© MEDIQ Financial Services - a Corporate Authorised Representative of MEDIQ Wealth Services Pty Ltd AFSL 529906 for Investment, SMSF and Risk Insurance Advice.
Liability limited by a scheme approved under Professional Standards Legislation
February 10th, 2014
Medical doctors working outside of hospitals have sighed in relief, as an Australian Financial Review article published September 23, 2014 details encouraging information for doctors and other self-employed professionals. It writes:
“Within a day of being sworn into a portfolio that has been elevated to cabinet status, Minister for Small Business Bruce Billson warned that the ATO – along with the Fair Work Ombudsman and the construction watchdog – should stick to the letter of law in their treatment of independent contractors.
“We’ll be having those discussions with the ATO and we’ve already had early discussions within the Treasury with officials about this area,” Mr Billson told The Australian Financial Review.
“We’ve had examples raised with us that the ATO has denied a business an ABN for reasons that were not clear but there is no avenue to appeal,” he said.
He said self-employed people in the professional services sector were particularly vulnerable. “So then you can’t have a business name and your ambition to be self-employed is cut off at the pass,” Mr Billson said.”
The move made by the newly sworn minister is sure to give some breathing room for medical professionals and accountants for doctors in Melbourne who are working hard to effectively meet the harsh requirements of the ATO.
Doctors working beyond the walls of a hospital, like other self-employed professionals, have a lot of financial issues to handle. They have to handle taxation, retirement savings, and income management all by themselves. Such tasks can become daunting for a professional who deals with the lives of his/her patients.
This is why these professionals should hire a trusted accountant for doctors like those working with MEDIQ Financial Services. These professionals can expertly handle the financial peculiarities that come with the profession of medicine, and can help them set up better financial plans.
Doctors who are too busy saving lives should seek professionals to help organize theirs. Medical professionals should not hesitate and ask a specialized accountant to learn more details.
(Source: ATO told to end ‘attack’ on self-employed, Australian Financial Review, September 23, 2013)