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At least 50% of medical practices have some form of financial internal control issue. That is my experience, based on talking with hundreds of practice owners and practice managers. For example: One person controls the invoicing and bill payments One person rosters staff, approves timesheets and handles payroll One person handles receipting and doctor income recs That’s why we’ve created this practical checklist; your go-to tool for tightening controls, identifying vulnerabilities, and maintaining peace of mind. Here’s how it works: Review each item and confirm it’s in place by giving it a satisfying tick. If you notice a gap, don’t panic; simply appoint a responsible person to address it and set a target date for action. Make it part of your annual routine or pull it out whenever there’s a shake-up in key staff. If you have any questions after downloading the checklist, feel free to reach out to us at GrowthMD. We’re here to help you safeguard your practice’s financial health.

The rules around payment surcharging are changing, and for medical practices, this could have a significant impact on how you manage payments and maintain profitability. From 1 October 2026, businesses across Australia will no longer be allowed to add surcharges to payments made via major card networks. While this simplifies things for patients making payments, it raises a critical question for practices: how do we absorb these costs without impacting bottom-line performance? At GrowthMD, we’ve heard these questions from practices just like yours: How will the surcharge ban affect our profitability? What changes do we need to make to handle this effectively? What are the best solutions for our unique payment setup? To help you navigate this shift confidently, we’ve put together a comprehensive merchant surcharge ban guide including a checklist that breaks down everything you need to know. This guide is specifically for medical practice owners facing these changes. The insights are tailored to the unique financial and operational challenges of healthcare practices. Don’t wait until the last minute to prepare your practice for these changes. Access the guide now to gain a clear understanding of the upcoming rules and how your practice can adapt effectively. The card surcharge ban may seem like a challenge, but with the right strategies, it’s also an opportunity to revisit and optimise key aspects of your payment systems. If you have any questions after reading the guide, feel free to reach out to us at GrowthMD. We’re here to help you navigate this transition and safeguard your practice’s financial health.

Will the new superannuation borrowing rules affect your plans to purchase a medical practice? The Federal Government has passed changes to limited recourse borrowing arrangements, with the new rules taking effect from 10 August 2026. From that date, SMSFs will no longer be able to enter into new LRBAs to purchase residential property. "Good news for practice owners: SMSFs can still borrow to acquire qualifying business premises. So, while the rules are changing, your plans don’t have to." What does this mean for practice owners? An SMSF may still be able to use an LRBA to purchase practice premises and lease them back to the practice on commercial terms. It may also be possible for an SMSF to acquire business premises that are already owned personally or by another related entity. This can release equity from the property, although capital gains tax, transfer duty, valuation and superannuation contribution rules all need to be considered before proceeding. Small business capital gains tax concessions may also be available in certain circumstances. How does an LRBA work? An LRBA allows an SMSF to borrow money to acquire a single asset, such as practice premises. The property is held in a separate holding trust while the loan remains outstanding. The SMSF receives the rental income and benefits from any increase in the property’s value. The arrangement is described as limited recourse because if the loan is not repaid, the lender’s rights are generally limited to the property acquired, rather than to the SMSF’s other assets. However, lenders may still require personal guarantees, so the broader financial risks should also be considered. Does the property qualify? For an SMSF to acquire premises from a related party, the property must generally qualify as business real property. A medical centre, consulting suite or other premises used to operate a medical practice will often meet this definition. However, not every property described as commercial will automatically qualify. Additional care may be required where the property: Includes a residential component; Is used partly for private purposes; Is vacant or not yet being used in a business, or Has mixed uses or multiple occupants. We recommend confirming the property’s eligibility before entering into any contract or finance arrangement. What if you already have an LRBA? Existing LRBAs are generally not affected by the new restrictions and may continue under the existing framework. Refinancing may also remain available, although advice should be obtained before changing the lender, loan terms or ownership structure. Understand the costs Establishing an LRBA involves legal, lending and accounting costs, often totalling several thousand dollars. There are also ongoing compliance requirements for the duration of the loan, including the separate holding trust, commercial leasing arrangements, annual SMSF accounting and audit obligations. These costs should be weighed against the long-term benefits of holding the property within superannuation. Considering purchasing your practice premises through your SMSF? The new rules should not, by themselves, prevent medical practice owners from borrowing through an SMSF to purchase qualifying practice premises. GrowthMD can assist with the tax, structuring and compliance aspects of the arrangement, including: Confirming how the proposed structure may operate; Considering the tax implications of transferring existing premises; Modelling the cash-flow and entity impacts; and Working alongside your solicitor, finance broker and licensed financial adviser. Because establishing an SMSF and borrowing to purchase property are financial products and investment decisions, you should obtain personal advice from a licensed financial adviser before proceeding. This article contains general information only and does not constitute financial or legal advice. GrowthMD is a registered tax agent and does not hold an Australian Financial Services Licence. Please obtain advice from a licensed financial adviser before making any investment decision, including borrowing through an SMSF.

