Latest
R&D Claims, Watch Out – The ATO Eyes Incorrect Deductions
The Research and Development (R&D) tax incentive program serves as a catalyst for innovation, encouraging companies to engage in R&D activities by providing targeted tax offsets. However, recent concerns have prompted the Australian Taxation Office (ATO) to...
BUSINESS PREMISES WITH FIT OUT AVAILABLE
REDEFINE AESTHETICS - 355-357 Bridge Road, Richmond, Victoria. The clinic consists of: 12 rooms + Reception area 2x Bathrooms 1x Kitchen 1x Laundry 1 x Meeting room 6 x Procedure rooms 1 x Iv Lounge/ Meeting room ASSET LIST Please contact us for an asset list. DETAILS...
Stage 3 Tax Cuts – The Latest Rundown & What To Expect
Tax cuts have been a recurring topic in political discussions, often shaping fiscal policies and influencing government revenue. The Stage 3 Tax Cuts introduced by the Morrison government in 2019 have been a point of contention and scrutiny, with promises and...
5 Common Mistakes Businesses Might Make Before Tax Time
While there is still time before the financial year draws to a close, businesses are still encouraged to assess their current financial situation and strategies to prevent critical tax mistakes. Often, these mistakes could lead to not only fiscal losses but potential...
Why You Should Lodge An FBT Return Every Year – 26th Feb
FBT returns are required to be submitted annually, for the FBT year (1 April to 31 March) by the 21 May. While it may seem peculiar to file a return when the FBT liability for the year is zero, this practice is routine for most businesses. Calculating Your FBT...
Are You Providing Fringe Benefits?
Are your employees entitled to perks like a car space, gym membership, or even a company car as part of their employment contracts? These offerings fall under the category of fringe benefits—alternative forms of payment to employees, distinct from salary or wages....
PROPOSED NEW STAGE 3 TAX CUTS
Addressing the pressing need for cost-of-living relief among Australians remains the Government's foremost priority, with tax cuts being a pivotal measure to alleviate financial pressure. The proposed tax cuts scheduled for 2024-25 are poised to make a substantial...
What’s Claimable On A Work Trip?
In the dynamic world of employment, there are often perks that come our way, like the opportunity to embark on work-related journeys. Whether it's a welder heading to a marina for essential boat repairs or any other duty-driven travel, you've potentially shouldered...
The New Reporting Regime For The Share/Gig Economy
Attention to those participating in the sharing economy! New reporting requirements have been introduced and are currently in place, impacting those who are engaged in connecting customers to service providers or facilitating the lending of personal assets through...
The Difference Between LAFHA & A Travel Allowance
Embarking on work-related travels can impose various demands on employees, encompassing financial, physical, and emotional aspects. In response to these challenges, compensation methods have evolved, giving rise to both travel allowances and the living away from home...
R&D Claims, Watch Out – The ATO Eyes Incorrect Deductions
The Research and Development (R&D) tax incentive program serves as a catalyst for innovation, encouraging companies to engage in R&D activities by providing targeted tax offsets. However, recent concerns have prompted the Australian Taxation Office (ATO) to...
BUSINESS PREMISES WITH FIT OUT AVAILABLE
REDEFINE AESTHETICS - 355-357 Bridge Road, Richmond, Victoria. The clinic consists of: 12 rooms + Reception area 2x Bathrooms 1x Kitchen 1x Laundry 1 x Meeting room 6 x Procedure rooms 1 x Iv Lounge/ Meeting room ASSET LIST Please contact us for an asset list. DETAILS...
Stage 3 Tax Cuts – The Latest Rundown & What To Expect
Tax cuts have been a recurring topic in political discussions, often shaping fiscal policies and influencing government revenue. The Stage 3 Tax Cuts introduced by the Morrison government in 2019 have been a point of contention and scrutiny, with promises and...
5 Common Mistakes Businesses Might Make Before Tax Time
While there is still time before the financial year draws to a close, businesses are still encouraged to assess their current financial situation and strategies to prevent critical tax mistakes. Often, these mistakes could lead to not only fiscal losses but potential...
