Insights

We provide our expert opinion, news, and knowledge to help keep you informed and aimed towards building your business.

Professional Services Insights Update - April 2023

Apr 26, 2023

The timing for owning and operating a Professional Services firm is now - it always is. A 2017 Australian Financial Review article reasoned that Australia was fast-becoming a Professional Services nation - with the sector reflecting the greater business sentiment found across a broad range of industries.

Journey to Partnership - Leadership Insights for Professional Services

Apr 24, 2023

In the latest episode of the Building Your Business podcast, Chris Lewis hosts Ian Bloemendal - Partner at Clayton Utz, alongside Ian Walker (AGR Executive Chairman) as they discuss Ian's journey to partnership, a career within one of Australia's leading law firms and his practice responsibilities with Clayton Utz - a "Big Six" firm in Australia.

What is Personal Services Income?

Apr 21, 2023

Personal Services Income, or PSI, is the income derived by an individual mainly as a result of their personal work or exertion, rather than the sale of goods or use of assets. The individual may operate as a sole trader, or through a trust, partnership, or company structure. You can receive PSI in almost any industry or profession, but it is commonly seen within the Professional Services sector (namely among accountants, lawyers, consultants and engineers, etc) and medical practitioners.

What is the best way to purchase my business premises?

Apr 12, 2023

As a business owner, securing a prime commercial location can be an essential component in the success of a business – especially for those operating in high-traffic industries. Many business owners often commence their journey leasing a premises, however following successful start-up and continued expansion, consideration can turn to the purchase of a commercial premises and how best to do so.

Rental Property Tax Obligations - Owners Checklist

Apr 05, 2023

For many Australians looking to build a sustainable source of income outside of their main wage, property has always been a popular investment choice.

Priority Focus Areas for the Healthcare profession in 2023

Mar 29, 2023

For my Insights advisory article dedicated to the Healthcare sector, I wanted to speak specifically to the challenges many medical and allied health practices currently face.

Income Splitting for Medical Practitioners

Mar 29, 2023

The medical industry has a large number of high-income earners and this attracts the attention of the ATO, especially where income splitting is concerned. The characteristic of income in this industry is largely for the personal services of practitioners/specialists whose income generally fall into higher individual marginal tax brackets.

Superannuation Guarantee Contributions for Q3 2022/23 due 28/04/2023

Mar 29, 2023

As we approach the end of Quarter 3, 2022/23, this is a reminder of the upcoming 28th April 2023 due date for payments of your mandatory employer Superannuation Guarantee Contributions.

The Importance of Management Reporting for Your Business

Mar 14, 2023

For businesses aiming to achieve consistent growth year on year, management reporting plays an important role in capturing key metrics required for owners to run effective business operations.

Does GST Apply to Medical Services Issued to a Patient?

Mar 06, 2023

For medical practitioners, interpreting the appropriate tax obligations attached to seeing patients can often be confusing. This can be especially true surrounding the application of Goods and Services Tax, where certain patient scenarios can require the need to charge GST.