiming interest on your loans, and why using borrowed funds for private purposes can be a costly mistake. Uncover the importance of keeping detailed records and how to accurately calculate capital gains when selling your property. 

Sally breaks down the complex tax laws surrounding property improvements, repairs, and expenses, ensuring you have the knowledge to make informed decisions and avoid costly mistakes. 

In this episode of the Smarten Up! The Tax and Business Podcast, you'll learn: 

  • Understanding the difference between initial repairs vs. capital improvements and how to avoid costly mistakes (02:00) 
  • Learn what you can and can’t claim as depreciation (05:00) 
  • How to correctly claim interest on loans and avoid non-deductible pitfalls (07:30) 
  • What expenses are deductible over the life of the loan (09:45) 
  • Why stamp duty is a capital cost and how to handle it (12:00) 
  • Claiming capital works deductions over 40 years (14:00) 
  • Deductible vs. nondeductible body corporate fees (16:00) 
  • Apportioning expenses and income correctly for co-owned properties (17:30) 
  • How to limit deductions to periods of income generation for private use of properties (19:00) 
  • The importance of maintaining detailed records (21:00) 
  • Calculating gains or losses accurately when selling your property (23:00) 


By understanding and avoiding these common tax mistakes, you can ensure your investment property works for you, not against you. Remember, staying informed and seeking expert advice is key to maximising your tax benefits and keeping more of your hard-earned money. 
Whether you're a seasoned investor or just starting, understanding these common errors can save you time, money, and stress. Remember, tax compliance is key to maximising your investment returns. 
CONNECT WITH SALLY PRESTON

Website: http://www.smartsolutionstax.com.au/

Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517

Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/

]]>x1lnmx41Mon, 24 Jun 2024 19:00:00 +110024:29falsefullAre you ready to find out if you’ve been making costly tax errors with your investment property? Let’s dive into the details!Sally Preston31: Innovative Employee Rewards Beyond Pay Rises31: Innovative Employee Rewards Beyond Pay RisesThinking 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 payroll and benefits. But is a pay rise the only way to reward your staff? 

Sally explores alternative incentives that could have a more significant impact on both your bottom line and employee satisfaction. From understanding the hidden costs of salary increases to leveraging fringe benefits and professional development, this episode is packed with practical advice to help you make the best decisions for your team and your business.

In this episode of the Smarten Up! The Tax and Business Podcast, you'll learn:

  • Why pay rises are essentially fixed costs and their long-term impact on your business (01:30)
  • Exploring other benefits that employees might value more than just a pay rise (03:20)
  • The taxable nature of pay rises and their real impact on employees' net income (05:15)
  • How flexibility and other non-monetary benefits influence employee satisfaction (07:00)
  • Understanding the net benefit to employees after tax and other deductions (09:10)
  • The hidden costs of fringe benefits and their impact on your bottom line (11:00)
  • How reportable fringe benefits can affect employees' tax liabilities and other financial obligations (14:10)
  • Examples of fringe benefits and their implications for employees (16:20)
  • How employee share schemes can serve as a long-term incentive and their tax implications (19:00)
  • The value of investing in your employees’ growth through professional development and mentoring (21:00)
  • Ten creative ways to reward employees that go beyond traditional bonuses and salary increases (23:00)


By understanding the true cost and impact of different types of remuneration, you can make more informed decisions that benefit both your business and your employees.


CONNECT WITH SALLY PRESTON

Website: http://www.smartsolutionstax.com.au/

Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517

Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/

]]>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 payroll and benefits. But is a pay rise the only way to reward your staff? 

Sally explores alternative incentives that could have a more significant impact on both your bottom line and employee satisfaction. From understanding the hidden costs of salary increases to leveraging fringe benefits and professional development, this episode is packed with practical advice to help you make the best decisions for your team and your business.

In this episode of the Smarten Up! The Tax and Business Podcast, you'll learn:

  • Why pay rises are essentially fixed costs and their long-term impact on your business (01:30)
  • Exploring other benefits that employees might value more than just a pay rise (03:20)
  • The taxable nature of pay rises and their real impact on employees' net income (05:15)
  • How flexibility and other non-monetary benefits influence employee satisfaction (07:00)
  • Understanding the net benefit to employees after tax and other deductions (09:10)
  • The hidden costs of fringe benefits and their impact on your bottom line (11:00)
  • How reportable fringe benefits can affect employees' tax liabilities and other financial obligations (14:10)
  • Examples of fringe benefits and their implications for employees (16:20)
  • How employee share schemes can serve as a long-term incentive and their tax implications (19:00)
  • The value of investing in your employees’ growth through professional development and mentoring (21:00)
  • Ten creative ways to reward employees that go beyond traditional bonuses and salary increases (23:00)


By understanding the true cost and impact of different types of remuneration, you can make more informed decisions that benefit both your business and your employees.


CONNECT WITH SALLY PRESTON

Website: http://www.smartsolutionstax.com.au/

Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517

Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/

]]>80z7m6y1Mon, 17 Jun 2024 19:00:00 +110031:55falsefullThinking 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.Sally Preston30: Strategic Tax Planning: Thinking Beyond This Financial Year - Part 230: Strategic Tax Planning: Thinking Beyond This Financial Year - Part 2Discover 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. 

From understanding the impact of borrowing against company profits to optimising business structures for favourable tax outcomes, Sally breaks down complex tax strategies into actionable insights. Discover how thoughtful planning can transform your financial future and safeguard your investments from unnecessary tax burdens.

In this episode of the Smarten Up! The Tax and Business Podcast, you'll learn:

  • Sally introduces the value and relevance of this episode’s topic — future tax planning beyond the current financial year (00:00)
  • How current tax-saving decisions impact long-term cash flow and tax liabilities (00:45)
  • The importance of structuring business affairs in a tax-effective way from the outset (01:30)
  • Comparing the tax implications of dividends paid to shareholders versus loans from the company (03:20)
  • Benefits and flexibility of having a discretionary trust as a shareholder (06:10)
  • The pros and cons of reinvesting profits within an investment company (09:00)
  • How grouping companies for tax purposes can simplify transactions and reduce liabilities (11:15)
  • Planning for business exit strategies to minimise tax on sale or inheritance (14:50)
  • The dangers of operating a business in a discretionary trust and how to avoid common tax pitfalls (17:20)
  • Why it’s crucial to consider long-term tax impacts when making business decisions today (20:10)
  • Recap of key points and encouragement to seek professional advice for personalised tax planning (22:50)


This episode sheds light on the complex yet crucial aspects of long-term tax planning. Remember, the decisions you make today can significantly impact your financial future. Stay informed, ask the right questions, and always consult with your advisors to ensure you're on the best path forward.

CONNECT WITH SALLY PRESTON

Website: http://www.smartsolutionstax.com.au/

Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517

Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/

]]>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. 

From understanding the impact of borrowing against company profits to optimising business structures for favourable tax outcomes, Sally breaks down complex tax strategies into actionable insights. Discover how thoughtful planning can transform your financial future and safeguard your investments from unnecessary tax burdens.

In this episode of the Smarten Up! The Tax and Business Podcast, you'll learn:

  • Sally introduces the value and relevance of this episode’s topic — future tax planning beyond the current financial year (00:00)
  • How current tax-saving decisions impact long-term cash flow and tax liabilities (00:45)
  • The importance of structuring business affairs in a tax-effective way from the outset (01:30)
  • Comparing the tax implications of dividends paid to shareholders versus loans from the company (03:20)
  • Benefits and flexibility of having a discretionary trust as a shareholder (06:10)
  • The pros and cons of reinvesting profits within an investment company (09:00)
  • How grouping companies for tax purposes can simplify transactions and reduce liabilities (11:15)
  • Planning for business exit strategies to minimise tax on sale or inheritance (14:50)
  • The dangers of operating a business in a discretionary trust and how to avoid common tax pitfalls (17:20)
  • Why it’s crucial to consider long-term tax impacts when making business decisions today (20:10)
  • Recap of key points and encouragement to seek professional advice for personalised tax planning (22:50)


This episode sheds light on the complex yet crucial aspects of long-term tax planning. Remember, the decisions you make today can significantly impact your financial future. Stay informed, ask the right questions, and always consult with your advisors to ensure you're on the best path forward.

