ATO and lump sums for doctors joining a medical centre

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The ATO is reviewing lump sum payments in the health care industry, and in particular where a lump sum is received from one of the major ‘corporates’ in exchange for continued services (typically 5 years) by the doctor to or rather via the medical centre. Read More…

Deductible contributions to superannuation: a change for employees, including VMOs

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Until recently employees who received ‘employer sponsored super’ could not claim a tax deduction if they made additional contributions themselves. If they wished to make higher contributions than what the employer paid, they had to enter into a salary sacrifice arrangement with their employer. The only exception being, if their income derived from employment was less than 10% of their total income. Read More…

Budget 2017



As in previous years I have prepared a brief summary of the tax consequences of the Budget 2017 for our clients. I have avoided going into too many details that you probably already have read in the papers, or the changes to Medicare which your professional organisation is bound to explain in much clearer detail.
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Super Stream – Paying your own and your Staff Superannuation



From 31 October all businesses must be ‘super stream ready’. This means you must include an ESA (Electronic Service Address) with your payment. Your employees should let you know what the ESA is for their super fund.

We strongly advise clients with fewer than 20 employees to avoid administrative headaches and use the ATO’s Superannuation Clearing House for all employee (and if you wish also your own) superannuation contributions. Read More…

Changes to SMSF advice



From the 1st of July 2016 a Self Managed Super Fund is deemed to be a ‘financial product’. Consequently any advice related to SMSFs is financial product advice and is governed by the Financial Services Act, which is regulated by ASIC. The upshot is that accountants no longer can provide advice the way we used to with regards to SMSFs. For all advice (which includes ‘information that could be considered to be advice’) the same process must be adhered to as with any other financial planning advice: a separate licence is required, we’ll need to compile a fact finder, including a risk profile, prepare a Statement of Advice, have this signed by the client and so on. Read More…