Business Advisory

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.

When the time comes to sell your business, how will you go about it? Will you sell privately or via a broker? Or instead of selling, will you dispose your assets and close?

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.

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.