Author: Glenn Sharp

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…

Glen asks about how he can get started with a new business. Glenn suggests beginning by seeking advice from professionals like us. Start by consulting with an accountant to understand tax implications and record-keeping requirements specific to your business. It’s crucial to grasp these fundamentals before diving into your entrepreneurial journey. Learn more in this…

James from Ballarat asks about stage three tax cuts. He earns around $90,000 annually and wants to know how it will affect him. In response, we explain that under the proposed Labor changes, he’ll initially be about $800 better off. However, as his income grows over time, surpassing $120,000, he’ll start paying a higher tax…

Discover how optimising your gross profit margins can positively influence cashflow and bolster financial stability for your business. Uncover actionable tactics to elevate profitability and maximise returns on sales. Understanding Gross Profit Margins Your gross profit margin represents the residual amount from total sales revenue after deducting variable costs. Calculate your gross profit margin to…