Well, it is that time of year again when you, our clients, get to leverage our depth of knowledge on all things tax for healthcare professionals. In this video, I give you some critical advice to ensure we give you the best advice for your situation.

The Touchstone General Practice Industry Report draws from benchmarking data spanning 811 practices across Australia, offering a comprehensive exploration of industry trends, including general practice benchmarks. Analysing factors like practice performance, billing methods, and patient experience, the report provides invaluable insights into the standards and performance metrics within the general practice landscape. Download the report below 👇. Cubiko has produced the 2023 Touchstone General Practice Industry Report, prepared for general informational purposes only and not intended to be relied upon as accounting, tax, or other professional advice.

In the first months of 2024, we have seen a sharp increase in demand for our advice and implementation services from practices wanting to take action and minimise payroll tax exposure risk. In this video, I talk about the latest QLD ruling (Feb 2024) and give an overview of the relief offered by various Australian states and territories. Is your practice ready to take action on payroll tax compliance and risk minimisation? If so, please get in touch with us to schedule a discovery meeting.

Many new clients to GrowthMD have made the change because they seek a more proactive and rewarding relationship with their accountant. What does a proactive relationship with your accountant look like? In this video, I take you step by step through our End of Financial Year client advice process - so you can see what a proactive relationship looks like and how it can benefit you and your business.

Common tax and accounting issues for the health industry that we commonly solve at GrowthMD: Late lodgments and poor record keeping - there is no excuse for this, and it is so easy to overcome! Non-compliance with tax legislation - medical professionals and businesses have extra considerations that many accountants overlook Related party loan issues - save yourself the heartache (and tax cost) and seek this out sooner rather than later Missing or incorrect deductions - nothing is worse than missing out on deductions because of poor planning or education. GrowthMD is a medical specialist accounting firm dedicated to working with medical practices and practitioners. We would love to talk to you about helping you with your taxes and lodgments in the future.

This festive season, we did something different at GrowthMD for our valued clients. 'Making a difference' and 'Well-being' are two of our core values, so we asked you to select a worthy cause that we could donate to on your behalf. Because of you, 744 impacts have been paid forward, and 744 smiles have been created around the world. Make sure to spread smiles; if you missed our email last year, please click here to select your gift from us. If you know someone needing a specialist accounting firm and would benefit from working with us at GrowthMD, we would love you to send us their details. To thank you, we will make an extra giving to your preferred charity.

I was featured in the latest HealthCert podcast with its founder, Paul Elmslie, on Australia's complex payroll tax implications for Doctors. Paul and I discuss: Some background on payroll tax, how it is calculated and who pays it. Why payroll tax is currently a hot topic. How payroll tax is impacting general practices in Australia. Potential consequences if practices don't get their affairs in order around payroll tax.

I was recently interviewed by Meryl Johnston, host of The Lifestyle Accountant Show. The podcast helps today’s accounting firm leaders build successful businesses while living healthy, happy lives. In this episode, I talk about: Studying the CA program, working and bringing up three kids The pros and cons of listing a minimum fee on the website Why you should ask leads, ‘What would you love your accountant to do for you? How to avoid giving free advice during the discovery process Whether to send proposals via email or go through them on a call How to keep clients ‘warm’ if they are waiting 3-4 months to be onboarded The impact on workflow and capacity planning after implementing a waitlist

