A reminder to our clients holding current longer forms of .au domain names that the priority allocation period for the new .au direct domain is ending. We encourage you to register the .au direct version of your current domain name to protect your business. Earlier this year, Australian businesses became eligible to register .au domain names - e.g. growth-md.au. Businesses were given a priority allocation period of 6 months which provided priority registration rights to registrants of matching domain names in other .au namespaces, such as .com.au and .org.au. Essentially this meant that if you owned an Australian domain such as "growth-md.com.au" you would have priority on being able to register the new shorter domain "growth-md.au". This priority period expires after 20 September 2022 which means direct .au names will be available to the general public. Businesses that have failed to register their .au direct name are at risk of competitors or other similarly branded businesses registering the .au direct version of their domain. How to register priority allocation You domain provider (e.g., GoDaddy, Crazy Domains) will be authorised to register you with a new .au domain name under the priority allocation period. Please visit their website and follow the link to register a new .au domain. You will require details of your business such as ABN, ACN or trading name registration. A list of authorised domain providers accredited for this services is here: auDA accredited registrars. For further details on the .au domain changes please visit: https://www.auda.org.au/ .

Thank you to BP Software for inviting Kelly Chard to share her expertise in their new "Be In The Know" webinar series. Kelly joined Matt Smith to talk about: Tips and tricks in extracting financial reports from BP Setting up ABNs and doctor trading entities in BP Payroll tax, invoicing service fees and risk areas

Barely a workday has gone by over the last 11 months when a client, prospective client or colleague hasn't asked me a question about payroll tax, engaging with practitioners and health practices. Social media, online publications and workplaces continue to buzz on the latest appeal news, the various tax risk areas or the everyday processes that don't ring true for a service entity or tenant doctor arrangement. It is good to keep the topic front and centre…..but what are practices doing on the ground? I find that is what people want to know. So, let me give you an "On The Ground" update based on the conversations and experiences we are having with our GrowthMD clients. Before we get started, please remember that this isn't specific advice for your practice or service entity – this is general information presented from our own real-life experience. Change of Banking Arrangements Within our client group, around 12% of practices have already taken steps in changing practitioner banking arrangements, with an estimated 25% planning to make changes over the coming months. These changes involve all patient receipts being deposited directly to the practitioner's business bank account. The operational hurdles by those that have made the change include the following: Communicating the new banking workflow to practitioners and support staff - resistance has been shown at the practitioner level in a small number of cases Devising a service fee invoicing and collection system that is easy to administer and keeps practice cash flow viable, e.g., payment terms, auto payments, credit card payment options Implementing a procedure for receipting and tracking of non-Medicare/point of sale invoices Reconfiguring current systems and integrations (e.g. telehealth/online payment collection, Surgical Partners) to allow continued use with the new banking workflow Considering reports provided to the practitioner to assist with their tax and reconciliation obligations. Working with practitioners and customers to update banking details While this has been time-consuming (particularly for the Practice Managers!), it has overall, to date, been an achievable process. Interestingly each practice I have worked with on this change has implemented slightly different systems to overcome the hurdles listed above. Some practices are taking a more "hands-on" role by accessing the practitioner's bank account to ensure reconciliation of cash banking to services invoiced; others believe the practitioner (as the business operator) bears the responsibility to reconcile and check the cash receipts. Both approaches have their pros and cons. Legal and Accounting Reviews The overwhelming majority of our clients have undertaken additional accounting and legal reviews of their business post the Thomas and Naaz decision. The outcomes here have been most valuable when the accountant and solicitor are jointly involved in the review process. Areas of consideration and review have included: Is the business running a legitimate service entity? Service and Facility Agreements Websites, promotional materials, terminology Operational and policy review (particularly any involving leave, rosters, obligations) Income streams, type of goods and services offered by the business Overall business structure/s Invoicing, cash/banking flow and tax status review Employee Practitioners In the last few months, we have had two clients decide to switch to engaging with all practitioners as employees. These practices join a small group of clients who had already engaged under an employee/employer model. The deciding factor for all of these practices in choosing this model was their desire for simplicity and certainty in the obligations of both parties. While I often hear that this is "just not affordable" for the service entity, I am finding that those that have proceeded down this path have been able to come to mutually advantageous arrangements. It is still very much the minority arrangement, however. Know your Customer With our clients operating under a service entity/tenant doctor type arrangement, we have been advising owners/PMs to prepare a "Practitioner Customer Register". This register should be kept on file and updated regularly and includes: Customer/Practitioner Trading Entity ABN number and GST registration status Trading Entity Bank Account Details Copy of signed Services and Facilities Agreement Sample invoice generated from PMS (e.g., BP/ Medical Director) with trading entity ABN Practitioners' other regular services provided outside this practice setting (e.g., other locations where services are provided if known) Business Restructures In the last nine months, we have seen an increased appetite for restructuring business operations and entities. We have heard some accountants and lawyers are pedalling restructures to "get rid of your old payroll tax liability". I like to exercise a degree of caution about restructures. A restructure purely to avoid a tax liability or obligation is unlikely to be effective. Quality lawyers and accountants should be engaged to ensure the restructure is completed with a commercial purpose. Restructures are also expensive, and once a business is restructured to a new entity, you will want to ensure your accounting and legal systems are optimally set up moving forward (so your money isn't wasted!). My Final Thoughts I want to express that I feel (and experience with you) your pain in this period of change. It is never lost on me that my clients are in business to provide health care and support to our community. Dealing with financial, legal, and taxation intricacies is an added burden on your already overloaded team and resources. I hope that our team at GrowthMD and our excellent partners are helping practices navigate these issues and changes with the least amount of stress possible. If you feel your practice's accountant doesn't understand or address these issues with you, please reach out to me here: https://www.growth-md.com/working-together

