The team at GrowthMD would like to check-in and say hello. We are currently scheduling tax planning sessions to help you close the year-end successfully and to work through the number of tax changes for 2022. In other exciting news, we are also moving on the 5th April to our newly fitted-out office at 17 Bowen Bridge Rd, Herston QLD 4006. For our corporate clients, we will be in touch very soon with a request to sign new ASIC paperwork to ensure your registered address is our new premises.

You are a health practice owner, having spent the last two years operating under extremely demanding circumstances during the COVID-19 pandemic. It is nearing the end of the 22 FY, and you turn up to meet with your accountant. The agenda this year looks a bit different. ⏺ Industry-wide payroll tax audit activity in medical and health ➡️ there is work on legal documentation, structure, and operational conduct. ⏺ Trust distributions and common tax plan strategies under attack ➡️ Potential changes to overall group tax liability, reconsideration of beneficiaries, and a careful look at overall structure (see TR 2022/D1) ⏺ A risk matrix will now apply to your practice profit allocation to assess your ATO audit risk ➡️ Pass the gateway tests, apply the risk matrix and be careful on profit allocation choices (see PCG 2021/4) Sound a little bit overwhelming? Unfortunately, this IS the current playing field. My advice is to reach out to your tax agent early this year. Ensure they have great knowledge and practical experience toward the issues that impact your health business. A great accountant will calmly and methodically navigate the above compliance storm by your side.

Kris Borgraeve from Digital Practice chatted to me about why speciality matters and what makes GrowthMD stand out when choosing an accountant for your medical practice. We even talk about 'Accounting is fun'. Our clients feel refreshed by the straightforward nature of our advice and love the clarity we provide regarding their accounting, tax, and money matters. Near enough is not good enough from your accountant, do you ask yourself: Am I happy with my accountant? Could they be doing better? If not, it might be time to find a new one.

Key Learnings: ✅ The profit return you should expect from your medical practice ✅ How the pandemic has impacted the bottom line of Australian practices ✅ Monitoring Return on Investment (ROI) in your practice.

Why does GrowthMD love working with medical and dental practices? If you are not sure if your Xero or MYOB is set up for success, you need to check out this blog we wrote with the healthcare automation team at Surgical Partners. Want to talk more? Let's have a catch-up, select a time that suits you in my calendar below. https://calendly.com/growthmd

You are thinking ahead to 2019, and what is in store for your medical or dental practice? Set up for a profitable and stress-free 2019 by getting your foundations right. This 2-minute video gives you three tips to start your 2019 planning.

Kelly Chard and Sam Gray talk through how to set up reporting for health practices. 1. Setting a financial budget/forecast for your practice - Why - How to start - Examples 2. Using Xero to track financial results - Why - Helpful reports - Customised templates 3. Creating a monthly oversight process - Why - Example Agenda Let the GrowthMD team help you, book a discovery meeting. Xero How-To Videos Xero Budget Manager. Xero Excel Budget Xero Premade Reports Customising the Xero Profit & Loss.

I recently was a guest presenter for HealthCert talking about Pre-30 June Tax Planning for Doctors. This discussion includes an EOFY planning checklist as well as structures and financial process improvement. Thanks for having me HealthCert.

Why is the 2020 EOFY the most crucial planning period in my eighteen-year career?

Great news! Telehealth Bulk Bill incentive to double. However, don’t get complacent, planning is still key. Interested to know the key themes discussed during the back to back online meetings I have had with GrowthMD's GP clinics this week?