The most profitable GP practices are not the busiest, the oldest, or the ones with the largest patient lists. They are the ones where the owner has built deliberate habits around the business side. They know their numbers. They have chosen the right structure for the practice they have now and the one they want in five years. They build their team and their systems deliberately. They make time to lead, knowing the business side does not run itself in the gaps between consults. This guide is built around the five areas that matter most to practice owners navigating a complex environment in 2026: The financial metrics that separate profitable practices from busy ones are grounded in benchmark data from top-performing GP practices. Structure and tax planning, including the work required in light of the 2026-27 Budget. Business leadership and operating as the CEO of your practice. The financial system's modern practices run on.

The 2026-27 Federal Budget is one of the most significant overhauls of the Australian tax system in nearly three decades. In a single night, the Government has reshaped the rules around capital gains, negative gearing, trust distributions, superannuation, electric vehicles, research and development, and cost-of-living measures. For practice owners and health professionals, there is barely a corner of your financial world that hasn't been touched in some way. What makes this Budget particularly complex is that the changes don't sit in isolation. The CGT changes magnify the negative gearing changes, which in turn interact with the new trust rules. The combined effect is considerably larger than any single measure on its own, and the right response will depend on how the pieces fit together in your specific situation. Many of the details are still subject to clarification and legislation, but the direction is clear. Good advice will be key to ensuring you're well-positioned and don't end up paying more tax than you need to as the new rules take effect. Capital Gains Tax Returns to Indexation The centrepiece of the Budget is the replacement of the 50% CGT discount with cost base indexation for gains arising on or after 1 July 2027, combined with a new 30% minimum tax on net capital gains. This is effectively a return to the rules that applied in Australia from 1985 to 1999, and it applies to all CGT assets held by individuals, trusts, and partnerships. The 50% CGT discount continues to apply to all gains arising before 1 July 2027, regardless of when the asset was purchased. Investors in new residential builds can choose between the 50% discount and indexation, whichever produces the better outcome. For assets sold after 1 July 2027, gains accrued before that date still receive the 50% discount, while the post-2027 portion is reduced only by indexation. Example Kelly bought an investment property eleven years ago for $500,000. By 30 June 2027, it's worth $1 million, and she eventually sells it in 2037 for $2 million. Under the current rules, the full $1.5 million gain qualifies for the 50% CGT discount, resulting in a tax bill of around $353,000. Under the new rules, the gain is split. The pre-July 2027 portion still gets the 50% discount, while the post-2027 portion is reduced only by indexation. Because indexation only lifts the cost base in line with inflation, more of the gain ends up taxable. The total tax bill comes in at around $408,000, which is roughly $56,000 more for the same property. Selling before 30 June 2027 would produce a much smaller tax bill today, around $118,000, but it also means giving up another decade of potential growth. Whether that trade-off makes sense depends on Kelly's broader circumstances. *Figures are illustrative only, assume CPI of 3% per annum and a 47% combined rate, and are subject to final legislation. What the CGT Changes Mean for Business Owners If you've spent years building a valuable practice, the rules under which you will eventually sell that business have just been rewritten. The biggest issue is likely to be goodwill. When you build a practice from scratch, the goodwill that develops over time has a cost base of zero. Under the current rules, the entire goodwill gain qualifies for the 50% CGT discount on sale. Under the new rules, any growth in your goodwill from 1 July 2027 onwards is reduced only by indexation, and a percentage uplift on zero is still zero. Every dollar of post-2027 goodwill gain will be fully taxable at up to 47% combined, unless it can be reduced under the small business CGT concessions. In practical terms, the tax on that portion of your goodwill is effectively doubled. If you've built your practice over fifteen or twenty years, goodwill is typically the single largest asset in a sale, so this could mean a material reduction in the after-tax proceeds available to fund the next stage of your life. Small Business CGT Concessions Still Apply, But Are