Smarten Up! The Tax and Business Podcast

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 businesse...

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 dilig...

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: draf...

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 b...

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 ta...

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...

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 retiremen...

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...

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 are...

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 i...

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 perf...

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 e...

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...

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 a...

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. Ge...

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 yo...

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 GS...

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 pitfall...

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...

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...

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 a...

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 t...

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,...

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 own...

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 advan...