Author: Ewen Fletcher

A succession plan is about maximising the value of your business to achieve a better outcome when it’s time to exit. Many business owners don’t consider a succession plan until they are ready to sell. However, defining and executing an effective succession plan takes three to five years (minimum). That’s something to keep in mind!…

Attention primary producers! With the instant asset write-off now finished, managing your equipment trades and avoiding unexpected tax bills is crucial. As livestock prices fluctuate and climatic conditions impact your farm, here are some tips to minimise your tax: Water Conveyancing/Conservation:Expenses for pumps, piping, and irrigation are fully deductible. Fencing:Internal and external fencing qualifies for…

Starting 1st July 2024, the Victorian government has introduced a new 1% property tax on land value. This change impacts how stamp duty applies to these properties. Existing owners are exempt until the property sells, triggering a 10-year countdown for the new tax. In this short video, Ewen shares some of the changes and how…

Generally, an exit strategy is implemented years before the planned exit date. This gives you time to work on your sale plan, deal with any succession issues, and, crucially, add additional value to the business before a sale. Understanding Your Business’s Sale Value Every business has its unique sale value based on size, asset worth,…

The world is evolving at an unprecedented pace. Industry changes, global trends, and environmental factors will influence the timing and strategy behind your succession plan. The Need for Change and Innovation A successful and profitable business can’t afford to stand still. Unmanaged change and disruption can erode your business’s value—consider how online shopping transformed retail.…

In this video, Ewen confirms the instant asset write-off has reverted to $1,000 per asset. However, there’s draft legislation in progress to raise this to $20,000, with recent proposals suggesting an increase to $30,000. Stay tuned for updates, and we’ll keep you informed as things develop. If you have any questions for Glenn or Ewen…

In this short video, Ewen shares what you need to know about the 2024-2025 Victoria state budget, including the significant payroll tax changes starting 1 July 2024. The payroll tax threshold will rise from $700,000 to $900,000, potentially exempting many businesses. By 1 July 2025, this threshold will further increase to $1 million. However, businesses…

With the end of the financial year upon us, it is imperative to take action to maximise tax savings for your self storage business. To help keep more money in your pocket, here are seven essential strategies to consider: 1: Bad Debts Consider writing off outstanding customer accounts that are unlikely to be collected, such…

Late payments can wreak havoc on a small business’s cashflow, causing unnecessary stress and financial strain. If you are struggling with overdue invoices, fear not! We can help you optimise your cashflow. Here are six straightforward tips to expedite payment processing and get your cash flowing smoothly: Invoice Without Delay: Don’t wait to send out…

In times of economic uncertainty, small businesses face heightened vulnerability. Despite sluggish sales, overhead costs and payroll obligations persist, necessitating proactive measures to ensure financial resilience and sustained growth will help strengthen cashflow in your business. Plan Ahead and Take Proactive Measures: Anticipate upcoming expenses and assess potential revenue shortfalls. Initiate discussions with suppliers or…

In 2019, the soon-to-be owners of a substantial five-acre property in regional Victoria sought the expertise of Ewen Fletcher at Sharp Accounting to navigate the complexities of a greenfield self storage development. Although adept in business operations, the clients were newcomers to the self storage industry and relied on Sharp Accounting to play a pivotal…

In business, accounts receivable stands as a cornerstone for financial stability. It’s the lifeblood that ensures you get paid for the hard work you put in. But mastering this process requires more than just sending out invoices and crossing your fingers. It demands a well-thought-out strategy that covers every aspect of the payment lifecycle –…