Worth Less The Small Business CGT Concessions, including the 50% active asset reduction, the $500,000 lifetime retirement exemption, and the 15-year exemption, all remain available and continue to be among the most valuable concessions in the Australian tax system. The catch is that with no reduction on a zero cost base, your starting gain is larger, and the concessions apply to a higher taxable amount. They still help, they're just working harder on a bigger number. Is Your Business Structure Still Right? The Budget confirms expanded rollover relief for three years from 1 July 2027, specifically to support businesses wishing to restructure out of discretionary trusts into a company or fixed trust without triggering a CGT liability on transfer. This is a genuine and time-limited opportunity. If you currently operate your practice through a discretionary trust or as a sole trader, the question of whether your structure still makes sense is now more pressing. The historical advantages of trusts have narrowed, and company structures are relatively more competitive than they've been in the past 25 years. The right answer depends on your specific circumstances, and it's a conversation worth having well before the rollover window closes. A New 30% Minimum Tax on Discretionary Trusts From 1 July 2028, trustees of discretionary trusts will be required to pay a minimum tax of 30% on the trust's taxable income. Beneficiaries (other than corporate beneficiaries) will receive non-refundable credits, similar in concept to franking credits. Where the credit exceeds a beneficiary's actual tax liability, the excess is permanently lost. A good number to know is that the break-even point is approximately $131,600 in beneficiary income. Every beneficiary earning below that level results in some portion of the trust's tax being unrecoverable. The Budget announcement raises more questions than it answers. The treatment of corporate beneficiaries is unclear, and the announced exclusions (primary production income, vulnerable minors, existing testamentary trusts) will need precise legislative definition. Draft legislation is expected in the second half of 2026, and we advise against making planning decisions based on the announcement alone. Negative Gearing: Existing Properties Protected Existing investment properties are fully grandfathered. If you already own a negatively geared investment property, your ability to offset losses against other income continues unchanged for as long as you hold that property. The new rules apply to established residential properties acquired after 7:30pm AEST on 12 May 2026, and take effect from 1 July 2027. Losses from these properties will only be deductible against rental income or capital gains from residential property, not against salary or wage income. Newly constructed properties remain exempt and continue to be fully negatively geared. If you are considering another investment property purchase, the rules have changed in ways that affect both your ongoing cash flow and your future capital gains position. The economics of a new build versus an established property are now materially different and require new analysis. Good News for Companies From 1 July 2026, the loss carry-back returns for companies with aggregated global turnover under $1 billion. If your company paid tax in 2024-25 or 2025-26 and incurs a revenue loss in 2026-27 or later, that loss can be applied against the earlier tax paid and refunded in cash, subject to the company's franking account balance. This is particularly valuable for companies that were profitable in recent years but are expecting to experience a downturn. From 1 July 2028, small start-up companies with annual turnover under $10 million will be able to convert losses in their first two years of operation into a refundable tax offset, capped at the value of FBT and PAYG withholding on Australian wages. The ATO will pay out the offset as cash even where no tax has previously been paid. What Should You Do Now? Some measures take effect immediately, others from 1 July 2026, 2027, or 2028. The right response will vary for each practice or taxpayer, depending on your group structure, how long you've held your investments, and current business conditions. As more details become available, we'll be providing further information to our clients most directly affected. None of these issues need to be resolved overnight, but each will require careful planning once the full picture is clear. As always the team at GrowthMD will be ready to help you navigate through the changes. *This article is based on the Federal Budget announcement of 12 May 2026. Many measures remain subject to draft legislation, and final details are yet to be confirmed. This article is general information only and is not advice. Please contact GrowthMD to discuss how these measures may apply to your specific circumstances.