It's Christmas time, and you may be considering paying a Christmas bonus or providing a gift to your employees for their hard work this year. You may also have a celebratory party or event planned for your team. Here are a few tips to consider when planning and recording your Christmas festivities and giving. Paying a Christmas Bonus: Although paying a discretionary Christmas bonus does not seem like ordinary earnings, the ATO classes the bonus just like any other ordinary payment. This means that superannuation and PAYG withholding (tax) will apply to the bonus payment. With this in mind, we suggest being very clear when communicating the after-tax bonus amount with staff. For example, a $500 bonus promised to a staff member can quickly turn into $350 in the hand once taxation is applied. Also, remember to factor in the superannuation cost (11% in the 2024FY) to the business when working out the bonus amounts. Processing a Bonus in Xero: Like any other salary payment, Christmas bonuses must be processed through Single Touch Payroll. We suggest running an unscheduled pay run to process the employee bonuses. Remember to use a Bonuses and Commissions category pay item (or set one up in Xero Organisation Settings > Payroll Settings > Pay Items) to record the bonus on your employee's payslips. The bonus will be subject to PAYG withholding (tax) and superannuation. Gift Card or Gift: Gift cards and gifts are a popular choice at Christmas time and can be a more tax-effective way to thank your employees than a cash bonus. Occasional gift cards or gifts provided to employees that are under $300 in value are generally free from Fringe Benefits Tax (FBT) under an exemption called the "Minor and Infrequent Benefits Exemption". Minor non-entertainment benefits (such as gifts, hampers and gift cards unrelated to entertainment experiences) may also be eligible for a tax deduction and GST credit. Christmas Celebrations: Christmas parties are usually celebratory events involving food and or drinks and are considered an "entertainment" style event for FBT purposes. If you spend more than $300 per person providing the food, drink and entertainment for the party, you will likely have triggered FBT at 47% unless an additional exemption applies. To ensure you stay away from FBT, it is wise to keep the per-person cost to less than $300 per person and have it fall under the "Minor and Infrequent Benefit Exemption". Partners of employees receive their own $300 threshold. When recording the cost of the Christmas event in your accounting software, please record the transaction as GST-free. End of Year Checklist: Our friends at Cubiko have prepared some great year-end resources to keep you organised this holiday season. Check out this handy downloadable end-of-year checklist and practice closure poster. The checklist takes you through all the important practice considerations such as communicating closures to patients, checking that Drs who are away have no appointments booked and updating your online hours. We wish you a safe and happy Christmas holiday season!

It's Christmas time and you may be considering paying a Christmas bonus or providing a gift to your employees, for their hard work this year. Perhaps you may also have a celebratory party or event planned for your team. Here are a few tips to consider when planning and recording your Christmas festivities and giving. Paying a Christmas Bonus: Although paying a discretionary Christmas bonus does not seem like ordinary earnings, the ATO classes the bonus just like any other ordinary payment. This means that superannuation and PAYG withholding (tax) will apply to the bonus payment. With this in mind, we suggest being very clear when communicating the after-tax amount of the bonus with staff. For example, a $500 bonus promised to a staff member can quickly turn into $350 in the hand once taxation is applied. Also, remember to factor in the superannuation cost (11% in the 2024FY) to the business when working out the bonus amounts. Processing a Bonus in Xero: Christmas bonuses must be processed through Single Touch Payroll just like any other salary payment. We suggest running an unscheduled pay run to process the employee bonuses. Remember to use a Bonuses and Commissions category pay item (or set one up in Xero Organisation Settings > Payroll Settings > Pay Items) to record the bonus on your employee's payslips. The bonus will be subject to PAYG withholding (tax) and superannuation. Gift Card or Gift: Gift cards and gifts are a popular choice at Christmas time and can be a more tax-effective way to thank your employees than a cash bonus. Occasional gift cards or gifts provided to employees that are under $300 in value are generally free from Fringe Benefits Tax (FBT) under an exemption called the "Minor and Infrequent Benefits Exemption". Minor non-entertainment benefits (such as gifts, hampers and gift cards not related to entertainment experiences) may also be eligible for a tax deduction and GST credit. Christmas Celebrations: Christmas parties are usually celebratory events involving food and or drinks and are considered an "entertainment" style event for FBT purposes. If you spend more than $300 per person in providing the food, drink and entertainment for the party you will likely have triggered FBT at 47% unless an additional exemption applies. To ensure you stay away from FBT it is wise to keep the per-person cost is less than $300 per person and falls under the "Minor and Infrequent Benefit Exemption". Partners of employees receive their own $300 threshold. When recording the cost of the Christmas event in your accounting software please record the transaction as GST Free. We wish you a safe and happy Christmas holiday season!