Over the years we have seen some tax deductions that we think are a bit far-fetched.
The ATO published some ‘interesting’ claims that they disallowed last financial year. • Claims for Lego sets as gifts • Sporting equipment/ membership fees children • Dental expenses (a nice smile was essential to the work they do) • A particularly “charitable” taxpayer who purchased a car as a gift for their mother; • A […]
Opps… Health Engine has been caught altering negative patient reviews.
Opps… Health Engine has been caught altering negative patient reviews and publishing them as “positive customer feedback”. It could explain why you went to a practice and came away disappointed. After reading a good review you have certain expectations. A Fairfax Media investigation found 53 per cent had been changed in some way. HealthEngine says […]
The ATO published some ‘interesting’ claims that they disallowed last financial year.
Over the years we have seen some tax deductions that we think are a bit far-fetched. The ATO published some ‘interesting’ claims that they disallowed last financial year. • Claims for Lego sets as gifts • Sporting equipment/ membership fees children • Dental expenses (a nice smile was essential to the work they do) • […]
How to keep #wealth and give it to those who are dearest most?
The answer is not what it seems. The best way is to not have assets in your personal name but in trusts/ companies. We like trusts for flexibility. The only thing that should be in your personal name is probably the home you live in. The problem is most medical professionals whether they are #GPs, […]
3 fundamental things to create long term income & wealth
I always tell my medical professional clients that to create long term income & wealth you need 3 fundamental things in place: 1. A Great Foundation 2. An Understanding of your Figures & 3. Strategy to Invest and exiting But within these three there’s a bit more. Foundation – You need to understand & review […]
What have I learned with Mr. Richer
There is a retailer in the UK called Richer Sounds – they sell electrical items and have a turnover of about A$290M. It is run by Julian Richer. I have been following him for a while. He started his own business aged 19. In the last 40 years, he says one of the biggest lessons […]
Is it time to divorce your accountant?
Getting the right one can make an enormous difference to you. It’s not all about tax. Many stay through fear, friendship or loyalty. If they were a true friend your taxes would be low and you would have a strategy for wealth and income. As for loyalty. Is it one way? Because if you have […]
It’s great when experience intervenes to make you see a problem
It’s great when experience intervenes to make you see a problem or frustration you never thought was a big issue. A practice owner client & I sat and discussed business. I brought up a topic he hates – reducing waiting times. No action had been taken in the last 6 months to reduce this. ‘Nothing […]
Long term income depends on the right structure.
I sat down with a GP who owes a practice who were happy with their existing accountant but lacked proactive advice. On review, their structure looked wrong because of a lack of understanding of the industry. The practice was a company with the GP as the sole owner. That would be fine if he was […]
Don’t stop getting the ultimate goal!
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. Sometimes though you all need is a bit of determination and purpose. In January I went on a medical mission in the Philippines. There […]