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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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