CONNECT WITH SALLY PRESTON

Website: http://www.smartsolutionstax.com.au/

Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517

Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/

]]>80z78kp1Mon, 10 Jun 2024 19:00:00 +110025:59falsefullDiscover how your financial decisions today impact your tax savings tomorrow with our in-depth look at long-term tax planning.Sally Preston29: Strategic Tax Planning: Thinking Beyond This Financial Year29: Strategic Tax Planning: Thinking Beyond This Financial YearDiscover 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 strategies are essential, it's equally crucial to consider the lasting impact of your financial decisions. This episode focuses on the intricacies of Division 7A loans and how borrowing from your private company can affect your overall tax bill over time. 

Whether you're a business owner or a wage earner, understanding these factors can significantly influence your cash flow and tax obligations.

In this episode of the Smarten Up! The Tax and Business Podcast, you'll learn:

  • Why it's crucial to consider tax impacts beyond the current financial year for both business owners and wage earners (0:50)
  • How different financial decisions impact long-term tax and cash flow (1:40)
  • Introduction to Division 7A loans and their commonality among business owners (2:30)
  • Details on borrowing money from a private company under Division 7A and the implications (4:20) 
  • Requirements for repaying loans to avoid Division 7A tax implications, including compliant loan agreements (6:10)
  • The benchmark interest rates for 2024 and how they affect the overall cost of loans from your company (8:05) 
  • Real-world scenarios illustrating the implications of Division 7A loans and the strategic decisions involved (10:45) 
  • Alternatives to Division 7A loans: Other strategies for accessing company funds and the potential benefits of borrowing from a bank instead (14:30) 
  • The importance of modelling and planning for long-term tax impacts with your accountant (18:20) 
  • A sneak peek into the next episode: Additional factors that can influence long-term tax liabilities (21:00) 


We hope this episode sheds light on the complex yet crucial aspects of long-term tax planning. Understanding the implications of Division 7A loans and making informed financial decisions can save you significant amounts in the long run. 


CONNECT WITH SALLY PRESTON

Website: http://www.smartsolutionstax.com.au/

Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517

Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/

]]>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 strategies are essential, it's equally crucial to consider the lasting impact of your financial decisions. This episode focuses on the intricacies of Division 7A loans and how borrowing from your private company can affect your overall tax bill over time. 

Whether you're a business owner or a wage earner, understanding these factors can significantly influence your cash flow and tax obligations.

In this episode of the Smarten Up! The Tax and Business Podcast, you'll learn:

  • Why it's crucial to consider tax impacts beyond the current financial year for both business owners and wage earners (0:50)
  • How different financial decisions impact long-term tax and cash flow (1:40)
  • Introduction to Division 7A loans and their commonality among business owners (2:30)
  • Details on borrowing money from a private company under Division 7A and the implications (4:20) 
  • Requirements for repaying loans to avoid Division 7A tax implications, including compliant loan agreements (6:10)
  • The benchmark interest rates for 2024 and how they affect the overall cost of loans from your company (8:05) 
  • Real-world scenarios illustrating the implications of Division 7A loans and the strategic decisions involved (10:45) 
  • Alternatives to Division 7A loans: Other strategies for accessing company funds and the potential benefits of borrowing from a bank instead (14:30) 
  • The importance of modelling and planning for long-term tax impacts with your accountant (18:20) 
  • A sneak peek into the next episode: Additional factors that can influence long-term tax liabilities (21:00) 


We hope this episode sheds light on the complex yet crucial aspects of long-term tax planning. Understanding the implications of Division 7A loans and making informed financial decisions can save you significant amounts in the long run. 


CONNECT WITH SALLY PRESTON

Website: http://www.smartsolutionstax.com.au/

Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517

Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/

]]>80x7k7j1Mon, 03 Jun 2024 19:00:00 +110023:37falsefullDiscover how your financial decisions today impact your tax savings tomorrow with our in-depth look at long-term tax planning.Sally Preston28: Navigating The Inevitable – Death and Taxes28: Navigating The Inevitable – Death and TaxesGrim 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 behind or inherit from a deceased estate. Today, we will tackle the subject matter head-on, exploring crucial tax considerations at every stage.

If drafting a will, understand how assets will be taxed when divided among beneficiaries, and the potential advantages of including the basics of a testamentary trust. As an executor, be prepared to file outstanding tax returns, apply for estate tax file numbers, and manage CGT events if assets are disposed of. And for beneficiaries, know the implications of inheriting different asset types — pre/post CGT, main residences, and business interests.

In this episode of the Smarten Up! The Tax and Business Podcast, you'll learn:

  • Defining key death and tax terms — beneficiary, executor, legal personal representative (1:12) 
  • Tax on assets when you die — the CGT rollover provisions (3:40) 
  • What is a testamentary trust and why include one in a will? (6:57) 
  • Tax obligations if you are the executor of an estate (12:07) 
  • Tax implications for beneficiaries inheriting different asset types (16:12) 
  • Preserving main residence exemption and small business CGT concessions (20:28) 


Don't be caught unaware when navigating the tricky crossroads of death and taxes. Seek professional advice early and be prepared — it could mean the difference between preserving or eroding your wealth.


CONNECT WITH SALLY PRESTON

Website: http://www.smartsolutionstax.com.au/

Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517

Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/

]]>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 behind or inherit from a deceased estate. Today, we will tackle the subject matter head-on, exploring crucial tax considerations at every stage.

If drafting a will, understand how assets will be taxed when divided among beneficiaries, and the potential advantages of including the basics of a testamentary trust. As an executor, be prepared to file outstanding tax returns, apply for estate tax file numbers, and manage CGT events if assets are disposed of. And for beneficiaries, know the implications of inheriting different asset types — pre/post CGT, main residences, and business interests.

In this episode of the Smarten Up! The Tax and Business Podcast, you'll learn:

  • Defining key death and tax terms — beneficiary, executor, legal personal representative (1:12) 
  • Tax on assets when you die — the CGT rollover provisions (3:40) 
  • What is a testamentary trust and why include one in a will? (6:57) 
  • Tax obligations if you are the executor of an estate (12:07) 
  • Tax implications for beneficiaries inheriting different asset types (16:12) 
  • Preserving main residence exemption and small business CGT concessions (20:28) 


Don't be caught unaware when navigating the tricky crossroads of death and taxes. Seek professional advice early and be prepared — it could mean the difference between preserving or eroding your wealth.


CONNECT WITH SALLY PRESTON

Website: http://www.smartsolutionstax.com.au/

Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517

Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/

]]>x1lnr271Mon, 27 May 2024 19:00:00 +110023:41falsefullGrim 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.Sally Preston27: EOFY Tax Planning 101: Strategies to Reduce Your Tax Bill27: EOFY Tax Planning 101: Strategies to Reduce Your Tax BillAs 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-follow advice whether you're a business owner or an individual taxpayer.

In this episode of the Smarten Up! The Tax and Business Podcast, you'll learn:

  • Intro: Tax planning 101 — Why you should do it before the EOFY (0:01)
  • Biz Strategy #1: Bad debt write-offs to reduce taxable income (1:22)
  • Biz Strategy #2: Writing off obsolete or damaged stock (2:15)
  • Biz Strategy #3: Paying employee bonuses for a juicy deduction (3:08)
  • Biz Strategy #4: Instant asset write-off up to $20K (4:02)
  • Biz Strategy #5: Prepaying employee super for a swift deduction (5:00)
  • The power of forecasting profits and varying tax instalments (6:15)
  • Dividend strategies and trust resolutions before EOFY (7:45)
  • Personal tactics: Prepaying deductible expenses for a tax windfall (9:28)
  • Supercharge your super with concessional contribution strategies (10:35)
  • Div 293: The potential super tax sting for high-income earners (12:22)
  • Wrapping up the tax-slashing extravaganza (13:35)


Whether you're a business owner or an individual taxpayer, this episode is your ultimate guide to legally minimising your tax obligations. From write-offs and deductions to superannuation strategies and dividend management, Sally leaves no stone unturned in her quest to help you keep more money in your pocket. 

CONNECT WITH SALLY PRESTON

Website: http://www.smartsolutionstax.com.au/

Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517

Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/

]]>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-follow advice whether you're a business owner or an individual taxpayer.

