SMARTEN UP!
The Tax & Business Podcast
Welcome to "SMARTEN UP!" a podcast aimed to help business owners navigate the complex tax and business landscape.
Host Sally Preston simplifies complex tax and business matters for business owners to help them make smart decisions when running their businesses. Expert guests will help navigate financial, tax, and legal issues that are essential for business success.
Take a listen to the introductory episode below and follow the podcast for free on your favourite platform by clicking the link below.
Episode 1: Choosing the right structure for your business
Deciding on the best legal 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. Read more and listen here
Episode 2: Saving taxes when selling your small business - Capital Gains Tax Concessions revealed
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. Read more and listen here
Episode 3: Employee share schemes: unlocking tax concessions and structuring win-wins
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. Read more and listen here
Episode 4: 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. Read more and listen here
Episode 5: Business Valuations - When you need one and what is required
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's perspective.
Episode 6: Show me the money! Business Loan Application Success with Donna Bannister.
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.
Episode 7: Setting Your Business Up For Success: Top 10 Things To Get You Started
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.
Episode 8: Navigating the Complex Process of Business Succession and Exit with Kylie Wilson
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.
Episode 9: Is Your Side Gig a Hobby or a Business? Tax Facts You Should Know
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.
Episode 10: Expanding your business overseas: Top 5 tax questions you must ask first
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.
Episode 11: Navigating Tax on Subdividing and Selling Land
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.
Episode 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.
Episode 13: Succession Planning for Self-Managed Super Funds with Laura Hanrahan
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.
Episode 14: Trusts 101: Everything Business Owners Must Know
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.
Episode 15: Make it your Superpower - Smarter Superannuation Decisions with Nathan Nash
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.
Episode 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?
Episode 17: Avoiding Nasty Surprises: Tax Planning for Private Company Distributions
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.
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.
Episode 18: Legal Landmines: Navigating Shareholder Disputes and Resolutions with Sarah Bryden
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.
Episode 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.
Episode 20: Navigating Director Duties and Liabilities with Mitchell Herrett
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.
Episode 21: Advice for Troubled Businesses with Mitchell Herrett
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.
Episode 22: Navigating FBT: A Practical Guide for Employers with Ellie Murdoch
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.
Episode 23: Budgeting and Forecasting: The Pillars of Business Success with Ellie Murdoch
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.
Episode 24: Navigating the Fundamentals of Capital Gains Tax
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.
Episode 25: Don't Get Caught by Surprise: What Homeowners Must Know About the Main Residence Exemption
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.
Episode 26: Secrets to Supercharging Your Retirement with Property Investing with Tracey Norris
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).
Episode 27: EOFY Tax Planning 101: Strategies to reduce your tax bill
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.
Episode 28: Navigating the Inevitable - Death and Taxes
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.
Episode 29: Strategic Tax Planning: Thinking Beyond This Financial Year
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.
Episode 30: Strategic Tax Planning: Thinking Beyond This Financial Year Pt 2
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.
Episode 31: Innovative Employee Rewards Beyond Pay Rises
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.
Episode 32: Top 10 Tax Mistakes to Avoid for Investment Property Owners
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.
Episode 33: GST Key Terms and Obligations Every Business Owner Should Know
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.
Episode 34: Navigating GST on Property: Essential Insights for Owners
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.
Episode 35: Top 15 Tax Myths Debunked: What You Need to Know Before Filing
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.
Episode 36: Five Business Tax Myths Busted — What You Must Know
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.
Episode 37: "How will they know?" Let's talk about the ATOs access to data.
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.
Episode 38: Five financial mistakes to stop making in your business
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.
Episode 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.
Episode 40: How I survived my first year in 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.
Episode 41: Master Payroll Tax from Basics to Best Practices - Part 1
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.
Episode 42: Master Payroll Tax from Basics to Best Practices - Part 2
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.
Episode 43: Cash Flow Tips to Keep Your Business Afloat
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.
Episode 44: The Real Cost of Not Consulting Experts - A Tax Horror Story
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.
Episode 45: ATO Audits? Don't panic! Here's What To Do with David Hughes
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.
Episode 46: ATO Debt Crisis? Here’s How to Take Control and Avoid Penalties with Ellie Murdoch
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.
Episode 47: Mergers & Acquisitions Part 1: The Early Stages of M&A Explained
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.
Episode 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 the Term 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.
Episode 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.
Episode 50: Mergers & Acquisitions: Insights from Tim Muller’s Multi-Business Acquisitions
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.