Insights

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.

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.