Inside Aesthetics Ep 72 The Basics of Accounting & Tax for Cosmetic Injectors | Jack Hellman
Episode 72 hosts Jack Hellman (Accountant based in Sydney, Australia)
Jack looks after a high proportion of medical professionals and importantly, understands the unique nature of the cosmetic injectables industry. His passion lies in using his knowledge to allow his clients businesses to grow and flourish.
As we enter a new tax year in Australia after the lock down, we explore the basics of accounting for injectors, the various business structures that injectors can operate under and the tax implications.
0:00 Introduction 1:04 Meet Jack Hellman 3:19 Why Accounting Matters for Medical Professionals 5:16 Financial Planning After Lockdowns 9:44 Overview of Accounting Structures 11:56 Employee Structure Explained 14:01 Pros and Cons of Employment 16:30 Sole Trader Basics 18:16 Unlimited Liability Risks 23:53 Importance of Separate Business Accounts 27:02 GST Registration Thresholds 30:22 Record Keeping and Receipts 33:44 Using Accounting Software and Apps 37:39 Moving From Sole Trader to Company 41:39 Benefits of Company Structure 45:36 Limited Liability and Asset Protection 48:05 Paying Yourself a Salary 51:43 Dividends and Profit Distribution 57:32 Mortgage and Income Considerations 1:01:04 GST and BAS Explained 1:03:30 Superannuation Obligations 1:07:48 Benefits of Paying Yourself Super 1:12:19 Cost of Setting Up a Company 1:16:00 Company vs Personal Tax Returns 1:19:56 Introduction to Trust Structures 1:22:22 Flexibility of Discretionary Trusts 1:25:07 Distributing Income to Beneficiaries 1:27:43 Tax Implications of Trust Distributions 1:30:37 Trust vs Company Structures 1:33:59 Personal Services Income Rules 1:36:53 Results Test and 80/20 Rule 1:39:25 Avoiding Compliance Issues 1:42:10 Importance of Early Financial Advice 1:44:30 Common Tax Deductions Explained 1:48:40 Education and Conference Expenses 1:53:30 Travel and Expense Apportionment 1:55:45 Clothing and Uniform Deduction Rules 2:00:30 Practical Tips for Maximizing Deductions 2:03:05 Working With the Right Accountant 2:05:40 Planning Ahead Before Financial Year End 2:10:55 Avoiding Costly Mistakes 2:13:30 Key Takeaways for Medical Professionals 2:18:00 Financial Discipline and Business Growth 2:20:15 Final Thoughts and Wrap Up