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.

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.