Latest

Business Costs Assistance Program – June 2021

Business Costs Assistance Program – June 2021

The Victorian Government’s $371 million Business Costs Assistance Program Round Two will assist eligible small to medium businesses most affected by the restrictions in place due to COVID19. The grant amount payable to an eligible business is determined by the...

read more
BINDING FINANCIAL AGREEMENT PROS AND CONS

BINDING FINANCIAL AGREEMENT PROS AND CONS

A binding financial agreement could be beneficial to partners with many solely owned assets. A binding financial agreement is similar to a prenuptial agreement. It is a contract between a married or de facto couple that sets out how their finances will be separated if...

read more
Car Expenses

Car Expenses

What’s under the bonnet? If you use your own car for work purposes (this may be a car you own, lease or hire under a hire-purchase agreement), you can claim a deduction using either the cents per kilometre method or logbook method. You can claim a deduction for car...

read more
Winding Up Your SMSF

Winding Up Your SMSF

Towards retirement, individuals may consider switching from their self-managed super fund (SMSF) to a different type of super fund. There are 2 key reasons why an SMSF fund may not be ideal towards and during retirement: SMSF funds are time-consuming and require the...

read more
Choosing The Right Income Protection Policy

Choosing The Right Income Protection Policy

Income protection pays part of your income so that you can focus on getting better rather than trying to make ends meet. Each company can define partial or total disability differently, and you need to meet these requirements if you are to receive benefits. Check the...

read more
Doctor, Specialist or Other Medical Professional

Doctor, Specialist or Other Medical Professional

If you’re a Doctor, specialist or other medical professional, it pays to learn what you can claim at tax time To claim a deduction for work related expenses you must have spent the money yourself and weren’t reimbursed it must be directly related to earning your...

read more
Why You Should Not Assess Risk Yourself

Why You Should Not Assess Risk Yourself

The importance of diversifying your portfolio is constantly reiterated, but how do you determine how to diversify? Portfolios should have low-risk and high- risk investments. Low-risk investments are bonds, fixed annuities, etc. while high-risk investments are...

read more
Introduction to Discretionary Trust

Introduction to Discretionary Trust

A discretionary trust is also known as a family trust. This is significant because the beneficiaries are all, or predominantly, members of the same family. The name ‘discretionary trust’ is derived from the role performed by the trustee.

read more
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.

read more
Business Costs Assistance Program – June 2021

Business Costs Assistance Program – June 2021

The Victorian Government’s $371 million Business Costs Assistance Program Round Two will assist eligible small to medium businesses most affected by the restrictions in place due to COVID19. The grant amount payable to an eligible business is determined by the...

read more
BINDING FINANCIAL AGREEMENT PROS AND CONS

BINDING FINANCIAL AGREEMENT PROS AND CONS

A binding financial agreement could be beneficial to partners with many solely owned assets. A binding financial agreement is similar to a prenuptial agreement. It is a contract between a married or de facto couple that sets out how their finances will be separated if...

read more
Car Expenses

Car Expenses

What’s under the bonnet? If you use your own car for work purposes (this may be a car you own, lease or hire under a hire-purchase agreement), you can claim a deduction using either the cents per kilometre method or logbook method. You can claim a deduction for car...

read more
Winding Up Your SMSF

Winding Up Your SMSF

Towards retirement, individuals may consider switching from their self-managed super fund (SMSF) to a different type of super fund. There are 2 key reasons why an SMSF fund may not be ideal towards and during retirement: SMSF funds are time-consuming and require the...

read more
Choosing The Right Income Protection Policy

Choosing The Right Income Protection Policy

Income protection pays part of your income so that you can focus on getting better rather than trying to make ends meet. Each company can define partial or total disability differently, and you need to meet these requirements if you are to receive benefits. Check the...

read more
Doctor, Specialist or Other Medical Professional

Doctor, Specialist or Other Medical Professional

If you’re a Doctor, specialist or other medical professional, it pays to learn what you can claim at tax time To claim a deduction for work related expenses you must have spent the money yourself and weren’t reimbursed it must be directly related to earning your...

read more
Why You Should Not Assess Risk Yourself

Why You Should Not Assess Risk Yourself

The importance of diversifying your portfolio is constantly reiterated, but how do you determine how to diversify? Portfolios should have low-risk and high- risk investments. Low-risk investments are bonds, fixed annuities, etc. while high-risk investments are...

read more
Introduction to Discretionary Trust

Introduction to Discretionary Trust

A discretionary trust is also known as a family trust. This is significant because the beneficiaries are all, or predominantly, members of the same family. The name ‘discretionary trust’ is derived from the role performed by the trustee.

read more
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
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.

read more
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.

read more
Tax Planning for GP’s

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.

read more
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.

read more