In this episode of the Smarten Up! The Tax and Business Podcast, you'll learn:

  • Intro: Tax planning 101 — Why you should do it before the EOFY (0:01)
  • Biz Strategy #1: Bad debt write-offs to reduce taxable income (1:22)
  • Biz Strategy #2: Writing off obsolete or damaged stock (2:15)
  • Biz Strategy #3: Paying employee bonuses for a juicy deduction (3:08)
  • Biz Strategy #4: Instant asset write-off up to $20K (4:02)
  • Biz Strategy #5: Prepaying employee super for a swift deduction (5:00)
  • The power of forecasting profits and varying tax instalments (6:15)
  • Dividend strategies and trust resolutions before EOFY (7:45)
  • Personal tactics: Prepaying deductible expenses for a tax windfall (9:28)
  • Supercharge your super with concessional contribution strategies (10:35)
  • Div 293: The potential super tax sting for high-income earners (12:22)
  • Wrapping up the tax-slashing extravaganza (13:35)


Whether you're a business owner or an individual taxpayer, this episode is your ultimate guide to legally minimising your tax obligations. From write-offs and deductions to superannuation strategies and dividend management, Sally leaves no stone unturned in her quest to help you keep more money in your pocket. 

CONNECT WITH SALLY PRESTON

Website: http://www.smartsolutionstax.com.au/

Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517

Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/

]]>805688p1Mon, 20 May 2024 19:00:00 +110022:03falsefullAs the end of the financial year approaches, are you leaving money on the table by not taking advantage of tax planning strategies?Sally Preston26: Secrets to Supercharging Your Retirement with Property Investing with Tracey Norris26: Secrets to Supercharging Your Retirement with Property Investing with Tracey NorrisUnleash 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 director at Pitcher Partners, to explore the advantages of investing in property through your self-managed super fund (SMSF).

In this episode of the Smarten Up! The Tax and Business Podcast, you'll learn:

  • Separate your business premises from your operating business for enhanced asset protection (1:32)
  • Unlock tax advantages by paying rent to your SMSF at a lower 15% tax rate (2:15)
  • Leverage your SMSF to borrow money and invest in property (4:10)
  • Accumulate wealth faster by retaining 85% of rental earnings in your SMSF (4:10)
  • Navigate the rules and traps of acquiring business premises through your SMSF (6:53)
  • Structure your SMSF borrowings to settle property purchases (9:40)
  • Utilize the power of special purpose SMSFs for multiple members (13:33)
  • Restructure your business and roll over capital gains tax-free into your SMSF (19:02)
  • Boost your super balance with tax-deductible contributions and accelerate debt repayment (24:41)
  • Explore related party lending strategies for SMSF borrowings (25:33)
  • Understand the compliance requirements, including annual audits for SMSFs (28:36)


Don't let your superannuation savings sit idle. Discover how investing in property through your SMSF can be a game-changer for your wealth accumulation and retirement planning.

CONNECT WITH SALLY PRESTON

Website: http://www.smartsolutionstax.com.au/

Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517

Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/

]]>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 director at Pitcher Partners, to explore the advantages of investing in property through your self-managed super fund (SMSF).

In this episode of the Smarten Up! The Tax and Business Podcast, you'll learn:

  • Separate your business premises from your operating business for enhanced asset protection (1:32)
  • Unlock tax advantages by paying rent to your SMSF at a lower 15% tax rate (2:15)
  • Leverage your SMSF to borrow money and invest in property (4:10)
  • Accumulate wealth faster by retaining 85% of rental earnings in your SMSF (4:10)
  • Navigate the rules and traps of acquiring business premises through your SMSF (6:53)
  • Structure your SMSF borrowings to settle property purchases (9:40)
  • Utilize the power of special purpose SMSFs for multiple members (13:33)
  • Restructure your business and roll over capital gains tax-free into your SMSF (19:02)
  • Boost your super balance with tax-deductible contributions and accelerate debt repayment (24:41)
  • Explore related party lending strategies for SMSF borrowings (25:33)
  • Understand the compliance requirements, including annual audits for SMSFs (28:36)


Don't let your superannuation savings sit idle. Discover how investing in property through your SMSF can be a game-changer for your wealth accumulation and retirement planning.

CONNECT WITH SALLY PRESTON

Website: http://www.smartsolutionstax.com.au/

Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517

Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/

]]>8056v3j1Mon, 13 May 2024 19:00:00 +110036:11falsefullUnleash the power of your superannuation savings and unlock a world of investment opportunities with self-managed super funds (SMSFs) and property.Sally Preston25: Don't Get Caught by Surprise: What Homeowners Must Know About the Main Residence Exemption25: Don't Get Caught by Surprise: What Homeowners Must Know About the Main Residence ExemptionSelling 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 could disqualify you from the full exemption or leave you with a hefty tax bill.

In this episode, Sally Preston dives deep into the main residence CGT exemption. Don't let the main residence exemption rules catch you off guard. 

In this episode of the Smarten Up! The Tax and Business Podcast, you'll learn:

  • What qualifies as a "main residence" and how to determine if yours meets the criteria (1:59)
  • Limitations that could reduce or eliminate the exemption, including land size, multiple dwellings, business use, and periods of absence (6:20)
  • Strategies for maximizing the exemption when moving between properties (16:05)
  • Special circumstances like accidental destruction, death, and divorce (21:12)


Whether you're selling now or years down the road, understanding the main residence capital gains tax exemption is crucial for homeowners. Get prepared by listening to this insightful episode packed with real-world examples and expert guidance.


CONNECT WITH SALLY PRESTON

Website: http://www.smartsolutionstax.com.au/

Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517

Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/

]]>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 could disqualify you from the full exemption or leave you with a hefty tax bill.

In this episode, Sally Preston dives deep into the main residence CGT exemption. Don't let the main residence exemption rules catch you off guard. 

In this episode of the Smarten Up! The Tax and Business Podcast, you'll learn:

  • What qualifies as a "main residence" and how to determine if yours meets the criteria (1:59)
  • Limitations that could reduce or eliminate the exemption, including land size, multiple dwellings, business use, and periods of absence (6:20)
  • Strategies for maximizing the exemption when moving between properties (16:05)
  • Special circumstances like accidental destruction, death, and divorce (21:12)


Whether you're selling now or years down the road, understanding the main residence capital gains tax exemption is crucial for homeowners. Get prepared by listening to this insightful episode packed with real-world examples and expert guidance.


CONNECT WITH SALLY PRESTON

Website: http://www.smartsolutionstax.com.au/

Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517

Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/

]]>71vly2q1Mon, 06 May 2024 19:00:00 +110027:00falsefullSelling 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 Preston24: CGT Basics: Navigating the Fundamentals of Capital Gains Tax24: CGT Basics: Navigating the Fundamentals of Capital Gains TaxCapital 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 concepts, definitions, and calculations involved, ensuring that even those with limited tax knowledge can gain a solid understanding of this critical area.

In this episode of the Smarten Up! The Tax and Business Podcast, you'll learn:

  • What constitutes a CGT asset (00:02)
  • The assets that are exempt or subject to special rules: cars, collectibles, and more (2:26)
  • The various events that can trigger a capital gain or loss (07:35)
  • How to calculate your capital gain or loss, including the cost base and capital proceeds (10:40)
  • Strategies to reduce your CGT liability, such as applying losses, the CGT discount, and small business concessions (17:50)
  • Top three tricks and traps to be aware of when dealing with CGT (21:15 - 24:30)


Whether you're a seasoned investor, a small business owner, or simply looking to optimize your tax strategy, this episode is a must-listen. Sally's comprehensive approach and practical insights will empower you to confidently navigate the world of capital gains tax, unlocking opportunities for financial success.

CONNECT WITH SALLY PRESTON

Website: http://www.smartsolutionstax.com.au/

Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517

Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/

]]>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 concepts, definitions, and calculations involved, ensuring that even those with limited tax knowledge can gain a solid understanding of this critical area.

In this episode of the Smarten Up! The Tax and Business Podcast, you'll learn:

  • What constitutes a CGT asset (00:02)
  • The assets that are exempt or subject to special rules: cars, collectibles, and more (2:26)
  • The various events that can trigger a capital gain or loss (07:35)
  • How to calculate your capital gain or loss, including the cost base and capital proceeds (10:40)
  • Strategies to reduce your CGT liability, such as applying losses, the CGT discount, and small business concessions (17:50)
  • Top three tricks and traps to be aware of when dealing with CGT (21:15 - 24:30)


Whether you're a seasoned investor, a small business owner, or simply looking to optimize your tax strategy, this episode is a must-listen. Sally's comprehensive approach and practical insights will empower you to confidently navigate the world of capital gains tax, unlocking opportunities for financial success.

