Our Insights

Locum’s work-related expenses disallowed

Doctors claiming car expenses, meals and incidentals related to working locum shifts need to take care to avoid penalties, following a recent decision by the Administrative Appeal Tribunal (AAT). In the case, a Melbourne-based doctor who regularly undertook locum medical assignments at various hospitals in Victoria and New South Wales, while also working as a
Two recent court decisions have highlighted potential payroll tax risks for medical practices that operate under a shared services model. In New South Wales and Victoria, doctors and optometrists practising as independent sole traders have been deemed employees, allowing the relevant state bodies to issue backdated payroll tax assessments for up to five years and

Is it time for your own private practice?

So, you have completed your training, you are now a consultant and have done a fellowship… what next? If you’re like most medical professionals, chances are you’ve thought about taking the next step in your career by transitioning into private practice. But how do you know when the time is right, and what are the
Walshs 30th anniversary brisbane financal planners

Walshs marks 30 years in business

This month, Walshs celebrates its 30th anniversary. It’s a significant milestone for the company which has grown to become one of Brisbane’s leading fully integrated financial services firms. “Our firm has come a long way since it was founded back in 1991,” Founder and CEO Michael Walsh said. “Watching the firm grow from three staff members
RACS Prep for Practice
If you’re considering a move into private practice, there are a range of decisions you’ll need to carefully navigate to avoid losing money and finding yourself in trouble with the ATO. Whether it is starting with the right business structure, finding funding to establish your rooms, or protecting your growing wealth, Walshs has years of

SMSF End of Financial Year Checklist

As 30 June 2021 fast approaches it is important to ensure the tax planning and compliance issues relating to your self-managed superannuation fund are in order. Set out below are a few matters to consider and take action on where necessary. Contributions The maximum contribution levels for 2020-21 for concessional and non-concessional contributions are: Concessional
We explain the tax implications of transferring money to Australia and why professional advice is so important.   Australian tax law is a complex web of rules and reporting requirements that is constantly being tweaked and reshaped by the federal parliament.   This makes it challenging to keep abreast of the ins and outs that keep you

Business Growth Fund Program

Helping to Grow your Business The Queensland Government funded BGF program provides funding for small and medium-sized businesses who experience high-growth to assist with the purchasing of specialised equipment to further growth potential, increase production, and support employee expansion and higher economic returns. Small to medium sized business owners who are financially sound, and can
The announcement of the Federal Budget delivered on Tuesday night may have left you considering what the main outcomes and implications are to you and your business. The team at Walshs have put together a summary of the key considerations and take-aways from Tuesday’s Federal Budget announcement for you below. As always, we are here

2021 End of Financial Year Tax Tips

As we move towards the end of financial year, it becomes important to look at your tax planning prior to 30 June to maximise your tax savings. As well as this, forward planning for the 2021-22 financial year creates opportunities for greater understanding of tax liabilities, potential tax savings and wealth creation opportunities. We have
In the lead up to the end of the financial year, we have put together our top tips to maximising your tax return for businesses as well as providing updates on single touch payroll reports and how global income should be declared in your tax return. When can your business stop STP reporting? The Australian
By Sharon Aguiar, Senior Accountant, Walshs The NSW and Victorian Office of State Revenue (OSR) have been actively engaging in payroll tax audits for medical and dental practices. The NSW OSR has conducted at least 20 audits in the last 18 months. The problem Broadly speaking, the NSW and Victorian OSRs have held the view