As a newly self-employed doctor, there are a significant number of considerations that need to be worked through, for example; registering for GST, managing practice obligations, managing tax liabilities and finding new patients. Often, growing wealth at this time can be difficult or become a low priority. When moving into private practice, you become self-employed
Balancing the books is a crucial part of running a successful business and an important part of this is ensuring you meet ATO deadlines for compliance lodgements. The Australian Taxation Office (ATO) provides ‘Key Dates’ for all of the compliance lodgements. However, these deadlines can easily be overlooked by busy business owners which can create
Further to our article published a few weeks ago, ‘Queensland Land Tax Changes – Are you Affected?’, there has been some recent developments in this area. During the recent Prime Ministers National Cabinet Meeting in Canberra, it is reported that the Premier learned that the other states were not going to provide assistance as
With fuel prices on the rise, along with a global environmental awareness, the electric vehicle market in Australia has seen an exponential growth. For small business owners where business vehicles are a common asset with sizable deductions, it is important to know the differences between what can be claimed for a motor vehicle (MV) and
Salary Packaging provides you with a method of using pre-tax funds to pay for certain items with an eligible employer. If you work for a public benevolent organisation, you may be eligible for this benefit (e.g. Public Health, Research Institutes, etc.) What are the benefits Instead of your income being taxed, coming to you, and
With the end of the financial year upon us, it’s a good time for rental property owners to look at different types of rental expenses and deductions. This can help to avoid common tax mistakes and save you time and money. In 2019–20, over 1.8 million Australians owned rental properties and claimed $38 billion in
As we move towards the end of financial year, it becomes important to look at your tax planning and ways that you can maximise your tax savings. These tax planning tips for individuals and businesses will help you cover off some important considerations before the end of the 2021-2022 financial year. RECORD KEEPING Taxpayers are required
Your team are the lifeblood of your medical practice and a key element to the success of your business. When commencing the process of employing staff, there are many factors that must be considered to prepare your business for the recruitment process and to manage the ongoing payroll and employment demands with ease, whilst still
In the world of investing, you may hear various levels of investors referred to as wholesale, sophisticated investors or retail investors in relation to a particular financial product or service. But what does that mean, how can you determine which you are and what are the benefits of each? In this article, Carolyn Duffy, Investment
The 2022-23 budget was handed down this week by Federal Treasurer Josh Frydenberg which encompassed the economic stability Australia is experiencing as it rebounds from the COVID-19 pandemic. Significant tax and productivity reforms were low on the agenda with focus mainly on key spending measures and continuing Australia’s post-pandemic, natural disaster and conflicted international environment
