Insights

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.

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

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.

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.

As a globally connected economy, remaining at the forefront of industry trends, regulations, and environmental changes is essential for business owners within the transport & logistics sector.

For many opting to start their own business, the financial freedom gained from its success is a significant draw-card – potentially creating wealth for immediate and future generations.

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.

In our Season 4 premiere episode of the Building Your Business podcast, Chris Lewis hosts Smiljan Jankovic (AGR Managing Director) as they discuss the business lifecycle journey and the progression pathway businesses take along four phases: from start-up to growth then maturity, and finally succession/exit.

In a measure to reduce emissions and reduce Australia's carbon footprint, the Federal Government's proposed Treasury Laws Amendment (Electric Car Discount) Bill 2022 has passed Parliament, with Fringe Benefit Tax (FBT) exemptions for electric cars now law.

As we begin the New Year, it is important for business owners to consider how their organisation is best-positioned to respond to changes in today’s rapidly evolving business environment.