When it comes to medical accounting, medical practices have unique concerns and needs. Here, we detail five ways to help keep your practice’s accounts healthy. First, hire a bookkeeper to help keep your medical accounting on track. Second, regularly review your internal accounts procedures. Third, invest in good medical accounting software. Fourth, use accounting data
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
If you’re considering a move into private practice, the process can certainly be a daunting prospect. There are many decisions to make, including the navigation of any financial pitfalls and long term planning to ensure financial success. Whether it’s starting with the right business structure, finding funding to establish your rooms, or protecting your growing
Buying into a Medical Practice partly or wholly can be a very daunting task which is generally capital intensive, but when performed correctly it can create a great investment vehicle which will continue to provide community health for future generations. The purpose of completing a due diligence is to confirm the facts provided by the
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
It’s Fringe Benefits Tax (FBT) time again and this FBT year will end on 31 March 2022. If you provide your employees with a benefit other than salary, wages, bonuses and superannuation, it’s likely you are providing Fringe Benefits to your employees. You could also be providing benefits under tax law, to employees’ family and
From 1 July 2016 investors have been able to benefit from the Early-Stage Innovation Company (ESIC) incentives for qualifying investments. The tax incentives available are: A non-refundable carry forward tax offset of up to $200,000 in any one income year Capital Gains Tax (CGT) exemption or reduction on eligible investments. Qualifying for the tax
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
