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Wow, what a year for GrowthMD and myself. I have just been awarded Innovator of the Year for Women in Finance by The Adviser Magazine. At GrowthMD, we are passionate about bringing innovation into medical and dental practices. I consider myself so fortunate to work with our existing clients and look forward to helping more practices. Feel free to book a discovery call with Kelly. https://calendly.com/kellychard/15

If you have only read the mainstream media recently, you can think the COVID-19 stimulus measures are straightforward benefit payments which will hit your bank account with little fuss or effort. After reading so many good news stories in the paper, some of you may feel cheated, particularly sole traders who cannot access the big-ticket Cash Flow Boost. You may have even considered steps to inflate your benefit entitlement or get creative with your eligibility. Proceed with caution— what is not being commonly reported outside of accounting circles is the confusing eligibility criteria of the stimulus benefits, the strict integrity measures and the penalty regimes for those caught doing the wrong thing. Need to Know Integrity Measures JobKeeper payments The JobKeeper payment comes with hefty integrity measures. At the lower end, those making false statements to obtain the payment will suffer financial penalties of up to 75% of the benefit. At the extreme, those proven to have conspired to defraud are liable for prosecution under the criminal code with maximum 10-year imprisonment. The integrity measures for JobKeeper are designed to ensure: Proper eligibility and avoidance of double payments Payments are reaching workers in full Reporting and record-keeping carried out appropriately Those undertaking contrived schemes will be penalised Given the massive size of this stimulus package, the government have openly stated that they will be actively implementing integrity measures and acting swiftly to take action where required. Cash Flow Boost Entities that create an artificial entitlement to maximise the Cash Flow Boost may be disqualified from receiving any amount of the payment and be subject to high interest and penalties. Examples of creating an artificial entitlement may be: Registering for Pay as You Go Withholding and commencing to pay wages to the owners of the business (who have not previously drawn wages) Artificially increasing wages or paying one-off large bonuses/director fees Employing children and family members in the business for the first time Who should you trust? An experienced accountant, one who you trust, is your best guide to navigate the stimulus benefits and avoid the integrity traps. Don’t rely on the advice presented in the media or by acquaintances to be correct and applicable to you. Tips for taking advice on these benefits 1. Engage your accountant to review your eligibility and provide a response to you in writing 2. Keep evidence and documentation of your eligibility (e.g. reduction of turnover) 3. Know your ongoing reporting obligations and commit to them 4. Give any advice you receive the “smell test” – if it seems off or too good to be true seek a professional opinion (revert to step 1 above) The stimulus measures help to keep Australian business going and keep workers engaged. Don’t risk your business cash flow or compliance history by taking poor advice or engaging in risky plays. Need advice on stimulus - book a time to talk with me.

Can you answer 'YES' to these 3 questions? Health businesses have been under absolute pressure for the last 6 weeks. Take a minute to stop and evaluate.

Answers to our top frequently asked questions from GrowthMD clients this week. Covering: - Maternity leave - Self-employed but with other employment - Monthly reporting and retesting eligibility - PIP and decline in turnover testing

I am noticing a surprising side effect of this year's health, economic and workplace upheaval. It seems that there is peaked interest from doctors and dentists looking to step out into a practice ownership journey. Based on the conversations we are having here at GrowthMD, here are six essentials that you want to tick off your list if you are considering starting a health practice.

Did you know that your employees may have just become eligible for JobKeeper? In this video, I talk about the revised employee eligibility tests that came into force on 14th August 2020.

Kelly Chard recently hosted a panel discussion with: Marcus Wilson - CEO @ Surgical Partners Chris Smeed - CEO @ Cubiko Louis Putter - CTO @ AutoMed Systems The discussion covered telehealth planning and general practice considerations for the current climate and beyond.

Medical Practices - is it time to review your trading entity? I was recently interviewed by Sarah Bartholomeusz from YouLegal.

Sam Gray our Xero Black Belt gives us his tips on using Xero. The video is perfect for anyone that uses Xero daily or needs reports generated out of Xero. Sam talks about: ✅ Navigation shortcuts to make you a power user ✅ Time-saving tips for data entry ✅ Useful reports to help you manage your practice/business

Medical or dental practitioner? Personal Services Income is something you need to understand if you want to understand your taxation. It is my opinion that everybody should have a basic understanding of how the tax system applies to them. Tune in to hear the three Personal Services Income Myths you need to know about.