Never Thought the ATO Would Get Excited About This
I have known about this for years—more than a decade, in fact—and I am sure I am not the only one. There are probably thousands of accountants out there who think the way I do. For years, we have been hoping and, those who are religiously minded, praying that the ATO never get excited. I […]
Joint tenants vs tenants in common – What do you choose?
Few people can afford to buy a property alone. If you are a couple, the chances are you will buy together. If you are not a couple, you could buy with parents, other siblings, or even friends. When you purchase a home with someone else, there are two ways of organising the ownership: either via […]
Qld Government’s Payroll Tax – A Milestone?
Well, well, well. Queensland has become the first state to abolish payroll tax for medical practices. Cue the confetti and champagne. Or maybe not—because, frankly, this entire payroll tax saga has been the bureaucratic equivalent of repeatedly crashing a reasonably priced car into a wall, fixing it up, and then crashing it again for no […]
9 Out of Every 10 Landlords Submit a False Tax Return. The ATO is Not Happy
This is according to the ATO. Now, I don’t always believe the ATO, and I know that many tax returns relating to landlords are completed by tax agents, including myself, so I don’t like being accused of falsifying legal documents. Nevertheless, landlords have been warned that the ATO is being vigilant when it comes to […]
I Want to Pay Less Tax!
When I attended my first medical conference, my idea of getting medical professionals to come to our stand was to promote asset protection and wealth. It did work, but not as much as I expected. Then, we put up a massive board in big letters on the second day. All it said was: ‘’DO YOU […]
It’s a gift …. Or a loan…..
As you know, Australia is a country built on immigration. In fact, many medical professionals were trained and qualified overseas, specifically from the UK, Asia, and Africa. That may mean that many medical professionals hold assets abroad or generate income abroad. According to Australian tax law, an Australian taxpayer is liable for their worldwide income […]
Will PSI send you to jail?
You all know about the ATO. Many of you need to learn that there is also another organisation called the Tax Practitioners Board (TPB). This is the accountant’s version of AHPRA. New rules mean accountants may have to report you if you do not follow them. Or the TPB will send us accountants to jail. […]
Use that Tax Cut Wisely …..
The Government has made a big deal about the tax cuts that came into effect on 1 July 2024. From the way they were reacting, you would think that the Government front bench is full of geniuses with an IQ higher than infinity. There are many undeserved high 5s. Which is strange. That is because […]
Payroll Tax! What the **** is “Services to the Public?”
Yeah ….. I know payroll tax is now getting cumbersome. You are at the point where you would rather have haemorrhoids than deal with payroll taxes. One of my clients just looked at me exacerbated, saying, “I have had enough. I am over it. I think I will just pay for it.” Honestly, the whole […]
Calling all Doctors …… We Need You!
As many of you know, I love money and wealth, but I also believe in being fulfilled. In my line of business, I see many medical professionals. From the outside, they seem to have it all: nice big houses, flashy cars, fancy eating joints, branded clothing, and expensive private schools. And although you also know […]