GrowthMD has moved into new offices, representing the company's growth over the past few years. To celebrate we welcomed our GrowthMD family of clients and supporters into our office for drinks, live music and in-person connection. Thank you to our amazing GrowthMD family for sharing these special moments.

Lachlan Munro from our team goes through the top five areas to consider for EOFY 2022. New year-end considerations for family trust distributions Assets write-offs Superannuation deductions Cash flow planning Business planning for 2023 Section 100A reimbursement agreements - ATO compliance approach.

I am asked, “why do I need a specialist medical practice accountant” almost daily? Often people look at me curiously and ask, “aren’t all accountants the same?”. Here is what I say: 1. When you need comparative financial data on your business performance 👉🏻 we have that 2. Want to reduce payroll tax risk in your practice 👉🏻 we have a documented strategy for that 3. Looking at service fee or billing method changes 👉🏻 we have modelled for that 4. Have a problem keeping you up at night 👉🏻 we have another client with the same issue; we know about that You get the idea. As medical practice only accountants, we don’t need to recreate the wheel. You engage us for advice that adds value, not for us to learn about your industry first. We already know about that. Working together.

GrowthMD recently exhibited at the RACGP practice owners national conference held in Hobart. The 2-day event aimed to develop practice ownership skills and provide networking opportunities with other owners and healthcare professionals. During the conference, I delivered a video pop quiz which was featured throughout the event. I focused on three important questions for the medical industry. Let's check how your practice is doing against these key areas. Try the quiz below!

I am so thrilled to be invited as a guest speaker at The Private Practice events that I wanted to spread the word, as you, too, may be interested in a unique business escape. The Private Practice study tours are the ultimate take-a-break experience for practice owners. Think travel, culinary delights, lifestyle experiences and transformative learning with like-minded professionals. Tour 1: Succession & Retirement Planning in the Adelaide Hills (June) Tour 2: Healthcare Disruption in Hobart and Freycinet, Tasmania (August) I look forward to sharing my expertise and insights during the tours. Use the promo code GROWTHMD22 to get a $400 discount off each study tour. First five registrations for each tour, your partner will receive a complimentary ticket to join you.

The 2022-23 federal budget has been handed down. We know our clients are eager to learn which measures will impact their tax or business and when (assuming all are adopted post-election, of course). We have you covered! Lachlan Munro, GrowthMD accountant, has reviewed the specific impact of these measures with context suitable to our GrowthMD client group. Please watch below for the recap and details below for each measure. For our business clients Digital Adoption Targeted tax benefits for businesses spending on technology (Effective now to June 2023) Small Business External Training Targeted tax benefits for employer spending on training (Effective now to June 2023) Apprentice Wage Subsidy Employer benefits for apprentice engagement & completion (Effective July 2022) For individuals Tax Offsets An increase of $420 to the Low and Middle Income Tax Offset (Effective only for the year ending 30 June 2022) * For GrowthMD clients, we will include this offset in your 2022 tax planning presentation. Cost of Living Pressure A one-off payment of $250 for individuals in relevant sectors (Payment in April 2022) Paid Parental Leave A change to the flexibility in parental leave for both mums and dads (Effective March 2023) The majority of these budget measures are effective in the coming months and will be advantageous to consider for tax planning purposes. We will be covering these measures will you in our upcoming tax planning sessions. Please do contact us in the meantime if you have any questions or would like more information.

In 2018, I founded GrowthMD because I wanted to be in a quality firm that was expert and niche but was still engaging, personable, friendly, where the team felt that clients could speak freely at home. Everybody worked together for the best outcomes. Now fast forward four years, and things have gone better than I could ever have imagined. GrowthMD has just moved into new offices in an inner-city Brisbane suburb. We now have an opportunity to join the team. The role - Working closely with new and existing clients - Training and mentoring a team of enthusiastic accountants - Overseeing firm workflow and smooth business operation - Providing advisory and tax services to business and high net wealth clients - Working closely with the director You - Looking to grow your profile and become a future GrowthMD leader - Enjoys being part of a collaborative and friendly team - Fabulous communication skills and enjoys client interaction - 7+ years of experience in Australian Public Practice - Passionate about empowering businesses with knowledge, support and tools to grow and flourish If this sounds like you, I would love to speak to you.