CONNECT WITH SALLY PRESTON

Website: http://www.smartsolutionstax.com.au/

Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517

Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/

]]>81nk5k50Mon, 29 Apr 2024 19:00:00 +110025:47falsefullSally 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.Sally Preston23: Budgeting and Forecasting: The Pillars of Business Success with Ellie Murdoch23: Budgeting and Forecasting: The Pillars of Business Success with Ellie MurdochPlagued 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, they share invaluable tips and strategies to help you create an effective budget and forecast for your business.

In this episode of the Smarten Up! The Tax and Business Podcast, you'll learn:

  • Why budgeting is crucial for setting goals, making informed decisions, and ensuring accountability (2:17)
  • How to start budgeting: Understanding your business drivers, cash flow nature, and involving your team (8:55)
  • Budgeting for profitability: Revenue projections, expense analysis, and managing recurring and variable costs (10:21)
  • The importance of the balance sheet and assessing the true value of your assets and liabilities (16:10)
  • Forecasting cash flow: Creating a three-way forecast (P&L, balance sheet, and cash flow) and scenario planning (21:48)


Remember, budgets provide a roadmap for measuring success, enabling better decision-making, and promoting accountability. Make it a point to involve your team in the budgeting process to gain valuable insights and foster a sense of ownership. 

Overall, Sally and Ellie offer practical advice and real-world examples to help you master budgeting and forecasting, essential pillars for achieving long-term business success.

CONNECT WITH SALLY PRESTON

Website: http://www.smartsolutionstax.com.au/

Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517

Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/

]]>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, they share invaluable tips and strategies to help you create an effective budget and forecast for your business.

In this episode of the Smarten Up! The Tax and Business Podcast, you'll learn:

  • Why budgeting is crucial for setting goals, making informed decisions, and ensuring accountability (2:17)
  • How to start budgeting: Understanding your business drivers, cash flow nature, and involving your team (8:55)
  • Budgeting for profitability: Revenue projections, expense analysis, and managing recurring and variable costs (10:21)
  • The importance of the balance sheet and assessing the true value of your assets and liabilities (16:10)
  • Forecasting cash flow: Creating a three-way forecast (P&L, balance sheet, and cash flow) and scenario planning (21:48)


Remember, budgets provide a roadmap for measuring success, enabling better decision-making, and promoting accountability. Make it a point to involve your team in the budgeting process to gain valuable insights and foster a sense of ownership. 

Overall, Sally and Ellie offer practical advice and real-world examples to help you master budgeting and forecasting, essential pillars for achieving long-term business success.

CONNECT WITH SALLY PRESTON

Website: http://www.smartsolutionstax.com.au/

Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517

Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/

]]>71y65lr0Mon, 22 Apr 2024 19:00:00 +110024:24falsefullPlagued 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.Sally Preston22: Navigating FBT: A Practical Guide for Employers with Ellie Murdoch22: Navigating FBT: A Practical Guide for Employers with Ellie MurdochConfused 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.

In this episode of the Smarten Up! The Tax and Business Podcast, you'll learn:

  • What is Fringe Benefits Tax and common fringe benefits (1:52)
  • Compliance obligations for employers providing fringe benefits (3:34)
  • Implications for employees receiving fringe benefits (23:08)
  • Common mistakes businesses make when preparing FBT returns (26:06)
  • Due dates for lodging FBT returns (27:24)


If you’re an employer or business owner, this episode will help you gain invaluable insights and guidance for staying compliant and avoiding costly mistakes during the FBT season.

CONNECT WITH SALLY PRESTON

Website: http://www.smartsolutionstax.com.au/

Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517

Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/

]]>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.

In this episode of the Smarten Up! The Tax and Business Podcast, you'll learn:

  • What is Fringe Benefits Tax and common fringe benefits (1:52)
  • Compliance obligations for employers providing fringe benefits (3:34)
  • Implications for employees receiving fringe benefits (23:08)
  • Common mistakes businesses make when preparing FBT returns (26:06)
  • Due dates for lodging FBT returns (27:24)


If you’re an employer or business owner, this episode will help you gain invaluable insights and guidance for staying compliant and avoiding costly mistakes during the FBT season.

CONNECT WITH SALLY PRESTON

Website: http://www.smartsolutionstax.com.au/

Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517

Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/

]]>81q7n8q1Mon, 15 Apr 2024 19:00:00 +110028:11falsefullConfused 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.Sally Preston21: Advice for Troubled Businesses with Mitchell Herrett21: Advice for Troubled Businesses with Mitchell HerrettAre 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. 

In this episode of the Smarten Up! The Tax and Business Podcast, you'll learn:

  • The role of a restructuring and recovery professional (3:44)
  • Options for businesses facing financial distress (4:01)
  • The priority order for creditor payments in a liquidation or deed of company arrangement (7:36)
  • The risks and responsibilities of trading a company while in voluntary administration (14:34)
  • The process and implications of liquidation for a company (16:54)
  • Understanding voidable transactions and their consequences (22:45)
  • The Small Business Restructuring process and its eligibility criteria (19:41)
  • Bankruptcy for individuals, including potential asset recovery by trustees (27:56)


Whether you're a small business owner, a director of a medium-sized enterprise, or simply someone interested in understanding the ins and outs of corporate financial challenges, this episode is a must-listen as Mitch provides a comprehensive overview of the various insolvency processes, creditor priorities, and the potential consequences for directors and individuals. 


CONNECT WITH SALLY PRESTON

Website: http://www.smartsolutionstax.com.au/

Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517

Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/

]]>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. 

In this episode of the Smarten Up! The Tax and Business Podcast, you'll learn:

  • The role of a restructuring and recovery professional (3:44)
  • Options for businesses facing financial distress (4:01)
  • The priority order for creditor payments in a liquidation or deed of company arrangement (7:36)
  • The risks and responsibilities of trading a company while in voluntary administration (14:34)
  • The process and implications of liquidation for a company (16:54)
  • Understanding voidable transactions and their consequences (22:45)
  • The Small Business Restructuring process and its eligibility criteria (19:41)
  • Bankruptcy for individuals, including potential asset recovery by trustees (27:56)


Whether you're a small business owner, a director of a medium-sized enterprise, or simply someone interested in understanding the ins and outs of corporate financial challenges, this episode is a must-listen as Mitch provides a comprehensive overview of the various insolvency processes, creditor priorities, and the potential consequences for directors and individuals. 


CONNECT WITH SALLY PRESTON

Website: http://www.smartsolutionstax.com.au/

Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517

Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/

]]>80q74l70Mon, 08 Apr 2024 19:00:00 +110029:48falsefullAre 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.Sally Preston20: Navigating Director Duties and Liabilities with Mitchell Herrett20: Navigating Director Duties and Liabilities with Mitchell HerrettAre 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, you'll learn:

  • The key statutory obligations for directors under the Corporations Act (3:00)
  • Consequences of breaching directors' duties (insolvent trading, civil/criminal proceedings) (5:30)
  • Understanding insolvency and when a company is deemed insolvent (9:16)
  • Risks of director penalty notices from the ATO (13:21)
  • Protecting yourself as a director with co-directors/board (20:27)


If you're a company director, this episode is a must-listen to ensure you understand your duties and how to mitigate risks. Mitch provides invaluable insights drawing from his experience helping directors navigate difficult situations. 

CONNECT WITH SALLY PRESTON

Website: http://www.smartsolutionstax.com.au/

Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517

Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/

]]>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, you'll learn:

  • The key statutory obligations for directors under the Corporations Act (3:00)
  • Consequences of breaching directors' duties (insolvent trading, civil/criminal proceedings) (5:30)
  • Understanding insolvency and when a company is deemed insolvent (9:16)
  • Risks of director penalty notices from the ATO (13:21)
  • Protecting yourself as a director with co-directors/board (20:27)


If you're a company director, this episode is a must-listen to ensure you understand your duties and how to mitigate risks. Mitch provides invaluable insights drawing from his experience helping directors navigate difficult situations. 

CONNECT WITH SALLY PRESTON

Website: http://www.smartsolutionstax.com.au/

Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517

Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/

]]>v07znl91Mon, 01 Apr 2024 18:00:00 +110027:48falsefullAre 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.Sally Preston19: Decoding Tax Residency: When Are You Within the Australian Tax Net?19: Decoding Tax Residency: When Are You Within the Australian Tax Net?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 Podcast, you'll learn:

  • The 4 tests for individual tax residency in Australia (3:12)
  • What are the "resides" test factors? (5:36)
  • How the "domicile" test works and what constitutes a "permanent place of abode" overseas (13:50)
  • The 183-day test for individuals arriving in Australia (21:53)
  • Examples illustrating when residency is maintained or severed based on facts (27:28)


Sally breaks down the key tests, factors, and examples from the ATO's ruling to determine if you remain an Australian tax resident after relocating abroad. This is an essential listen for anyone moving overseas from Australia to understand the tax residency rules and considerations.

