Each year in early May, the Treasurer delivers the Federal Budget and many people across Australia listen intently. The Budget tells us how the government intends to spend its revenue in the coming year – whether it can afford to give us tax cuts and whether it expects to spend more (deficit) or less (surplus)
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Financial planners are often the first port of call for doctors that are seeking advice on investing a lump sum of money. However, that is just the tip of the iceberg. A professional medical financial adviser has the knowledge and skills to help you achieve your goals and objectives by tailoring strategies to specifically address
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As with most things in life, having a system or a process will usually lead to greater efficiency. The same is true when it comes to looking at the yearly cycle of tax and finance. There are 2 keys tax cycles that doctors should be aware of – the financial year of 1 July to
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Just about all medical professionals have the ability to earn good money working away from home on short or long term locum placements, as such the proposed changes to LAFHA legislation could affect you and your colleagues. What are the changes announced by the Australian Government? Two changes were announced in the Government’s mid-year budget
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The 2012 Federal Budget only contained few surprises as many of the measures had already been legislated or pre-announced. The main winners were lTaxsaower income earners, families and the elderly. Summary The key new announcements include: tax may increase on certain employment termination payments the reduction in the company tax rate isn’t going ahead the
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The concept of Personal Services Income and the rules we are about to explain all came about to address the once common practice of using company and trust structures to move income away from a key person to other family members or lower tax rate entities. Let’s start at the beginning, what exactly is regarded
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With the festive season behind us, 2011 has arrived and we now have less than 6 months of the financial year to plan for tax. For medical specialists it is important at this time of the year to review superannuation contributions and ensure that they are heading for the right mark as at June 30.
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No one likes paying tax, possibly the most obvious statement anyone can make about business in Australia, but this does not mean we cannot work within the law to ensure the amount of tax is at its absolute minimum. Medical professionals are high income earners which is reflective of the rate of tax applied against
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One of the biggest surprises a medical business faces in the Australian taxation compliance regime is payroll tax. The old perception that payroll tax is a tax for business with lots of employees has unfortunately created a dangerous misnomer. Payroll Tax is not a federal tax such as income tax and GST it is a
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Well, that is all well and good but we can do better. There are ways within the rules and laws to maximise your return from you medical practice and give you the highest reward for your hard work. Running a medical business through a structure is an important decision to make, possibly the most important
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