Business Advisory

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.

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.

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.

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.

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.

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.

In a commitment to improved job security and lifting wages, the Albanese Labor Government’s proposed Secure Job, Better Pay Bill has passed Parliament, with the new updates to Australia’s Industrial Relations system now law.