Insights

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

2024 End Of Financial Year Tax Planning Strategies For Businesses

May 30, 2024

As we approach the end of the 2024 financial year, now is the perfect time for business owners to analyse the financial situation of their business in order to gain an understanding of the potential tax position for the 2024 financial year.

Business owners should consider engaging with their Accountant to undertake sometailored tax planning advice, where individualised strategies can be determined based on their circumstances and implemented prior to 30 June 2024. This can in fact reduce their tax liability and maximise deductions.

Planning for Division 293 Tax? Understanding Your Super Tax

Apr 24, 2024

Division 293 tax is an additional tax imposed by the Australian government on high-income earners in addition to the normal taxes they pay. Division 293 tax is calculated separately from income tax and is specifically applied to concessional superannuation contributions that exceed the concessional contributions cap or to an individual’s income for surcharge purposes that exceeds the Division 293 threshold (currently at $250,000).

Future-Proofing Your Professional Services Firm: 4 Key Challenges

Apr 23, 2024

Borrowing the results from recent other Professional Firms’ business surveys, it seems to me that the top concerns for Australian executives (and most probably other parts of the world) are the same in the short term as they are for the medium term. That being, cyber risks, talent recruitment/retention and upskilling a work force for the digital world.

The End of Hourly Billing? The Future of Pricing is Value-Based

Apr 19, 2024

The traditional hourly billing model, long favoured by professional services firms, is facing scrutiny and disruption in the face of technological advancements and evolving client expectations. As technology enables greater efficiency and transparency, it is often wondered if the billable hour is necessarily a true measure of value. Many firms are re-evaluating their approach to pricing, turning towards value-based models that prioritise outcomes over billable hours.

ATO Scrutiny of Professional Services: Understanding PCG 2021/4

Apr 11, 2024

The ATO has been concerned about arrangements involving individual professional practitioners who redirect their income from an activity or business that includes their professional services to an associated entity where it has the effect of significantly reducing your tax liability.

Fringe Benefits Tax (FBT) Changes 2024: What SMEs Need to Know

Mar 27, 2024

As we approach the end of the Fringe Benefit Tax year for 2023/24, it is important for SME businesses to continue to maintain obligations ahead of the 31 March Year-End date.

Healthcare Challenges: Payroll Tax, Personal Services Income & AI

Mar 22, 2024

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

Essential Guide to Starting Your Own Medical Practice in Australia

Mar 13, 2024

Starting your own practice can be a rewarding but complex endeavour that involves careful planning and execution. It allows you to have greater control over your career and patients, however, it can become overwhelming when trying to understand all the legal and financial considerations. Below we set out some key steps when starting your own medical practice.

2024 Tax Cuts: New Stage 3 Tax Brackets Explained

Mar 05, 2024

In January 2024, the government announced that it would redesign the Stage Three tax cuts that were initially announced by the former government in 2018. The new rates were designed to provide larger tax cuts to low and middle income earners and reduce the tax cuts for those earning $160,000 or more.

Fuel Tax Credits - New Credit Rates Update | February 2024

Feb 16, 2024

For businesses managing a vehicle fleet, or using fuel for business activities, the Fuel Tax Credits scheme can be an excellent route for operators to claim full or partial credits for the fuel tax (excise or customs duty) that's included in the price of fuel.