Insights

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.

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.

As business owners, significant time is dedicated to the operations of your business, however, sometimes when you are clouded in the day to day, it is difficult to step back and analyse the financial health of your business and potential growth opportunities. It also becomes increasingly difficult for one person to oversee all finances, therefore it is critical that SME businesses receive timely and incisive advice.

In approaching the end of the Financial Year, we provide key analysis into potential tax changes to take effect from 1 July 2023, with potential insights covering Instant Asset Write-Off, Fringe Benefit Tax, and Superannuation.

For business owners, as we approach the End of the Financial Year, it is important to gain a true understanding of your potential tax position and establish a variety of business strategies for EOFY 23 and leading into FY24.

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.

Understanding how Key Performance Indicators (KPIs) in your business affect profit is the key to increasing profits. Not all businesses are the same and, therefore, there will be different drivers that will result in increased profits for each type of business. Service-based businesses will have completely different KPIs from a business that sells products, whether they be manufactured in-house, wholesale or retail. Also, increasing revenue is not the only way to increase profits, controlling expenses can be equally as important.

Following on-going review and commentary since 2021 regarding the liability of medical practices to pay Payroll Tax in New South Wales, the Queensland Revenue Office (QRO) has now released a new Public Ruling determining interpretation for QLD clinics.

First introduced as part of the pandemic support programs for individuals, the Australian Tax Office intends to conclude the use of their ‘shortcut’ and ‘fixed-rate’ work-from-home expense calculating methods, instead announcing a new combined methodology.

In the wake of the recent Optus Hacking impacting millions of Australians, data security and protecting yourself and your business against cyber fraud has never been more top of mind.