Cooper Grace Ward Lawyers partner Sarah Lancaster provides an update on the payroll tax issues continuing to plague medical practices and the critical planning needed in this area.

In this episode, Lancaster shares some of the highlights from her upcoming presentation at the ACE Accounting Conference & Expo next month.

She discusses the potential audit risks facing medical and allied health practices following the rulings that were issued by various revenue offices last year and what firms need to be doing now to manage these risks.

Lancaster also sheds light on other payroll tax issues being audited by state revenue offices and where businesses need to improve their record keeping.

A bids and tender specialist has seen a dramatic increase in small to medium accounting firms bidding for government contracts in the past year.

In this episode, Jason Cooney, director at The Tender Team, explains why smaller accounting firms have become more courageous with bids for government contracts more recently and some of the reasons for their success.

Cooney discusses the types of contracts that smaller accounting firms are winning and how they can stand out from other competing firms.

He also offers tips and considerations for the tender process and how firms can prepare to make the process smoother.

Michael Fingland explains the vital role that stress testing can play for businesses in an economy "teetering on the edge of recession".

In this latest episode, Vantage Performance chief executive Michael Fingland gives a rundown on the concept of stress testing and how businesses can utilise this strategy to prepare for further headwinds in the year ahead.

Fingland explains that with consumer spending pulling back and the economy softening, businesses should be analysing what outcomes might arise with a dip in cash flow, a drop in revenue or with other, more specific, challenges.

Businesses can then put in a place a “rapid-fire turnaround plan” that can be implemented if any of these scenarios happen, he says.

He also provides his predictions on business conditions for the remainder of 2024 and what the main challenges will be.