From 1 July 2026, Australia’s anti-money laundering and counter-terrorism financing rules (AML/CTF) are getting a major upgrade. AUSTRAC (the regulator) is expanding the net to include more industries, including accountants, under what’s commonly called “Tranche 2” reforms. Anti-Money Laundering Legislation Here’s the practical, no-nonsense summary of what’s happening, why it’s happening, and what it means for you. What’s happening? Australia is extending AML/CTF rules to more professions that can be used (sometimes without knowing it) to move or hide dirty money. From 1 July 2026, AML/CTF obligations will apply to more “service providers,” including: Accountants and bookkeepers (certain services) Lawyers Real estate professionals Dealers in precious metals/high-value goods These newly captured industries will need to comply with formal AML/CTF requirements similar to those already in place for banks. Why is it happening? In plain terms, Australia is tightening the system to reduce financial crime. This isn’t about making life harder for honest businesses; it’s about making it harder for criminals to hide in normal transactions. What does it mean for you? 1. You’ll likely notice more ID and “who owns what” questions Because accountants (and other advisors) are being brought into the AML/CTF regime, you should expect more checks when you: onboard as a new client set up a new company/trust restructure ownership buy/sell a business deal with higher-risk transactions or unusual payment patterns This is called Customer Due Diligence (CDD), basically identity checks plus understanding the real decision-makers behind a business (beneficial owners). Practical examples of what we may need from you: Driver’s licence/passport (and sometimes secondary ID) Company/trust documents Details of directors, trustees, shareholders, and beneficiaries Basic explanation of the nature of your work and typical payment flows We will request that you and all individuals involved complete a Digital ID Verification through 3rd-party software. Company/trust documentation, including variations, will need to be provided prior to any work commencing. 2. Payments and transactions may get more scrutiny If something looks unusual (for example, odd third-party payments, unexplained large cash amounts, unusual overseas flows), firms will be required to consider whether it needs to be reported to AUSTRAC. This doesn’t mean you’ve “done something wrong”; it means the system requires professionals to actively monitor and report certain red flags. What we’re doing. We’ll be adjusting our onboarding and ongoing client processes so we stay compliant without creating a paperwork circus. Next steps If you’ve got multiple entities (trust, company, SMSF, etc.), be ready to confirm who owns/controls what. If your business touches property transactions or other high-value dealings, ask us to review whether you’re directly captured.

Too often, the warning signs are missed until it’s too late. Fraud, theft, and financial mismanagement happen in healthcare practices more frequently than most want to admit, and many practice owners are unaware it’s happening right under their noses. Phantom billing at the front desk. Personal expenses slipping discreetly into the business account. Cash disappearing from the drawer. What do these have in common? They all thrive in environments where one person is left to run the show, unchecked. How To Fraud-Proof Your Practice Dr Todd Cameron asked me to shine a light on where medical and allied health practices are exposed, and share no-nonsense solutions to keep your finances secure. Red Flags Every Practice Owner Should Know: Learn the subtle signs of internal fraud that can signal bigger issues beneath the surface. Acting early means safer outcomes for your practice. Why “One-Person-Control” is Your Biggest Risk: Discover why too much trust and too little oversight puts your entire operation at risk, and exactly how to shift to a safer, more sustainable model. The Power of Separation: Simple adjustments to separate financial duties ensure no single team member controls the full chain. We’ll show you how to implement this, no matter the size of your practice. The 20-Minute Meeting That Changes Everything: See how a fortnightly financial check-in can provide clarity, transparency, and confidence, with only a minimal time investment. Managing Cash in the Digital Age: From the petty cash box to larger cash receipts, the risks can be higher than you realize. Learn why moving cashless isn’t just modern, it’s safer. Protecting Against Phishing and Invoice Fraud: Cyber threats are growing, with phishing emails and AI-generated invoices targeting practices at alarming rates. We’ll share practical steps to keep your data, and your money, protected. Empowering With Smart Tools: Discover the digital solutions designed to control spending and remove the risks of traditional petty cash and credit cards, giving you peace of mind and full transparency. At GrowthMD, we believe that security is the first step to growth. Empower yourself and your team by building robust systems that protect your hard work. Because safeguarding your practice isn’t just about preventing loss it’s about paving the way for the kind of scalable, sustainable growth your community relies on.

