Key Learning: ✅What is Personal Services Income? ✅Can I pay a salary to my spouse or family member? ✅Can my trust distribute income to my spouse and kids to save tax? ✅What are the ATO audit risk areas? Book a discovery call with Kelly.

It doesn't matter how long you have been in business; there can always be a crisis. Business is rarely "set and forget". In the early years, the crisis is often viability and cash flow. In the maturity phase, the crisis may be exit and succession. A skilled business accountant will aim to smooth the crisis points at, and between each stage, done with collaboration and planning. Seeing your accountant once a year at tax time won't cut the mustard when it comes to navigating a small business. No matter what your stage in business be sure those lines of communication with your accountant are happening. Check out my previous blog on tax strategy vs business strategy.

Recent cases in NSW and VIC have renewed the focus on payroll tax and health practitioner payments. At GrowthMD, we are advising health practices to not only focus on the future impacts of these case decisions but also review the practice's current risk profile toward payroll tax. Here are some of our tips on getting the basics right.

Our video content for the medical industry had been watched more than 200,000 times in 2019. We love making videos for you; however, it doesn’t always go to plan as you see in this collation. See you in 2020.

One of our core values at GrowthMD is that we have relevance, purpose and meaning with our clients. On behalf of the team at GrowthMD, I wish you all a safe and peaceful festive period. To our valued clients, thank you for being part of this giving story.

It was great to present to Australian General Practice Alliance members from all over Australia on the hot topic of payroll tax risk areas for general practice. Great engagement and questions from the attendees. My co-host representing the legal view was Rod Felmingham. AGPA members can view the full webinar online.

One of our core values at GrowthMD is that we have relevance, purpose and meaning beyond our immediate community. On behalf of the team at GrowthMD, I wish you all a safe and peaceful festive period. We have shared our 2019 giving story made possible by you below.

1. Growth is easy - growing sustainably and staying authentic is the constant challenge. 2. The human side of life will often affect a client's financial success more than always adhering to rigid financial KPIs - a marriage ending, illness or kids with evolving needs aren't dealt with in isolation. 3. I have more strength and resilience than I ever thought. I also have a few more weaknesses than I thought (a work in progress). 4. Running a small business has the potential to consume all - I am learning to be disciplined in where I direct my energy. 5. Tunnel vision is real - I now constantly test myself on what the big picture looks like, for myself and my clients. 6. Personal satisfaction and working with people I genuinely enjoy means more to me than making money - the concept that I am sure drives most early small business owners to keep going. 7. Winning awards is amazing for me, however, my clients don't care so much. Being responsive and giving my clients what they need quickly is amazing for them. 8. The domino effect is real - saying yes to small challenges outside of my comfort zone has led me to places and people I never saw coming.

My top four tips for reviewing your accountant.

Are you the passionate accountant we are looking forward? Email kelly@growth-md.com