CONNECT WITH SALLY PRESTON

Website: http://www.smartsolutionstax.com.au/

Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517

Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/

]]>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 Podcast, you'll learn:

  • The 4 tests for individual tax residency in Australia (3:12)
  • What are the "resides" test factors? (5:36)
  • How the "domicile" test works and what constitutes a "permanent place of abode" overseas (13:50)
  • The 183-day test for individuals arriving in Australia (21:53)
  • Examples illustrating when residency is maintained or severed based on facts (27:28)


Sally breaks down the key tests, factors, and examples from the ATO's ruling to determine if you remain an Australian tax resident after relocating abroad. This is an essential listen for anyone moving overseas from Australia to understand the tax residency rules and considerations.

CONNECT WITH SALLY PRESTON

Website: http://www.smartsolutionstax.com.au/

Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517

Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/

]]>70y639z1Mon, 25 Mar 2024 18:00:00 +110021:43falsefullAre 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.Sally Preston18: Legal Landmines: Navigating Shareholder Disputes and Resolutions with Sarah Bryden18: Legal Landmines: Navigating Shareholder Disputes and Resolutions with Sarah BrydenAre 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.

In this episode of the Smarten Up! The Tax and Business Podcast, you'll learn:

  • The key contracts businesses should have (3:12)
  • Importance of shareholder/partnership agreements (5:36)
  • When shareholder disputes arise (13:50)
  • Advice for resolving shareholder disputes (21:53)


Sarah breaks down the key contracts, shareholder agreement provisions, and dispute resolution options. This episode is essential for entrepreneurs and private company owners to help them avoid and resolve co-founder and shareholder conflicts.


CONNECT WITH SALLY PRESTON

Website: http://www.smartsolutionstax.com.au/

Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517

Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/

]]>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.

In this episode of the Smarten Up! The Tax and Business Podcast, you'll learn:

  • The key contracts businesses should have (3:12)
  • Importance of shareholder/partnership agreements (5:36)
  • When shareholder disputes arise (13:50)
  • Advice for resolving shareholder disputes (21:53)


Sarah breaks down the key contracts, shareholder agreement provisions, and dispute resolution options. This episode is essential for entrepreneurs and private company owners to help them avoid and resolve co-founder and shareholder conflicts.


CONNECT WITH SALLY PRESTON

Website: http://www.smartsolutionstax.com.au/

Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517

Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/

]]>v07zykq1Mon, 18 Mar 2024 18:00:00 +110022:00falsefullAre 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.Sally Preston17: Avoiding Nasty Surprises: Tax Planning for Private Company Distributions17: Avoiding Nasty Surprises: Tax Planning for Private Company DistributionsPrivate 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.

In this episode of the Smarten Up! The Tax and Business Podcast, you’ll learn:
  • The two different company tax rates in Australia and how to qualify as a base rate entity (3:12)
  • Dividend payments: requirements under corporations law, tax treatment, and imputation system (5:36)
  • Franking credits, franking accounts, and the benchmark rule (8:53)
  • Franking deficits tax and the holding period rule (12:27)
  • Division 7A - the anti-avoidance rules preventing tax-free distributions of profits to shareholders (13:50)
    • What payments/loans are caught by Division 7A
    • Associates of the shareholder
    • Exclusions from Division 7A
    • Strategies to manage Division 7A implications

  • Examples of Division 7A situations (21:53)



Sally breaks down the complex rules surrounding private company profits and shareholder distributions. This is a must-listen for those operating private companies to optimise tax obligations.

CONNECT WITH SALLY PRESTON

Website: http://www.smartsolutionstax.com.au/

Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517

Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/

]]>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.

In this episode of the Smarten Up! The Tax and Business Podcast, you’ll learn:
  • The two different company tax rates in Australia and how to qualify as a base rate entity (3:12)
  • Dividend payments: requirements under corporations law, tax treatment, and imputation system (5:36)
  • Franking credits, franking accounts, and the benchmark rule (8:53)
  • Franking deficits tax and the holding period rule (12:27)
  • Division 7A - the anti-avoidance rules preventing tax-free distributions of profits to shareholders (13:50)
    • What payments/loans are caught by Division 7A
    • Associates of the shareholder
    • Exclusions from Division 7A
    • Strategies to manage Division 7A implications

  • Examples of Division 7A situations (21:53)



Sally breaks down the complex rules surrounding private company profits and shareholder distributions. This is a must-listen for those operating private companies to optimise tax obligations.

CONNECT WITH SALLY PRESTON

Website: http://www.smartsolutionstax.com.au/

Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517

Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/

]]>71wpjnm0Mon, 11 Mar 2024 18:00:00 +110029:36falsefullPrivate 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.Sally Preston16: Income Earned From Your Efforts - Who Reports the Income and Pays the Tax?16: Income Earned From Your Efforts - Who Reports the Income and Pays the Tax?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 area of tax law. She tackles the big questions around income generated predominantly from personal effort and skills:

  • What exactly constitutes personal services income?
  • When do special tax restrictions apply on diverting this income to another person or entity?
  • What tests must be satisfied to be a personal services business?
  • How might clever structuring fall foul of ATO anti-avoidance provisions?


In this episode of the Smarten Up! The Tax and Business Podcast, you’ll learn:

  • The definition of personal services income and who it applies to (1:53)
  • Why rules exist to prevent diverting this income to companies and trusts (3:39)
  • The critical personal services business tests (6:53)
  • Passing the 80% rule and other tests (8:39)
  • When the ATO’s anti-avoidance rules might apply (15:20)
  • Examples of when income is and isn't from personal efforts (19:20)


Understanding personal services income rules is vital for certain business structures to access deductions and optimise tax obligations. This episode breaks down key concepts for owners earning income predominantly from their personal exertion.


CONNECT WITH SALLY PRESTON

Website: http://www.smartsolutionstax.com.au/

Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517

Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/

]]>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 area of tax law. She tackles the big questions around income generated predominantly from personal effort and skills:

  • What exactly constitutes personal services income?
  • When do special tax restrictions apply on diverting this income to another person or entity?
  • What tests must be satisfied to be a personal services business?
  • How might clever structuring fall foul of ATO anti-avoidance provisions?


In this episode of the Smarten Up! The Tax and Business Podcast, you’ll learn:

  • The definition of personal services income and who it applies to (1:53)
  • Why rules exist to prevent diverting this income to companies and trusts (3:39)
  • The critical personal services business tests (6:53)
  • Passing the 80% rule and other tests (8:39)
  • When the ATO’s anti-avoidance rules might apply (15:20)
  • Examples of when income is and isn't from personal efforts (19:20)


Understanding personal services income rules is vital for certain business structures to access deductions and optimise tax obligations. This episode breaks down key concepts for owners earning income predominantly from their personal exertion.


CONNECT WITH SALLY PRESTON

Website: http://www.smartsolutionstax.com.au/

Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517

Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/

]]>80n7kkr1Mon, 04 Mar 2024 18:00:00 +110025:29falsefullDo 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 Preston15: Make It Your Super Power - Smarter Superannuation Decisions with Nathan Nash15: Make It Your Super Power - Smarter Superannuation Decisions with Nathan NashPlanning 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.

With over 20 years of industry experience, Nathan breaks down the intricacies of superannuation in an approachable way. How do you choose between the array of retail, industry, and self-managed super fund options? What are the pros and cons of concessional vs non-concessional contributions? How can you invest your super in line with your values? What special superannuation strategies exist for small business owners?

Nathan covers all this and more – including often overlooked opportunities like co-contributions and spouse contributions. He emphasises why starting early and dedicating time to understand your super is critical, even if retirement seems ages away. Compounding returns make a massive difference over 30+ years.

