Abolish the Breastfeeding Tax

With the abolition of the tampon tax on 1st January 2019, women have now started campaigning to have the breastfeeding tax removed as well. The breastfeeding tax is the 10% GST that applies to breastfeeding aids. The breastfeeding aids include breast pumps, nipple shields and supplemental nursing systems. Although the ATO only collects $2 million a year from mothers on breastfeeding aids and equipment, the tax is deeply unpopular. It doesn’t make any sense that infant formula is GST exempt Read More…

Funding New Accounting Practices

Accounting practices, like all businesses, require funding to start, operate, and grow. The funding requirements of practices vary depending upon whether they are a new practice, established practice or an expanding practice. The practice funding can be provided by the practice owners from their personal savings and assets, through debt financing, or a combination of the two. With new practices funding is required to cover the initial practice set-up costs. These costs include the office fitout, office signage, furniture, equipment, Read More…

Introducing New Services to Existing Clients

This strategy is about creating new services that you can provide to your existing client base.  It is similar to the low hanging fruit strategy, but involves more work.  The practice has to create the new services, train the staff on delivering the new services, and develop a marketing plan. When considering what new services to provide ask yourself two questions. Firstly, what service would provide immense value to existing clients? Secondly, does the practice team have the skills or Read More…

Sturgeon’s 10% of Practices

If a Purple Cow practice is not achievable, then being part of Sturgeon’s 10% of practices would still be a worthy goal. This would be financially rewarding of course with annual principal profits of $1m plus. If you are already achieving this, well done. If you are not, how do you get there? Firstly, you need to start with your strategy. If you currently have a stuck-in-the-middle strategy, you need to take Michael E Porter’s advice and chose one out Read More…