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RISKS AND BENEFITS OF CREATING A JOINT ACCOUNT

RISKS AND BENEFITS OF CREATING A JOINT ACCOUNT

Joint accounts can make it easier to manage shared expenses, but sharing access to your money can be risky.BENEFITS A shared account will make it easier to pay shared expenses which are common in households with two income earners. Having one account rather than two...

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Business Costs Assistance Program

Business Costs Assistance Program

The Victorian Government has announced a package to support eligible small businesses, including sole traders, in highly impacted sectors impacted by the circuit breaker action in Victoria to help recover costs incurred as a result of the lockdown. Small businesses in...

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PAYROLL TAX

PAYROLL TAX

The Coronavirus has presented a fast evolving and significant challenge to global health systems and economies. The Government has acted decisively in the national interest to support households and businesses and address the significant economic consequences of the...

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SOLE TRADER SUPPORT FUND

SOLE TRADER SUPPORT FUND

The Victorian Government’s Sole Trader Support Fund helps eligible non-employing businesses in sectors that continue to be affected by coronavirus (COVID-19) restrictions. The roadmaps show that many sectors will remain closed, restricted or heavily restricted as...

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COVID-19 Land Tax Relief

COVID-19 Land Tax Relief

Various relief measures and initiatives have been introduced by the Government over the last 6 months in response to the COVID-19 pandemic. One of these initiatives has been to introduce land tax relief by way of deductions, deferrals and in some cases waivers for...

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JOBKEEPER 2.1

JOBKEEPER 2.1

The Government’s JobKeeper Payment will help keep more Australians in jobs and support businesses affected by the significant economic impact of the Coronavirus. On 21 July 2020, the Government announced an extension of the JobKeeper Payment until 28 March 2021,...

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Vic Business Support Fund Expanded

Vic Business Support Fund Expanded

The Victorian Government has announced that Stage 3 ‘Stay at Home’ restrictions will be in reinstated across metropolitan Melbourne and Mitchell Shire with restrictions in place for at least the next six weeks. Businesses within metropolitan Melbourne and Mitchell...

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Jobkeeper Business Participants

Jobkeeper Business Participants

Following its release of step-by-step instructions for business owners looking to apply for JobKeeper Payment, the Tax Office has now published guidance for sole traders and businesses that operate in the form of a company, trust or partnership. Sole traders and some...

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RISKS AND BENEFITS OF CREATING A JOINT ACCOUNT

RISKS AND BENEFITS OF CREATING A JOINT ACCOUNT

Joint accounts can make it easier to manage shared expenses, but sharing access to your money can be risky.BENEFITS A shared account will make it easier to pay shared expenses which are common in households with two income earners. Having one account rather than two...

read more
Business Costs Assistance Program

Business Costs Assistance Program

The Victorian Government has announced a package to support eligible small businesses, including sole traders, in highly impacted sectors impacted by the circuit breaker action in Victoria to help recover costs incurred as a result of the lockdown. Small businesses in...

read more
JOBKEEPER 2.1

JOBKEEPER 2.1

The Government’s JobKeeper Payment will help keep more Australians in jobs and support businesses affected by the significant economic impact of the Coronavirus. On 21 July 2020, the Government announced an extension of the JobKeeper Payment until 28 March 2021,...

read more
Vic Business Support Fund Expanded

Vic Business Support Fund Expanded

The Victorian Government has announced that Stage 3 ‘Stay at Home’ restrictions will be in reinstated across metropolitan Melbourne and Mitchell Shire with restrictions in place for at least the next six weeks. Businesses within metropolitan Melbourne and Mitchell...

read more
Jobkeeper Business Participants

Jobkeeper Business Participants

Following its release of step-by-step instructions for business owners looking to apply for JobKeeper Payment, the Tax Office has now published guidance for sole traders and businesses that operate in the form of a company, trust or partnership. Sole traders and some...

read more
The Shortcut Method – Working from Home

The Shortcut Method – Working from Home

Working from home? You’re now eligible for a new 80 cents per hour tax shortcut. The ATO has announced new rules which will make it easier for Australians to work from home during the Coronavirus lockdown. The new “Shortcut Method” allows people to claim 80 cents per...

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Providing support for retirees

Providing support for retirees

We want to make sure you are aware of the changes in the minimum pension rules recently introduced because of COVID19. Providing support for retirees To assist retirees to manage the impact of volatility in financial markets on their retirement savings the Government...

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Guide to Preparing a Medical Practice Business Plan

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.

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Buying an Established Medical Practice

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.

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Tax Planning for GPs

Tax Planning for GPs

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.

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What is a discretionary trust [Video]

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.

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