In this episode of the Smarten Up! The Tax and Business Podcast, you’ll learn:

  • Key factors to consider when selecting a super fund (3:38)
  • Why you likely need to contribute extra, not just rely on employer contributions (5:33)
  • Definitions of concessional and non-concessional contributions (9:07)
  • The benefits and complexities of self-managed super funds (12:18)
  • Options for values-aligned “ESG” ethical investing (15:15)
  • Super strategies specifically useful for business owners (17:53)
  • Early super moves for young adults and co-contribution incentives (21:06)
  • Potential superannuation policy changes to watch for in upcoming budgets (22:23)


Whether you're just entering the workforce or gearing up to retire, this episode provides indispensable advice. Nathan and Sally unpack complex concepts in digestible sound bites intermixed with useful analogies and real client stories. Resources mentioned in the episode provide next steps for those wanting to take control of their financial futures.

CONNECT WITH SALLY PRESTON

Website: http://www.smartsolutionstax.com.au/

Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517

Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/

]]>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.

With over 20 years of industry experience, Nathan breaks down the intricacies of superannuation in an approachable way. How do you choose between the array of retail, industry, and self-managed super fund options? What are the pros and cons of concessional vs non-concessional contributions? How can you invest your super in line with your values? What special superannuation strategies exist for small business owners?

Nathan covers all this and more – including often overlooked opportunities like co-contributions and spouse contributions. He emphasises why starting early and dedicating time to understand your super is critical, even if retirement seems ages away. Compounding returns make a massive difference over 30+ years.

In this episode of the Smarten Up! The Tax and Business Podcast, you’ll learn:

  • Key factors to consider when selecting a super fund (3:38)
  • Why you likely need to contribute extra, not just rely on employer contributions (5:33)
  • Definitions of concessional and non-concessional contributions (9:07)
  • The benefits and complexities of self-managed super funds (12:18)
  • Options for values-aligned “ESG” ethical investing (15:15)
  • Super strategies specifically useful for business owners (17:53)
  • Early super moves for young adults and co-contribution incentives (21:06)
  • Potential superannuation policy changes to watch for in upcoming budgets (22:23)


Whether you're just entering the workforce or gearing up to retire, this episode provides indispensable advice. Nathan and Sally unpack complex concepts in digestible sound bites intermixed with useful analogies and real client stories. Resources mentioned in the episode provide next steps for those wanting to take control of their financial futures.

CONNECT WITH SALLY PRESTON

Website: http://www.smartsolutionstax.com.au/

Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517

Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/

]]>x16zzl31Mon, 26 Feb 2024 18:00:00 +110027:24falsefullPlanning 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.Sally Preston14: Trusts 101: Everything Business Owners Must Know14: Trusts 101: Everything Business Owners Must KnowDo 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 of the Smarten Up! The Tax and Business Podcast, you’ll learn:

  • What is a trust and key parties involved (0:54)
  • Discretionary vs fixed/unit trusts explained (3:34)
  • How discretionary trusts work (8:41)
  • Responsibilities as a trustee or appointor (13:34)
  • How fixed/unit trusts work (15:43)
  • Pros and cons of discretionary and fixed/unit trusts (19:34)
  • Examples of trusts in business structures (21:53)


Even if you currently use trusts in your business structure or have no plans to, this episode delivers value by bolstering your knowledge. The ability to intelligently discuss trusts with legal and financial advisors lends itself to making optimal decisions for your company's growth.

CONNECT WITH SALLY PRESTON

Website: http://www.smartsolutionstax.com.au/

Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517

Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/

]]>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 of the Smarten Up! The Tax and Business Podcast, you’ll learn:

  • What is a trust and key parties involved (0:54)
  • Discretionary vs fixed/unit trusts explained (3:34)
  • How discretionary trusts work (8:41)
  • Responsibilities as a trustee or appointor (13:34)
  • How fixed/unit trusts work (15:43)
  • Pros and cons of discretionary and fixed/unit trusts (19:34)
  • Examples of trusts in business structures (21:53)


Even if you currently use trusts in your business structure or have no plans to, this episode delivers value by bolstering your knowledge. The ability to intelligently discuss trusts with legal and financial advisors lends itself to making optimal decisions for your company's growth.

CONNECT WITH SALLY PRESTON

Website: http://www.smartsolutionstax.com.au/

Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517

Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/

]]>p0kr4nm1Mon, 19 Feb 2024 18:00:00 +110026:23falsefullDo 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.Sally Preston13: Succession Planning for Self-Managed Super Funds with Laura Hanrahan13: Succession Planning for Self-Managed Super Funds with Laura HanrahanWhat 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 ranking second in Australia for the amount invested, behind industry super funds, chances are you or someone you know has their own DIY super fund. But most members don't realise their normal will and power of attorney documents don't cover succession of their SMSF.

Laura breaks down exactly why succession planning is non-negotiable and shares tips on binding death benefit nominations, appointing attorneys, navigating complex regulations, and more. With straightforward advice and examples, she makes clear that failing to plan can spell absolute disaster for your legacy.

In this episode of the Smarten Up! The Tax and Business Podcast, you’ll learn:

  • Why succession planning for SMSFs is so important (1:28)
  • What to consider when planning for incapacity or death (2:56)
  • How to choose which attorney will take over managing the SMSF (6:45)
  • How to direct where death benefits are paid (7:51)
  • Top planning tips for members of SMSFs (10:07)


This episode is essential for any SMSF members who want to ensure their fund continues smoothly when they pass away or lose capacity. Proper planning is key. Whether you've just started your SMSF or have been running it successfully for years, you can't afford to miss this conversation. 

CONNECT WITH SALLY PRESTON

Website: http://www.smartsolutionstax.com.au/

Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517

Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/

]]>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 ranking second in Australia for the amount invested, behind industry super funds, chances are you or someone you know has their own DIY super fund. But most members don't realise their normal will and power of attorney documents don't cover succession of their SMSF.

Laura breaks down exactly why succession planning is non-negotiable and shares tips on binding death benefit nominations, appointing attorneys, navigating complex regulations, and more. With straightforward advice and examples, she makes clear that failing to plan can spell absolute disaster for your legacy.

In this episode of the Smarten Up! The Tax and Business Podcast, you’ll learn:

  • Why succession planning for SMSFs is so important (1:28)
  • What to consider when planning for incapacity or death (2:56)
  • How to choose which attorney will take over managing the SMSF (6:45)
  • How to direct where death benefits are paid (7:51)
  • Top planning tips for members of SMSFs (10:07)


This episode is essential for any SMSF members who want to ensure their fund continues smoothly when they pass away or lose capacity. Proper planning is key. Whether you've just started your SMSF or have been running it successfully for years, you can't afford to miss this conversation. 

CONNECT WITH SALLY PRESTON

Website: http://www.smartsolutionstax.com.au/

Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517

Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/

]]>m1j7l3y0Mon, 12 Feb 2024 18:00:00 +110016:35falsefullWhat 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.Sally Preston12: Contractor Myths - Are They Really Your Employees?12: Contractor Myths - Are They Really Your Employees?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 explains that while engaging contractors seems the easiest route to save administration and costs, the legal rights and obligations established in written agreements and tax cases determine whether someone is truly an independent business provider or actually your employee.

Sally warns against succumbing to common industry myths and pressures to pass off employees as contractors. She outlines key indicators from control to risk allocation to tools/equipment provision that distinguish contractor relationships. 

In this episode of the Smarten Up! The Tax and Business Podcast, you’ll learn:

  • Key indicators to distinguish employees vs contractors (03:47)
  • Common myths about contracting arrangements and ATO's responses (11:27)
  • Payroll tax considerations for contractors (16:50)
  • Impacts of misclassifying employees as contractors (20:28)



CONNECT WITH SALLY PRESTON

Website: http://www.smartsolutionstax.com.au/

Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517

Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/

]]>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 explains that while engaging contractors seems the easiest route to save administration and costs, the legal rights and obligations established in written agreements and tax cases determine whether someone is truly an independent business provider or actually your employee.

Sally warns against succumbing to common industry myths and pressures to pass off employees as contractors. She outlines key indicators from control to risk allocation to tools/equipment provision that distinguish contractor relationships. 

In this episode of the Smarten Up! The Tax and Business Podcast, you’ll learn:

  • Key indicators to distinguish employees vs contractors (03:47)
  • Common myths about contracting arrangements and ATO's responses (11:27)
  • Payroll tax considerations for contractors (16:50)
  • Impacts of misclassifying employees as contractors (20:28)



CONNECT WITH SALLY PRESTON

Website: http://www.smartsolutionstax.com.au/

Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517

Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/

]]>z1ryr420Mon, 05 Feb 2024 18:00:00 +110022:21falsefullAs 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.Sally Preston11: Navigating Tax on Subdividing and Selling Land11: Navigating Tax on Subdividing and Selling LandTaxes 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, key factors on classification, and critical GST obligations. 