Why You Should Lodge An FBT Return Every Year – 26th Feb
FBT returns are required to be submitted annually, for the FBT year (1 April to 31 March) by the 21 May. While it may seem peculiar to file a return when the FBT liability for the year is zero, this practice is routine for most businesses. Calculating Your FBT...
Are You Providing Fringe Benefits?
Are your employees entitled to perks like a car space, gym membership, or even a company car as part of their employment contracts? These offerings fall under the category of fringe benefits—alternative forms of payment to employees, distinct from salary or wages....
PROPOSED NEW STAGE 3 TAX CUTS
Addressing the pressing need for cost-of-living relief among Australians remains the Government's foremost priority, with tax cuts being a pivotal measure to alleviate financial pressure. The proposed tax cuts scheduled for 2024-25 are poised to make a substantial...
What’s Claimable On A Work Trip?
In the dynamic world of employment, there are often perks that come our way, like the opportunity to embark on work-related journeys. Whether it's a welder heading to a marina for essential boat repairs or any other duty-driven travel, you've potentially shouldered...
The New Reporting Regime For The Share/Gig Economy
Attention to those participating in the sharing economy! New reporting requirements have been introduced and are currently in place, impacting those who are engaged in connecting customers to service providers or facilitating the lending of personal assets through...
The Difference Between LAFHA & A Travel Allowance
Embarking on work-related travels can impose various demands on employees, encompassing financial, physical, and emotional aspects. In response to these challenges, compensation methods have evolved, giving rise to both travel allowances and the living away from home...
Guide to Preparing a Medical Practice Business Plan
This Guide to Preparing a Medical Practice Business Plan has been developed to assist both doctors and practice managers understand the potential of their practices. It contains numerous practical tips and advice and identifies the main issues connected to planning and successfully running the practice. It has been identified as an area where practice managers and doctors alike have a keen interest, and a lot of important information is contained in the guide.
Starting a Medical Practice
Starting a practice is probably one of the most significant professional decisions a doctor will undertake during their professional life. “Starting a practice” or to “Buy into an existing practice” is a common goal for many doctors and health professionals.
Buying an Established Medical Practice
Buying a practice should be the best investment for a GP. A mark of a good practice is a demonstrable ability to produce an above average return for its owners. Prospective buyers will be prepared to pay a premium over the value of the practice’s tangible assets to receive that above average rate of return.
Tax Planning for GP’s
Tax planning should be an on-going process whereby commercial issues and developments are constantly monitored and the implications of income and other tax practices considered.
Tax planning is a legitimate activity and occurs constantly throughout a GP’s career. For example, we encourage GPs to pay large super contributions every year, at all stages of their career. The primary purpose is to ensure a financially secure retirement, but like most strategies there are secondary purposes too. In this case the protection of assets (super is protected in bankruptcy) and reducing tax are common secondary purposes.
What Is a Discretionary Trust? [Video]
Using a discretionary trust enables income to be distributed to companies and trusts associated with family members. A discretionary trust enables income with different tax characteristics to be streamed to family members individually. The structure can also be applied to non-family beneficiaries.
10 Principles of Investing
We stand by our ten principles of investing, and they have been our investment philosophy for more than a decade.
Video: 5 Things to Consider Before Hiring for your Medical Practice
Staff are easy to hire but not so easy to fire. This video outlines the considerations you should take when hiring for your medical practice.
Video – Industry Super Funds are Good
Why choose industry super funds? This video introduces industry super funds, the life insurance they offer, investment options and more.
What Are Exchange Traded Funds? (ETF’s)
An introduction to ETF’s (Exchange Traded Funds), their benefits, risks and opportunities.
Video – First Priority: Pay Down Non-Deductible Debt
We are often asked by clients whether it’s more important to reduce non-deductible debt or whether building wealth and investments outside of the family home is more beneficial. The most common compromise to paying off non-deductible debt is making concessional super contributions instead.
Single Touch Payroll – Are You Ready?
Single Touch Payroll (STP) is the new streamlined system for the ATO to receive payroll and superannuation data from employers. Those employing less than 20 staff will need to comply from 1 July 2019.