Super guarantee opt-out for high earning Medical Professionals
From 1 January 2020, medical professionals who have multiple employers can apply to opt-out of receiving super guarantee (‘SG’) from some of their employers, to help them avoid unintentionally going over the concessional contributions cap and paying more taxes. They have to submit an ATO form to apply for a certificate, which they give to […]
Payroll tax for medical and healthcare providers!
If you operate or manage a medical, healthcare or dental clinic this piece may scare the living daylights out of you. A recent case in Victoria determined that clinics engaging independent contractors need to pay payroll tax. The Victorian Revenue Office applied payroll tax to the payments made by the clinic to its medical contractors. […]
How to Save Tax, Benefit And Create Wealth at the Same Time
We all hate paying tax although we all know we need to pay it for the benefit of our nation. Yes, we all know that governments are not best at spending our money efficiently or effectively but we also know we would not have the health system in Australia that we do without taxes. Some […]
How to Work Less & Have More Fun?
This question really is the Holy Grail, isn’t it? It is after all what everyone wants so you would have thought that mankind would have worked out the answer by now. Well, it has. The issue is that in order to work less and have more fun you need to have a certain mindset. And […]
Minimum Wage Decision
The Minimum Wage Panel (“Panel”) has today handed down its tenth minimum wage decision which increased the National Minimum Wage, together with all Modern Award minimum rates of pay. The ACTU called for a $43.15 a week increase arguing it was incumbent on the Panel to make a decision that would lead the market and make […]
Fear usually stops us doing things we know we should do. We make all kinds of excuses – I am too old. I have no money. I can’t ….. etc etc.
What is the most damaging thing that can happen to your medical business or your independent doctor income?
Well, if the medical practice or your medical income is dependent upon you then if for whatever reason you are unable to work what happens? So I like to think that my business can operate on its own. I have a great team which allows me to not work on Fridays and I am about […]