In this episode of the Smarten Up! The Tax and Business Podcast, you’ll learn:

  • The three ways the ATO taxes property transactions (00:54)
  • The tax difference between capital gains and ordinary income (01:34)
  • Key factors that determine if land sales are capital gains or ordinary income (05:34)
  • How to handle GST obligations (10:06)
  • A detailed example covering subdividing land and building townhouses (13:56)


Selling land deals with complex tax implications that can make or break your profits. But with smart planning, you can legitimately minimise your tax obligations. 

CONNECT WITH SALLY PRESTON

Website: http://www.smartsolutionstax.com.au/

Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517

Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/

]]>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, key factors on classification, and critical GST obligations. 

In this episode of the Smarten Up! The Tax and Business Podcast, you’ll learn:

  • The three ways the ATO taxes property transactions (00:54)
  • The tax difference between capital gains and ordinary income (01:34)
  • Key factors that determine if land sales are capital gains or ordinary income (05:34)
  • How to handle GST obligations (10:06)
  • A detailed example covering subdividing land and building townhouses (13:56)


Selling land deals with complex tax implications that can make or break your profits. But with smart planning, you can legitimately minimise your tax obligations. 

CONNECT WITH SALLY PRESTON

Website: http://www.smartsolutionstax.com.au/

Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517

Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/

]]>40p7p5w1Mon, 29 Jan 2024 18:00:00 +110018:10falsefullTaxes 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.Sally Preston10: Expanding Your Business Overseas: Top 5 Tax Questions You Must Ask First10: Expanding Your Business Overseas: Top 5 Tax Questions You Must Ask FirstExpanding 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 address before going global.

Sally demystifies critical issues around international expansion that many entrepreneurs overlook in their haste to enter new markets. From picking the right overseas entity structure to repatriating profits, she provides clarity on the key tax implications at each stage.

In this episode of the Smarten Up! The Tax and Business Podcast, you’ll learn:

  • What entity structure to operate through overseas (00:54)
  • How overseas profits will be taxed (02:21)
  • How to repatriate profits back to Australia (05:54)
  • How cross-border transactions will be treated (08:21)
  • Reporting obligations in Australia and overseas (22:21)


Expanding internationally presents huge opportunities for business growth, but the tax implications can trip up even seasoned entrepreneurs. With myriad rules across different countries, tune in to understand the tax lay of the land before leaping into new markets.

CONNECT WITH SALLY PRESTON

Website: http://www.smartsolutionstax.com.au/

Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517

Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/

]]>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 address before going global.

Sally demystifies critical issues around international expansion that many entrepreneurs overlook in their haste to enter new markets. From picking the right overseas entity structure to repatriating profits, she provides clarity on the key tax implications at each stage.

In this episode of the Smarten Up! The Tax and Business Podcast, you’ll learn:

  • What entity structure to operate through overseas (00:54)
  • How overseas profits will be taxed (02:21)
  • How to repatriate profits back to Australia (05:54)
  • How cross-border transactions will be treated (08:21)
  • Reporting obligations in Australia and overseas (22:21)


Expanding internationally presents huge opportunities for business growth, but the tax implications can trip up even seasoned entrepreneurs. With myriad rules across different countries, tune in to understand the tax lay of the land before leaping into new markets.

CONNECT WITH SALLY PRESTON

Website: http://www.smartsolutionstax.com.au/

Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517

Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/

]]>80q7w8x0Mon, 22 Jan 2024 18:00:00 +110025:22falsefullThinking 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.Sally Preston09: Is Your Side Gig a Hobby or a Business? Tax Facts You Should Know09: Is Your Side Gig a Hobby or a Business? Tax Facts You Should KnowSide 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.

In this episode of the Smarten Up! The Tax and Business Podcast, you’ll learn:

  • The difference between a hobby and a business for tax purposes. (00:54)
  • Factors that determine if an activity is a business or a hobby. (02:34)
  • Tax treatment and obligations if deemed a hobby vs. a business. (04:21)
  • Non-commercial loss rules for claiming business losses. (09:20)
  • Examples of applying the non-commercial loss rules. (13:12)
  • Key takeaways. (16:58)


Understanding if your side hustle is a hobby or business is crucial for tax compliance and unlocking key deductions. As Sally summarised, you need to evaluate your activities against factors like profit motive, repetition, systems, record keeping and more. 
CONNECT WITH SALLY PRESTON

Website: http://www.smartsolutionstax.com.au/

Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517

Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/

]]>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.

In this episode of the Smarten Up! The Tax and Business Podcast, you’ll learn:

  • The difference between a hobby and a business for tax purposes. (00:54)
  • Factors that determine if an activity is a business or a hobby. (02:34)
  • Tax treatment and obligations if deemed a hobby vs. a business. (04:21)
  • Non-commercial loss rules for claiming business losses. (09:20)
  • Examples of applying the non-commercial loss rules. (13:12)
  • Key takeaways. (16:58)


Understanding if your side hustle is a hobby or business is crucial for tax compliance and unlocking key deductions. As Sally summarised, you need to evaluate your activities against factors like profit motive, repetition, systems, record keeping and more. 
CONNECT WITH SALLY PRESTON

Website: http://www.smartsolutionstax.com.au/

Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517

Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/

]]>p1krknz0Mon, 15 Jan 2024 18:00:00 +110017:37falsefullSide 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.Sally Preston08: Navigating the Complex Process of Business Succession and Exit with Kylie Wilson08: Navigating the Complex Process of Business Succession and Exit with Kylie WilsonBusiness 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.

In this episode of the Smarten Up! The Tax and Business Podcast, you’ll learn:

  • Key considerations when selling a business on the open market (04:23)
  • Strategies for transitioning a business to key employees (09:29)
  • Complex dynamics and estate planning challenges with family business succession (11:24)
  • The importance of proper planning to minimise disputes and costs (19:19)


Whether you intend to sell to a third party or pass down to the next generation, every business owner should listen to understand what lies ahead and how to chart the optimal path forward. 
CONNECT WITH SALLY PRESTON

Website: http://www.smartsolutionstax.com.au/

Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517

Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/

]]>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.

In this episode of the Smarten Up! The Tax and Business Podcast, you’ll learn:

  • Key considerations when selling a business on the open market (04:23)
  • Strategies for transitioning a business to key employees (09:29)
  • Complex dynamics and estate planning challenges with family business succession (11:24)
  • The importance of proper planning to minimise disputes and costs (19:19)


Whether you intend to sell to a third party or pass down to the next generation, every business owner should listen to understand what lies ahead and how to chart the optimal path forward. 
CONNECT WITH SALLY PRESTON

Website: http://www.smartsolutionstax.com.au/

Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517

Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/

]]>v17zj9w0Mon, 08 Jan 2024 18:00:00 +110022:41falsefullBusiness 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.Sally Preston07: Setting Your Business Up For Success: Top 10 Things To Get You Started07: Setting Your Business Up For Success: Top 10 Things To Get You StartedFor 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.
ten Up! The Tax and Business Podcast, you’ll learn:

  • The 10 items you need to address when launching a business (0:55)
  • Choosing and establishing your business structure (2:20)
  • Registering your business entities and obtaining credentials (3:29)
  • Getting adequate insurance to mitigate risks (4:00)
  • Setting up financing and payment collection (4:30)
  • Understanding costs, pricing, and profit calculations (5:15)
  • Drafting terms and conditions, contracts, policies, etc. (6:25)
  • Implementing accounting systems and administrative processes (7:05)
  • Ensuring your product/service meets customer demand (8:00)
  • Marketing your business through digital channels (9:12)


Whether you’re still an aspiring entrepreneur unsure of how to get started or you’ve already begun putting the pieces together for your new business, you’ll come away with a checklist of concrete action steps needed to set your new venture up for sustainability and success.
CONNECT WITH SALLY PRESTON

Website: http://www.smartsolutionstax.com.au/

Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517

Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/

]]>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.
ten Up! The Tax and Business Podcast, you’ll learn:

  • The 10 items you need to address when launching a business (0:55)
  • Choosing and establishing your business structure (2:20)
  • Registering your business entities and obtaining credentials (3:29)
  • Getting adequate insurance to mitigate risks (4:00)
  • Setting up financing and payment collection (4:30)
  • Understanding costs, pricing, and profit calculations (5:15)
  • Drafting terms and conditions, contracts, policies, etc. (6:25)
  • Implementing accounting systems and administrative processes (7:05)
  • Ensuring your product/service meets customer demand (8:00)
  • Marketing your business through digital channels (9:12)


Whether you’re still an aspiring entrepreneur unsure of how to get started or you’ve already begun putting the pieces together for your new business, you’ll come away with a checklist of concrete action steps needed to set your new venture up for sustainability and success.
CONNECT WITH SALLY PRESTON

Website: http://www.smartsolutionstax.com.au/

Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517

Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/

]]>k18zr891Mon, 01 Jan 2024 18:00:00 +110011:01falsefullFor 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.Sally Preston06: Show Me The Money! Business Loan Application Success with Donna Bannister06: Show Me The Money! Business Loan Application Success with Donna BannisterEver 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.

