Post Type: Article

After the budget earlier this week, below we share some highlights: Personal income tax changes The Government has announced a once-off $420 ‘cost of living tax offset’ for the 2022 income year, which will be provided in the form of an increase to the existing LMITO. This will increase the maximum LMITO benefit to $1,500…

Tax planning takes advantage of lawful and strategic ways to minimise tax liabilities this financial year and in future years. While it may minimise taxes in any given financial year, tax planning works best when used as part of a long-term financial strategy. This post will outline some tax planning considerations for businesses and individuals…

An adage that we live by at Sharp Accounting is “If you fail to plan, you plan to fail”. We live by this adage because we have consistently seen positive results from businesses that invest the time and energy to plan for the future. Strategic planning allows businesses to grow profits and operational capacity, while…

Understanding cash flow management can help you overcome growing pains, reduce the stress of running a business, and deploy cash resources in a way that’s efficient and strategic. But for many businesses, cash flow management isn’t seen as a high priority. In this post, we’ll outline the purpose and benefits of better cash flow and…

With good weather and record prices prevailing in 2021, it was a strong year for agribusiness. The Australian Bureau of Agricultural and Resource Economics and Sciences suggests that the boom will continue through 2021-22. In fact, the bureau predicts that Australia’s agricultural industry will reach a record-breaking $81 billion this financial year – more than…

There is good news for buyers looking at commercial properties in regional Victoria. The existing commercial stamp duty concessions on the purchase of commercial properties have not been walked back for 2022. This spells the continuation of savings of 50% on commercial property purchases for interested investors and business owners looking to buy a business…

With commercial interest rates being incredibly low at the moment, many of our clients have asked us about how to buy a commercial property. In this article, we’ll outline considerations for businesses looking at buying a commercial property, the potential benefits, and how to obtain financing. Benefits of Buying a Commercial Property for Your Business…

There’s an old adage: “You need to spend money to make money.” It’s true, profitability and expenditure go hand in hand in business. But just because you need to spend money to set your business up for success, doesn’t mean you need to spend more than is necessary. That’s where a waste and profit review…

Australian Baseball Team Perth Heat made headlines when it announced it will give players and staff the option of being paid in Bitcoin. The article outlines their plans to account for fluctuating cryptocurrency prices, as well as the anticipated benefits, like an increased ability to attract international talent. It doesn’t, however, talk about the tax…

You may have heard about the new rules which require directors of Australian companies to obtain a Director Identification Number (director ID). The new requirement to obtain a director ID also applies to individuals who have an SMSF or a trust with a corporate trustee, which is why I wanted to bring this new requirement to your attention.

Having enough money for your day-to-day business requirements is crucial. It is what keeps your business going – and helps you sleep at night. Introducing cash flow targets at your business can help you optimise your cash flows.  What are Cash Flow Targets?  Before we define cash flow targets, let’s take a quick look at…

Growing a business is incredibly challenging. It takes time, expertise, and good decision making across the board. One of the decisions management will need to make is when to hire a Chief Financial Officer (or CFO). Timing is key for businesses looking to grow and achieve their goals. So, when should a business consider a Virtual…