Insights

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.

For many Australians looking to build a sustainable source of income outside of their main wage, property has always been a popular investment choice.

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

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.