Insights

All wise business mentors will tell you to buy or grow a business with the "end game" in mind.

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 the financial rewards when the come to sell.

On Tuesday, 13 June, the Palaszczuk Government released their QLD State Budget 2023-24, dedicating initiatives to help continue to support growth across the State’s economy and to support Queenslanders against cost-of-living increases.

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.

On Tuesday, 9th May, Federal Treasurer Hon. Jim Chalmers handed down the 2023/24 Federal Budget, a second delivered by the Albanese Government, providing an outlook into the Government's priority to create a "responsible and sustainable" economic strategy, in the face of continued inflation, rising cost-of-living, and global volatility.

As electric vehicles (EVs) become more popular, the need for a comprehensive charging infrastructure to service the vehicles is increasingly important. To encourage the development of such infrastructure, the Australian Tax Office (ATO) has introduced new legislation for electric vehicle home charging costs according to draft Practical Compliance Guidance PCG 2023/D1.

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.

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.

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.

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.