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…

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…

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…

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 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 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 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.…

Steve from Buninyong asked about setting up an SMSF, a question we’re hearing a lot lately. He wants to know when to set up an SMSF, how much is needed, and what investments are possible. While it’s a complex topic, SMSFs offer flexibility, allowing investments in shares, property, even exotic assets like diamonds or artwork.…

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…

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…