William Buck Australia
As a fully integrated firm of Chartered Accountants and advisors, William Buck provides a complete solution. Putting you at the core of the business, our advisors work together to ensure that careful consideration is given to your business and personal wealth affairs.
Working closely with you and your team, our Business Advisors can help you plan and implement contemporary business strategies and practices to meet your business’s full potential.
Our commercially minded tax specialists offer clear, responsive advice to manage your tax risk, address local and international issues, and develop strategies to optimise your tax position.
Our audit team has extensive experience in a range of engagements, giving stakeholders independent and objective assurance on financial information, transactions and processes.
Our Corporate Advisory team provides objective, strategic and commercial advice across a broad range of business issues. Our work spans the breadth each engagement from the origination of ideas to managing the transaction process, valuation and structuring.
Our highly experienced team of liquidators and trustees use their extensive expertise to assist in times of financial distress, achieving the best outcome for all stakeholders.
By understanding not only what you want to achieve but why it’s important, our wealth advisors can create strategies attuned to your key priorities. The end result is a plan focused on your life goals.
The William Buck Hour could be the most profitable hour you spend this year.
Sweeping changes to financial reporting may impact your financial position and business operations.
Our experts are here to help you understand what you need to know about Safe Harbour legislation.
Check our Private Business Tax Reform resource centre to see how the most significant changes may affect you and your business.
William Buck has a team of professionals with specialist experience and know-how on a range of industry sectors.
Our advisors understand the risks and opportunities unique to the agribusiness sector. Taking a strategic view of your operations they provide relevant guidance and advice.
Assisting public and private schools, vocational colleges, universities and private training providers, our education specialists provide timely and valuable assurance services together with strategic, financial and management advice.
Our Government and public sector team has substantial experience in assisting all levels of government to review their structures and develop strategies, in line with relevant legislative requirements and accounting and audit standards.
Working with over 1,600 clients in the health sector, our advisors help practitioners and health care corporates achieve their business and personal goals
Our hospitality and tourism team has a working knowledge of the industry which, when combined with our technical knowledge, can assist you in reaching your commercial goals.
By staying on top of changes in the manufacturing sector, our industry experts provide relevant and timely guidance to a broad range of manufacturing business.
Our mining and energy team has the experience and resources to help start-ups, developing businesses and well-established companies to meet their commercial goals.
Integrity and transparency are at the heart of the best Not for Profit organisations. These values re shared by our dedicated Not for Profit team, which helps entities to establish to improve performance and develop strategies for long-term growth.
Our advisors understand the challenges and opportunities facing the professional services sector first hand. This experience together with our expertise helps to determine your strategic objectives and provide concise, relevant advice to help you achieve your goals.
Our property and construction team assist on a wide range of assignments from property development to construction and large infrastructure projects. Their diverse experience, technical expertise and commercial know-how to help you tackle the important issues.
Our retail and wholesale team works with a variety of businesses from family owned operations to franchises and larger chains, to provide advice and guidance on the issues that count.
Our transport and distribution team works with businesses to review their operations, improve efficiency and productivity and ensure compliance with the latest regulatory developments.
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We work with individuals, businesses and community organisations with a particular focus on the mid-market. Drawing on our extensive experience, our advisors will challenge your thinking and re-frame problems to understand their root-cause.
We’re more than just accountants and advisors, we aspire to create positive change in the lives of our clients and our people.
Life as a CFO can be complex, exciting and demanding. Combining technical excellence with decades of working closely with and listening to the needs of CFOs, our advisors understand the competing demands of your role.
Whatever your needs, we have the expert resources to create the best outcome for you and your business. As our client, you’ll benefit from our integrated services model that puts you at the core of its business.
We create and implement personal wealth plans and tax strategies that give our clients greater certainty that their financial and personal goals will be met.
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Our professionals are experts in their fields and are skilled at providing jargon-free, practical and comprehensive advice, allowing you to get to the heart of your matter.
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We boast a culture that values each individual employee as an essential part of the team and places a high priority on helping you reach your full potential, personally and professionally.
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Salary packaging can be a great way for doctors to get ahead financially, but many simply don’t get around to organising it or don’t know how to put it into action to save money.
Quite simply, salary packaging is a process where you restructure the way in which you take your salary in order to save tax. The “packaging” involves paying for certain items in pre-tax dollars, with the balance of your salary paid like normal wages into your bank account (less your regular superannuation contribution and tax withheld).
Here we explain some of the common myths of salary packaging.
Myth 1 – There’s not much benefit to me.
There are many benefits to having an effective salary sacrificing arrangement including reducing the tax you pay and increasing your disposable income.
Essentially, salary packaging means that you save tax, which leaves more money in your pocket at the end of the year. This is due to paying for some items in pre-tax dollars, which reduces your taxable income. A reduced taxable income equates to less income tax and more savings!
Depending on your employer, there are limits to how much you may salary sacrifice. Most hospitals and not-for-profit organisations have a limit of $9,009 per annum.
The following example outlines the tax savings and additional disposable income available to a first year intern. As you can see, the $9,000 is used to pay for packaged items in pre-tax dollars. The tax savings are around $2,835 per annum, which directly correlates to the additional disposable income available.
Myth 2 – You can package at anytime!
There are certain conditions that must be met to ensure you are entering an effective salary sacrificing arrangement.
Essentially, salary packaging can only occur on salary you will earn in the future, rather than salary you have earned prior to establishing the salary packaging arrangements.
It is therefore in your interests to set it up as soon as you start working. The salary packaging year runs from 1 April through to 31 March. For established packages, it is a good idea to revisit your salary packaging arrangements each March to ensure that you are making the most of the opportunities. This is especially important as your salary increases, as your tax savings are likely to increase along with the tax level you pay.
Myth 3 – I’m not sure about Fringe Benefits Tax and don’t want to pay any additional taxes
Fringe Benefits Tax is a specific area of tax law that is designed to tax salary packaging arrangements. The good news is that in most cases, for doctors working in either Queensland Health, or the Mater Hospital system, there are exemptions to Fringe Benefits Tax that enable you to enter into a salary packaging arrangement and still access the benefits that we have discussed.
The most important thing is to get advice to make sure that the arrangement you are considering is within the provisions of the Fringe Benefits Tax exemptions. If not, the resulting tax bill will most certainly wipe out any expected tax savings.
Myth 4 – It doesn’t matter what I package
With such a wide range of benefits you can choose to package, you will need to explore what is most beneficial to you and your situation. Generally speaking, you should look to package benefits that are not tax deductible (otherwise you would claim them on your tax return).
There are a large range of non-deductible benefits you can package and depending on the hospital you are employed by, you may even be able to package entertainment expenses such as your wedding reception!
It is very important to ensure you have effectively structured your salary packaging arrangement to suit your situation, or you may find it is not as tax effective as it first appeared. As this article is general in nature and all personal circumstances are different, you will need to seek advice that is tailored to your personal situation.