Host John Schol FCA chats to our own Kelly Chard CA and Brad Turville from Modern Firm Practices about moving from a jack of all trades to a specialist. Kelly discusses the advantages and the downsides and how do you decide what to specialise in.

I have seen a recent shift in the considerations for GP clinic owners when engaging with GPs. No longer just engaging based on "cost to the business" and the "way it has always been done".

Grants have now been made available to businesses in NSW to help ease the financial hardships suffered due to the recent lockdown. NSW Small Business Support Grant The Small Business COVID-19 Support Grant is available to businesses impacted by the Greater Sydney lockdown. The grants can be used to fund expenses such as rent, wages and utilities. Available grant amounts depend on your business decline in turnover during the lockdown period. $5,000 grant for a decline of 30% or more $7,000 grant for a decline of 50% or more $10,000 grant for a decline of 70% of more Eligible recipients must be: small business or sole traders with a turnover of more than $75,000, and fewer than 20 full time equivalent employees, and have a wage bill that is below the NSW 2020-21 payroll tax threshold of $1.2 million at 1 July 2020, and have an ABN registered in NSW or be able to demonstrate they are physically located and primarily operating in NSW GrowthMD impacted clients will be able to discuss applying for this grant, proving the decline in turnover and the accountant’s support required with us over the coming weeks. Book with your adviser here: https://calendly.com/growthmd Applications for the grants will be open from late July. NSW Small Business Fees and Charges Rebate Sole traders, owners of small businesses, and not for profits in NSW may be eligible for the small business fees and charges rebate of $1,500. Eligible recipients must be: small businesses, sole traders or non-for-profit organisations have an ABN registered in NSW or have business premises physically registered and operating in NSW One $1,500 rebate is available for each eligible ABN. Eligible expenses include various government fees and licenses, most notably including council rates. The rebate can be submitted online. More details here: Small business fee and rebate grant Federal COVID-19 Disaster Payment (Currently available in VIC and NSW) The Federal Government COVID-19 Disaster Payment is a one-off cash payment provided to workers who have been impacted in each period of lockdown. Payment rates: If you have lost less than 20 hours of work, you can apply to receive $325 If you lost 20 hours or more of work, you can apply to receive $500. The payment is only accessible if the lockdown which impacts the worker extends for more than 7 days and the worker’s location is a declared Commonwealth Hotspot. A liquid assets test applies if the lockdown is less than 21 days. Applications can be made by MyGov or Centrelink online. NSW payroll tax deferral for COVID-19 affected businesses Revenue NSW has announced that businesses affected by COVID-19 will be able to defer July payroll tax liabilities until August 2021. The 2021 annual reconciliation lodgment and payment due date has been extended to 30 August 2021. However, the due date for the July 2021 monthly return of 9 August remains unchanged. We are here to help you If you have questions regarding your business and eligibility for the grants please contact your GrowthMD accountant as soon as possible to discuss the help available to you.

Key Learning: ✅ Optimising deductions before 30 June ✅ Tips and tricks in purchasing, financing and writing off assets ✅ Using the Company Loss Carry Back rules to refund the prior-year tax paid ✅ Super and carry forward limits to maximise contributions Click here to get our Free Tax Planning Resources.

Welcome to our free planning guides, checklists and presentations. EOFY Guide EOFY Checklist Webinars Income Splitting

New Year Resolutions, most are vague, unachievable shockers that are in the bin by Australia Day. Yet many of us, year after year, continue to make loose resolutions around what we will do differently or better "next year". Crazy hey! In 2021, if you will make resolutions for your health practice, then really COMMIT to making them specific and relevant. Put some weight behind them by making them action orientated. Make your resolutions big or make them small but make them achievable.

Are you a health care practice owner? Chances are the Australian Taxation Office's just-released draft PCG 2021/D2 and risk matrix will eventually apply to you.

Insights and observations from GrowthMD for March and April. General Practice - time to turn up the dial on finance pre-EOFY New clinics - getting your accountant engaged is key Compliance - FBT and Employee V Contractor risk is top of mind

This video covers: Income Tax Cuts Asset Write-Offs Loss Carry Back JobMaker rebate program Trainee Boost Your super, your future

In my latest GrowthMD technical update, I talk about: Should I buy a car in my company or trust? What is the true tax benefit to me? What records must I keep to be compliant?