Articles
Why Understanding GST in Psychology Practice is Important
Navigating GST in psychology practices can be tricky. You’re focused on helping clients, not dissecting tax rules. Yet understanding the basics of GST is crucial—especially
The 5 Most Common Mistakes Made By Psychology Clinics And How You Can Easily Avoid Them
Sadly, when it comes to achieving growth and profit, too many Psychologies Clinic make simple mistakes which cost them dearly. If you’re not careful, you
Maximising Profits: Financial Strategies for Allied Health Businesses
Imagine waking up each morning, excited and motivated to grow your Allied health business, knowing that every decision you make contributes to your financial success.
Asset vs. Share Purchase in Australia: Making Informed Business Decisions
Introduction When it comes to acquiring or selling a business in Australia, one of the most critical decisions to make is whether to opt for
The Importance of Financial Literacy: A Path to Financial Freedom
Financial literacy is often considered one of the most critical life skills, yet it remains an area where many individuals fall short. It encompasses the
Why Negative Gearing may not be suitable for you.
Investors and small businesses often turn to negative gearing as a means of increasing their profits or reducing their tax burden. However, it may not
Psychologist Hiring Sub- Contractors
90% of the Psychologist Practices who came to us had the whole relationship between the Clinic and sub-contractor written contracts wrongly worded. And 95% of
Questions to ask your accountant – where do I start, right?
Accountants can be a little scary, let’s face it. They talk about balance sheets, P&L, accounts receivable and payable, capital, assets… It can often feel
Trust Structure
What is TRUST? Trusts are widely used for Investment and business purposes. A trust is not a separate legal entity, as is a
Superannuation
What is Superannuation? Superannuation is your long-term investment plan upon retirement. For most people, super begins when you start work and your employer starts paying
Taxable Payment Annual Report (TPAR)
Taxable Payments Annual Report (TPAR) Businesses that engage in hiring contractors in certain industries, may need to lodge an annual Taxable Payment Report to ATO
What is Knowledge Assist?
Knowledge Assist is a platform designed to assist start-ups and small businesses to equip themselves with bookkeeping, tax, and financial information. We see many small
Is my Company Christmas Party subject to Fringe Benefit Tax?
If you have asked yourself this question you are not alone. Lots of employers think about this at this time of the year when they
Traps to know of Subcontractors that can deemed as an employee
Is your business off the ground and successful? Need to hire people to help with the workload? This is an important decision and an important
Is your activity a Business or Hobby?
Ever wondered if what you are doing constitutes a business or a hobby? You are not alone. A lot of small businesses start off as
How do I withdraw profits from my business?
The reason we establish and create a successful business from years of sweat and sleepless night is to improve our quality of life and to
Does my business need to register for GST?
This is one of the multitude of questions you need to consider and answer when starting up and registering a new small business. Knowing your
Which bookkeeping software is right for you?
We live in a highly digitised world with ever changing technology. The way you keep track of your accounts has also changed dramatically over the
If Cash is the King, Cashflow is the Queen
Gone were the days when businesses were operating cash on hand, and now the modern world has bought a new way of receiving cash through