Author: Glenn Sharp

The Federal Treasurer, Dr Jim Chalmers, handed down the 2024–25 Federal Budget at 7:30 pm (AEST) on 14 May 2024. The key tax measures announced in the Budget include extending the $20,000 instant asset write-off for eligible businesses by 12 months until 30 June 2025, introducing tax incentives for hydrogen production and critical minerals production,…

Owning a business can be brilliant, but you might not want to do it forever. Whether you’re ready to retire, want to cash out, or just need a break, at some point, you will probably want to move on from your business. Even before that time comes, you’ll need a plan for stepping back. Options…

Succession planning involves preparing for the future transfer of ownership of your business. It ensures a smooth transition and helps minimise stress, maximising the outcome during a potentially challenging period. Read more about succession planning here. Why Succession Planning Matters Succession planning is about defining your vision for the future and the steps needed to…

Bill from Ballarat asked us what the economic outlook for the next 6 to 12 months looks like. Glenn shares what’s ahead in this short video. Interest rates are expected to stabilise, and potential cuts may follow if the economy rebounds. However, government forecasts suggest a rise in unemployment, making for a challenging market.

Glenn shares his thoughts about the recently disappointing news for small businesses in the recent federal budget release. The proposed increase in the instant asset write-off to $30,000 has been stalled, likely settling at $20,000. With rising prices, this isn’t ideal. Additionally, the $300 Power rebate and trimmed tax cuts offer little excitement. Watch the…

Our latest frequently asked question is from Gavin: “Why does the ATO want multiple payments for BAS, tax, and PAYG? Why can’t I just make one payment?” In this video, Glenn shares why the ATO requires multiple payments for BAS, tax, and PAYG instalments. From withholding employee wages to GST and income tax, each payment…

In business, cashflow equals confidence and resilience. Take charge of your financial future with these strategies to help you manage cashflow in your business: Establish Clear Payment Terms: Set clear Terms of Trade outlining payment expectations for each customer. Ensure prompt payment by clearly defining payment deadlines and consequences for late payments, as outlined in…

In today’s competitive business landscape, ensuring timely payment is paramount to sustained success. Any business model’s core lies the pivotal process of generating revenue through sales. However, the viability of this revenue stream hinges on the prompt settlement of invoices by customers. Efficiency is key when it comes to cashflow management. The smoother the payment…

Sarah asks about claiming a tax deduction for contributing to her superannuation fund. In our latest FAQ video, Glenn explains the options: salary sacrificing, where the employer contributes pre-tax dollars, or making deductible contributions from after-tax salary. Both offer tax benefits, with differences in timing. Seek advice tailored to your situation for the best approach.…

Having a firm grip on your business finances is paramount for making informed decisions and ensuring sustained profitability. In today’s digital age, leveraging the right tools and technologies can streamline your financial management processes and provide valuable insights into your company’s financial health. Here are five key strategies to help you take control of your…

In times of economic slowdown, cashflow becomes even more critical for businesses. With fewer funds circulating, some customers may struggle to fulfil their financial obligations. To safeguard your business and mitigate cashflow risks, here are six steps to help you secure overdue accounts: Maintain Firm Terms of Trade While upholding your payment terms is crucial,…

Many businesses face the challenge of maintaining viability when sales fail to cover overheads and cash demands, leading to a perpetual increase in overdrafts. To address this issue, it’s essential to implement strategies that bolster sales effectively. Here are five key strategies to consider: Increase Customer Retention Focus on retaining existing customers by providing exceptional…