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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...
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...
CHRISTMAS – EMPLOYEE GIFTS AND PARTIES
As the silly season is upon us once again it is probably appropriate to provide some reminders as to the tax consequences of making gifts to and holding Christmas parties for your employees.
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...
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...
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...
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,...
BUSINESS SUPPORT FUND – ROUND 3
On September 13 the Victorian Government announced the Business Resilience Package - $3billion in cash grants, tax relief and cash flow support that will be delivered to Victorian Businesses most affected by the COVID-19 restrictions. The package is aimed at helping...
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...
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...
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...
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...
CHRISTMAS – EMPLOYEE GIFTS AND PARTIES
As the silly season is upon us once again it is probably appropriate to provide some reminders as to the tax consequences of making gifts to and holding Christmas parties for your employees.
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,...
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...
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...
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...
JobKeeper Payment – What comes next and what you need to do
With the JobKeeper Payment legislation being passed through Parliament last Thursday the ATO has now provided more details on how the process will work. For background information on the JobKeeper Payment please see the Treasury JobKeeper Payment summary The JobKeeper...
Making your JobKeeper payments through Xero Payroll
With the JobKeeper Payment being approved by Parliament last Thursday and the first fortnightly pay period already finished as of the 12 April, if you are an employer you do need to be getting organised. Please see our recent communication regarding how to register...
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...
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 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]
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.
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.
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?
An introduction to ETF’s (Exchange Traded Funds), their benefits, risks and opportunities.
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.