Related Party Interest Free Loans

By Sharon Grice on 23/09/20 - Mins to read: 3 minutes

Now that the ATO’s updated views in respect of interest free loans have been published (even if in draft form), any existing interest free loan arrangements that do not fall within the lower risk zone in the schedule should be revisited as a matter of urgency as they present a... Read More >

Treatment of light meals provided to Doctors

By Julie O'Reilly on 22/09/20 - Mins to read: 3 minutes

A question we are often asked by junior doctors is whether meals provided by their medical practice during work hours are deductible and is Fringe Benefit Tax (FBT) applicable. In this article, we take a look at the two main factors concerning income tax and FBT implications in regard to... Read More >

Work-Related Clothing, Laundry and Dry-Cleaning Expenses

By Julie O'Reilly on 22/09/20 - Mins to read: 2 minutes

You may be entitled to claim deductions in relation to expenses you incur as an employee purchasing, repairing, laundering or dry-cleaning work-related clothing in your tax return. Deductions related to work-related clothing fall into four main categories: Non-compulsory uniforms typically bear the employer’s name and insignia. Although non-compulsory, they are... Read More >

Can I claim my travel costs when attending job interviews?

By Julie O'Reilly on 22/09/20 - Mins to read: < 1 minute

It is common for individuals to incur expenses while looking for a new job and attending interviews, including travel and parking costs. However, the expenses incurred when looking for a job are generally not tax deductible. These expenses come at a point too early to be regarded as being incurred... Read More >

Business Support Fund – Third Round now open for applications

By Belinda Hudson on 22/09/20 - Mins to read: 2 minutes

Further to our update last week, the third round of the Victorian State Government - Business Support Fund is now open for applications and additional details around the eligibility have been released. The conditions for eligibility are similar to the previous rounds, these include; Be operating a business in Victoria;... Read More >

Accounting and tax considerations of biotech companies conducting clinical trials in Australia

By Jack Qi and Alex Zinzopoulos on 21/09/20 - Mins to read: 4 minutes

With its high-quality facilities, state-of-the-art testing equipment and generous government incentives, Australia is a popular location for biotech companies to conduct clinical trials. For the parent company, setting up and operating a business in an overseas jurisdiction comes with having to navigate new regulatory requirements, so this article provides a... Read More >

Update on Payroll Tax Relief Measures

By William Buck on 15/09/20 - Mins to read: 4 minutes

A number of payroll tax relief measures have been introduced and amended to alleviate the impacts of coronavirus. Below is a quick snap shot by state. VIC In response to the second wave of COVID-19, the Victorian Government has increased the threshold for payroll tax deferral from $3million - $10million.... Read More >

NSW duty and land tax surcharge changes – Take action before December 2020

By John Spender on 15/09/20 - Mins to read: < 1 minute

If you’ve acquired residential property or are looking to acquire residential property through a discretionary trust, you may need to amend your trust deeds to avoid exposure to the foreign land tax surcharge and the foreign purchaser duty surcharge (the foreign surcharges). Under the Duties Act 1997, a trust may... Read More >

New Business Support Packages

By William Buck on 15/09/20 - Mins to read: 3 minutes

On 13 and 14 September 2020 the Victorian Government announced a range of new measures to support Victorian businesses through the extended Covid-19 lockdown. The measures come in distinct packages, with the key areas of focus for these measures being hospitality; small, medium and regional businesses; and exporters. As a... Read More >

Dr Insights – Secrets to a successful medical practice

By Trent Antonio on 15/09/20 - Mins to read: 3 minutes

COVID-19 has been a challenging time for everyone, particularly business owners, including those who are trying to run a medical practice. This period has put the ‘acid test’ on a lot of systems and procedures that have otherwise been left unchecked, with many found wanting. Here at William Buck, we’ve... Read More >

When it comes time to think about selling your practice

By Paul Copeland on 14/09/20 - Mins to read: 4 minutes

It can be hard to know when to sell your practice. There may never actually be a “right” time. As such, holding on for that optimal point may just be holding you back from the next phase of your life. When you are thinking about stepping back from ownership, remember... Read More >

Medicare audits and the implications for Doctors

By Belinda Hudson on 14/09/20 - Mins to read: 3 minutes

Over the last three years, there’s been a large increase in the number of medical practitioners subjected to a peer review by the Professional Services Review Agency. With the increase in data matching and the use of algorithms to monitor and review inconsistencies, it’s likely that these numbers will continue... Read More >

Load next 12 article(s) (626 left)