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Future proofing your structures

Tue Apr 05 2022

As advisors to medical professionals we regularly discuss structuring of business operations and investments. Although other factors come into play, the main variables here are whether the structures support or hinder asset protection and tax efficiencies. Presently we wonder whether it is also time to add future proofing your affairs to contemplate legislative changes that are yet to be made?

What do medicos need to know about the 2022 Federal Budget?

Wed Mar 30 2022

This week’s Federal Budget focused on easing cost of living pressures, whilst also being the last budget before the upcoming election in May. The key announcements which could impact medicos are as follows.

Federal Budget 2022 – Trees for the Queen and “lamingtons” for many

Tue Mar 29 2022

With a Federal election only a couple of months away, the LNP have delivered a relatively stereotypical conservative party budget. There’s cash relief for families; incentives for business to invest in staff, digitisation, and innovation; increased spending on defence; and even a win for the monarchists.

Managing your tax affairs in the post-COVID compliance era

Mon Mar 28 2022

As Australia moves towards a new “business as normal” with COVID-19 in the community, the Australian Taxation Office (ATO) has begun to reignite the engines of its large-scale compliance machine.

Employee Share Schemes and Incentive Plans

Mon Mar 28 2022

Retaining and rewarding key employees is an issue many employers will face at certain stages of their business’ cycle.

Is your car tax deductible

Fri Mar 25 2022

When claiming a motor vehicle for taxes there are strict rules around the deduction method and proof required to claim a deduction.

More building projects requiring Project Trust Accounts

Fri Mar 04 2022

A new trust account framework began on 1 March 2021. When fully rolled out by 1 January 2023, the framework will apply to most payments made within Queensland’s building industry.

March promotions at Pilot Partners

Mon Feb 28 2022

We are delighted to announce several senior promotions in our team at Pilot, which will further strengthen our team’s capabilities.

Trusts in the crosshairs

Thu Feb 24 2022

On 23 February 2022, the ATO released its long-awaited draft ruling and guidance on the application of anti-avoidance measures relating to trust distributions, and the related flow of funds.

The benefits of a good advisor

Wed Feb 23 2022

The start of a new year often means setting New Year’s Resolutions, with improving finances one of the top goals for many. Should finding a new accountant and achieving greater financial peace of mind be one of your goals for 2022?

Owners of medical businesses put on notice by ATO

Wed Feb 23 2022

Last year we alerted you to the release of draft guidance by the Australian Tax Office (ATO) in respect of professionals. The ATO has now finalised their guidance and just before Christmas released Practical Compliance Guideline PCG 2021/4 which applies from 1 July 2022.

Are you paying your nanny correctly?

Wed Feb 23 2022

Even though nannies are domestic employees and payments of their wages and super are not deductible, it is important to pay them correctly according to Fair Work guidelines, as highlighted by a recent court case.

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