Smarten Up! The Tax and Business Podcast
Sally Preston
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Top 10 Smarten Up! The Tax and Business Podcast Episodes
Goodpods has curated a list of the 10 best Smarten Up! The Tax and Business Podcast episodes, ranked by the number of listens and likes each episode have garnered from our listeners. If you are listening to Smarten Up! The Tax and Business Podcast for the first time, there's no better place to start than with one of these standout episodes. If you are a fan of the show, vote for your favorite Smarten Up! The Tax and Business Podcast episode by adding your comments to the episode page.
29: Strategic Tax Planning: Thinking Beyond This Financial Year
Smarten Up! The Tax and Business Podcast
06/03/24 • 23 min
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/
Facebook: https://www.facebook.com/SmartSolutionsTax
Instagram: https://www.instagram.com/smartsolutionsau/
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: https://www.linkedin.com/company/smart-solutions-tax-and-business-advisory/
41: Master Payroll Tax from Basics to Best Practices
Smarten Up! The Tax and Business Podcast
08/26/24 • 21 min
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
- Website: http://www.smartsolutionstax.com.au/
- Facebook: https://www.facebook.com/SmartSolutionsTax
- Instagram: https://www.instagram.com/smartsolutionsau/
- 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: https://www.linkedin.com/company/smart-solutions-tax-and-business-advisory/
49: Mergers & Acquisitions Part 3: Does Due Diligence Really Matter?
Smarten Up! The Tax and Business Podcast
10/21/24 • 26 min
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
- Website: http://www.smartsolutionstax.com.au/
- Facebook: https://www.facebook.com/SmartSolutionsTax
- Instagram: https://www.instagram.com/smartsolutionsau/
- 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: https://www.linkedin.com/company/smart-solutions-tax-and-business-advisory/
48: Mergers & Acquisitions Part 2: Do I need a Term Sheet?
Smarten Up! The Tax and Business Podcast
10/14/24 • 24 min
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
- Website: http://www.smartsolutionstax.com.au/
- Facebook: https://www.facebook.com/SmartSolutionsTax
- Instagram: https://www.instagram.com/smartsolutionsau/
- 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: https://www.linkedin.com/company/smart-solutions-tax-and-business-advisory/
50: Mergers & Acquisitions: Insights from Tim Muller’s Multi-Business Acquisitions
Smarten Up! The Tax and Business Podcast
10/28/24 • 32 min
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
- Website: http://www.smartsolutionstax.com.au/
- Facebook: https://www.facebook.com/SmartSolutionsTax
- Instagram: https://www.instagram.com/smartsolutionsau/
- 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: https://www.linkedin.com/company/smart-solutions-tax-and-business-advisory/
35: Top 15 Tax Myths Debunked: What You Need to Know Before Filing
Smarten Up! The Tax and Business Podcast
07/15/24 • 27 min
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/
Facebook: https://www.facebook.com/SmartSolutionsTax
Instagram: https://www.instagram.com/smartsolutionsau/
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: https://www.linkedin.com/company/smart-solutions-tax-and-business-advisory/
09: Is Your Side Gig a Hobby or a Business? Tax Facts You Should Know
Smarten Up! The Tax and Business Podcast
01/15/24 • 17 min
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/
Facebook: https://www.facebook.com/SmartSolutionsTax
Instagram: https://www.instagram.com/smartsolutionsau/
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: https://www.linkedin.com/company/smart-solutions-tax-and-business-advisory/
42: Master Payroll Tax from Basics to Best Practices Part 2
Smarten Up! The Tax and Business Podcast
09/02/24 • 25 min
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
- Website: http://www.smartsolutionstax.com.au/
- Facebook: https://www.facebook.com/SmartSolutionsTax
- Instagram: https://www.instagram.com/smartsolutionsau/
- 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: https://www.linkedin.com/company/smart-solutions-tax-and-business-advisory/
08: Navigating the Complex Process of Business Succession and Exit with Kylie Wilson
Smarten Up! The Tax and Business Podcast
01/08/24 • 22 min
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/
Facebook: https://www.facebook.com/SmartSolutionsTax
Instagram: https://www.instagram.com/smartsolutionsau/
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: https://www.linkedin.com/company/smart-solutions-tax-and-business-advisory/
44: The Real Cost of Not Consulting Experts - A Tax Horror Story
Smarten Up! The Tax and Business Podcast
09/16/24 • 24 min
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
- Website: http://www.smartsolutionstax.com.au/
- Facebook: https://www.facebook.com/SmartSolutionsTax
- Instagram: https://www.instagram.com/smartsolutionsau/
- 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: https://www.linkedin.com/company/smart-solutions-tax-and-business-advisory/
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FAQ
How many episodes does Smarten Up! The Tax and Business Podcast have?
Smarten Up! The Tax and Business Podcast currently has 51 episodes available.
What topics does Smarten Up! The Tax and Business Podcast cover?
The podcast is about Management, Podcasts and Business.
What is the most popular episode on Smarten Up! The Tax and Business Podcast?
The episode title '08: Navigating the Complex Process of Business Succession and Exit with Kylie Wilson' is the most popular.
What is the average episode length on Smarten Up! The Tax and Business Podcast?
The average episode length on Smarten Up! The Tax and Business Podcast is 24 minutes.
How often are episodes of Smarten Up! The Tax and Business Podcast released?
Episodes of Smarten Up! The Tax and Business Podcast are typically released every 7 days.
When was the first episode of Smarten Up! The Tax and Business Podcast?
The first episode of Smarten Up! The Tax and Business Podcast was released on Nov 20, 2023.
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