Health

The recent NSW Payroll Tax case of Thomas and Naaz Pty Ltd v Chief Commissioner of State Revenue, has raised concern amongst medical practices throughout Australia regarding any impacts it may have for state payroll tax.

The following information provides owners, partners and directors of professional services firms (including legal, architectural, engineering, financial services, information technology, management consultancies and human resource firms) with an update on economic predictions in Australia during the 2015 - 2016 financial year.

Happy New Year. While we are busy tidying up from the financial year that was, it is interesting to note some of the popular commentary that is surrounding the start of the new financial year and the various economic predictions coming to hand.

When the time comes to sell your business, how will you go about it? Will you sell privately or via a broker? Or instead of selling, will you dispose your assets and close? The following information outlines your different options to help you make the best decision for your situation.

From 7:30pm on 13 May until 31 June 2017, small businesses with aggregated annual turnover of less than $2 million per year will be able to write off assets (up to $20,000) immediately.

All wise business mentors will tell you that you want to buy or grow a business with the "end game" in mind. Meaning, what do you want your business to achieve and how will you exit when the time is right? How will you grow your business and sell it?

You may be looking at buying a business for the first time, or acquiring an existing business as an investment or addition to your current operations:

Most of the two million business owners in Australia run their own business to make money, have greater flexibility and freedom, create legacies and reap financial rewards when they come to sell.

In a world that is constantly evolving, business owners need to be across consumer trends, product innovation, competitors and staffing matters. But how many owners keep check of their business structure, its relevance and effectiveness, as time marches on?

What you need to know – Changes to Self Managed Superannuation Funds (SMSFs) in Australia

From 1 July 2014, the Australian Taxation Office (ATO) will have new powers to improve SMSF standards and prevent the system from being manipulated.