Smarten Up! The Tax and Business 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 le...

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, e...

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 h...

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 m...

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 S...

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 dir...

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 t...

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...

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...

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 ar...

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...

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,...

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 invest...

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 e...

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 ob...

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...

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 f...

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 brin...

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 d...

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 proce...

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 penalti...

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 le...

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 empl...

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 th...

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 S...