I got my team to estimate what our clients are worth. This was done scientifically with nuclear missile precision. Except no science was involved. And we had no idea how accurate our missile really was. More like a WWII bomber really. But here’s the thing. We analysed the results & realised it was not as..
But the stock market has gone berserk, yet everyone seems to be talking about the economy not firing on all cylinders. It’s all very confusing. It’s the same with taxes. Yes, the government has pushed through it’s tax cuts but when I ask my #medical clients what they think it means I get a blank..
I always tell my medical clients who own a business they need to be clear on their numbers. They need to include their team too. Most don’t. They fear that anarchy will follow. It may be true. Mostly it’s not. It’s true when the team culture is not right or dysfunctional. There’s is no clarity...
If 2/3rds of your team quit, you would not be able to operate. If 2/3rds of your patients left you can still operate albeit with financial pain. Poor staff morale can destroy any enjoyment that may come from running or being an independent doctor in a practice. Staff can create ‘bad vibes’ in the office..
A recent decision has clarified the way personal/carer’s leave accrues and is taken under the Fair Work Act 2009. If you engage full time or part time employees and are covered by the Fair Work Act 2009, this decision will likely require you to change your current personal/carer’s leave practices. What do you need to..
The ATO considers the lodgment of an SMSF’s annual return on time to be a fundamental part of an SMSF trustee’s obligations. Consequently, from 1 October 2019, if an SMSF is more than two weeks overdue on any annual return lodgment due date and hasn’t requested a lodgment deferral, the ATO will change their status..
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..
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...
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..