In this episode of the Smarten Up! The Tax and Business Podcast, you’ll learn:

  • The numerous critical pieces of information banks require to paint a picture of your business (2:30)
  • What credit managers look for when deciding to approve loans (3:58)
  • Why your banker and broker relationships are key to timely loan approvals (9:01)
  • How your financial reporting impacts your chances, from accurate financial statements to projected budgets (12:14)
  • How issues like assets written-down for tax can unexpectedly hurt your loan application (18:43)


Getting significant business funding from banks is never a straightforward process, but it doesn’t need to feel like a black box either. Tune in to equip yourself to understand banks’ critical evaluation criteria and loan approval procedures.
CONNECT WITH SALLY PRESTON

Website: http://www.smartsolutionstax.com.au/

Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517

Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/

]]>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.

In this episode of the Smarten Up! The Tax and Business Podcast, you’ll learn:

  • The numerous critical pieces of information banks require to paint a picture of your business (2:30)
  • What credit managers look for when deciding to approve loans (3:58)
  • Why your banker and broker relationships are key to timely loan approvals (9:01)
  • How your financial reporting impacts your chances, from accurate financial statements to projected budgets (12:14)
  • How issues like assets written-down for tax can unexpectedly hurt your loan application (18:43)


Getting significant business funding from banks is never a straightforward process, but it doesn’t need to feel like a black box either. Tune in to equip yourself to understand banks’ critical evaluation criteria and loan approval procedures.
CONNECT WITH SALLY PRESTON

Website: http://www.smartsolutionstax.com.au/

Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517

Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/

]]>70wpqv71Mon, 18 Dec 2023 18:00:00 +110033:58falsefullEver 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.Sally Preston05: Business Valuations - When You Need One And What Is Required05: Business Valuations - When You Need One And What Is RequiredGetting 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.

In this episode of the Smarten Up! The Tax and Business Podcast, you’ll learn:

  • The types of transactions that may require a business valuation (2:32)
  • When you need to engage an external valuer vs. doing an internal valuation (8:05)
  • How to select the right valuer (14:34)
  • What happens if your valuation doesn’t meet the ATO’s expectations (18:57)



Whether you’re buying, selling, raising capital, or expanding, accurate valuations serve as the foundation. Costly errors and missed chances can occur when valuations miss the mark. Tune in to pick up practical tips to get valuations right.
CONNECT WITH SALLY PRESTON

Website: http://www.smartsolutionstax.com.au/

Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517

Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/

]]>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.

In this episode of the Smarten Up! The Tax and Business Podcast, you’ll learn:

  • The types of transactions that may require a business valuation (2:32)
  • When you need to engage an external valuer vs. doing an internal valuation (8:05)
  • How to select the right valuer (14:34)
  • What happens if your valuation doesn’t meet the ATO’s expectations (18:57)



Whether you’re buying, selling, raising capital, or expanding, accurate valuations serve as the foundation. Costly errors and missed chances can occur when valuations miss the mark. Tune in to pick up practical tips to get valuations right.
CONNECT WITH SALLY PRESTON

Website: http://www.smartsolutionstax.com.au/

Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517

Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/

]]>80zkq3l1Mon, 11 Dec 2023 18:00:00 +110022:12falsefullGetting 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.Sally Preston04: R&D Tax Incentive: Are You Getting the Most Out of Your Investment in Innovation?04: R&D Tax Incentive: Are You Getting the Most Out of Your Investment in Innovation?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 Tax and Business Podcast, you’ll learn:

  • Eligibility for the R&D Tax Incentive (01:10)
  • Financial benefits for companies (02:33)
  • What constitutes eligible R&D activities with a case study (04:09)
  • Substantiating your claim with documentation (09:39)
  • Key steps to apply for the R&D Tax Incentive (12:16)



The R&D Tax Incentive offers tax incentives for innovative Australian companies across various industries. Whether you’re just starting to plan your R&D project or have made a claim previously, this episode provides invaluable insights on how you can fund your innovation and assess your eligibility to the program.
CONNECT WITH SALLY PRESTON

Website: http://www.smartsolutionstax.com.au/

Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517

Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/

]]>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 Tax and Business Podcast, you’ll learn:

  • Eligibility for the R&D Tax Incentive (01:10)
  • Financial benefits for companies (02:33)
  • What constitutes eligible R&D activities with a case study (04:09)
  • Substantiating your claim with documentation (09:39)
  • Key steps to apply for the R&D Tax Incentive (12:16)



The R&D Tax Incentive offers tax incentives for innovative Australian companies across various industries. Whether you’re just starting to plan your R&D project or have made a claim previously, this episode provides invaluable insights on how you can fund your innovation and assess your eligibility to the program.
CONNECT WITH SALLY PRESTON

Website: http://www.smartsolutionstax.com.au/

Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517

Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/

]]>70wp6j41Tue, 05 Dec 2023 08:05:00 +110014:47falsefullDoes 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.Sally Preston03: Employee Share Schemes: Unlocking Tax Concessions and Structuring Win-Wins03: Employee Share Schemes: Unlocking Tax Concessions and Structuring Win-WinsCan 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.
CONNECT WITH SALLY PRESTON

Website: http://www.smartsolutionstax.com.au/

Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517

Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/

]]>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.
CONNECT WITH SALLY PRESTON

Website: http://www.smartsolutionstax.com.au/

Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517

Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/

]]>81q7pyr1Wed, 29 Nov 2023 18:30:00 +110023:44falsefullCan 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.Sally Preston02: Saving Taxes When Selling Your Small Business - Capital Gains Tax Concessions Revealed02: Saving Taxes When Selling Your Small Business - Capital Gains Tax Concessions RevealedSelling 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.
CONNECT WITH SALLY PRESTON

Website: http://www.smartsolutionstax.com.au/

Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517

Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/

]]>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.
CONNECT WITH SALLY PRESTON

Website: http://www.smartsolutionstax.com.au/

Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517

Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/

]]>60m79450Wed, 29 Nov 2023 18:15:00 +110018:30falsefullSelling 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.Sally Preston01: Choosing the Right Structure for your Business01: Choosing the Right Structure for your BusinessDeciding 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.

CONNECT WITH SALLY PRESTON

Website: http://www.smartsolutionstax.com.au/

Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517

Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/

]]>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.

CONNECT WITH SALLY PRESTON

Website: http://www.smartsolutionstax.com.au/

Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517

Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/

]]>m0j76jz1Wed, 29 Nov 2023 18:00:00 +110019:44falsefullDeciding 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.Sally Preston0: Welcome to Smarten Up! The Tax and Business Podcast0: Welcome to Smarten Up! The Tax and Business PodcastDo 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.

In this episode of the Smarten Up! The Tax and Business Podcast, you’ll learn:

  • Why taxes are key for entrepreneurs (00:01)
  • Meet Sally Preston, your guide (00:41)
  • Costly tax blindspots for founders (01:58)
  • Sally’s mission to simplify tax concepts (03:12)


Connect with Sally on LinkedIn
CONNECT WITH SALLY PRESTON

Website: http://www.smartsolutionstax.com.au/

Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517

Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/

]]>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.

In this episode of the Smarten Up! The Tax and Business Podcast, you’ll learn:

  • Why taxes are key for entrepreneurs (00:01)
  • Meet Sally Preston, your guide (00:41)
  • Costly tax blindspots for founders (01:58)
  • Sally’s mission to simplify tax concepts (03:12)


Connect with Sally on LinkedIn
CONNECT WITH SALLY PRESTON

Website: http://www.smartsolutionstax.com.au/

Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517

Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/

]]>70vp8lk0Tue, 21 Nov 2023 09:27:00 +110005:11falsefullDo 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.Sally Preston