From 1 July 2026, employers must pay super at the same time as salary and wages not quarterly. Use this checklist to make sure your practice is ready well ahead of time.

Are you ready for Payday Super? Join us for our upcoming webinar, on Tuesday 14 April at 12.30pm (AEST) designed to help medical practices prepare for Payday Super by 1 July 2026. Tuesday 14 April at 12.30pm Here’s what you’ll walk away with in our Payday Super webinar: The What and the Why : A clear understanding of what payday super is and how it’s reshaping the way medical practices handle super payments Cash Flow Clarity : Insights into how these changes could impact your practice’s finances and payroll processes Risk Radar : Everything you need to know about late payment penalties, SGC charges, and the ATO’s increased visibility System Check : How to ensure your employees and contractors are perfectly set up in payroll and super systems..

If you employ staff, Payday Super is about to change how you run payroll, cash flow, and compliance every single pay cycle. In this video, I break down what’s changing, the risks for healthcare practices, and the exact steps to get ready. What’s changing (at a glance) Super timing: Moves from quarterly to every payday. Your 12% must hit the employee’s super fund within seven business days of payday (the “QE day”). New calculation base: Ordinary Time Earnings are replaced by Qualifying Earnings (QE). QE includes base pay, commissions, leave, salary sacrifice that would otherwise be earnings, and payments to contractors for their labour (if super applies). Overtime, workers’ comp, paid parental leave, and under-18s working <30hrs/week remain excluded. STP reporting: You’ll report QE and the related super liability each cycle. Annual cap from 2027: A single annual maximum earnings base (forecast around $270,833) replaces the quarterly cap—watch high earners closely. Small Business Super Clearing House: Retires 1 July 2026. Keep historical records and transition to payroll software (e.g., Xero, MYOB, Reckon) ahead of time. Payday Super: What medical practices need to do now Why this matters now The seven-day clock is tight: Delays in approvals and clearing houses can push you over. Best practice is to approve and pay super the same day as payroll. July “double-up”: You may owe Q4 super (due 28 July) while starting Payday Super in real time. Consider paying Q4 before 30 June to start clean on 1 July. Late or missed payments are costly: Payments are applied to the oldest unpaid period first. Expect super guarantee charges, notional earnings, and an admin uplift (up to 60%). Late super is now tax-deductible, but penalties still sting. If you’re late, pay the fund immediately—don’t wait for the ATO. Practice-specific hotspots Contractors: If super applies to contractor labour, it’s QE—and it’s due within seven days of payment. Often sits outside payroll—don’t miss it. Get tailored advice. Employee onboarding: Biggest late-risk area. Use stapled fund requests early and don’t onboard without TFN and super details where possible. Incorrect fund details: Audit all employees now; watch for fund mergers and SMSF ESAs. ATO member verification tool is coming. Awards and payroll categories: Map every allowance/penalty to QE or non-QE and configure software correctly. Get expert HR/award support if needed. Overseas hires: TFN/super setup can take weeks. Plan start dates accordingly. Governance gaps: Nominate a Payday Super champion, compress approval workflows, enable rejection alerts, and define escalation paths—especially with outsourced providers. Concessions (limited but helpful) New starters and fund changes: Additional days available—but act fast. Genuine out-of-cycle payments (e.g., a one-off bonus): You can include super in the next regular pay cycle. Do this next Appoint a Payday Super champion and tighten same-day approval processes. Audit all employee super details and payroll category settings for QE. Review contractor arrangements and get legal/accounting advice where needed. Map July cash flow: aim to clear Q4 super before 30 June. Prepare to transition off the Small Business Super Clearing House well before 1 July 2026. Set up system alerts, exception reporting, and clear escalation pathways. If you’d like support implementing this in your practice, the GrowthMD team is here to help.