Financial tips and updates for dental professionals
One of the biggest changes proposed by the Government to be carried out from 1 July 2017 is to implement a measure limiting the amount members can ‘transfer’ from
their balance into pension phase.
You first heard about it at the conference. Then you saw it in the brochure. Now every time you look at your outdated chair, you can’t help but compare it to your new chair, which comes complete with delivery system, monitor, integrated camera and every hand piece you have ever dreamt of.
By now you would have seen the significant changes proposed to Superannuation in the 2016 Federal Budget. Whilst the passing of these changes through to legislation may face some challenges, it’s likely that the bulk of these will become law.
Are you running a busy practice and contemplating retirement but concerned about letting your patients down? If so, then the biggest issue you need to address right now is succession planning.
The maxim ‘time is money’ has earned a bad rap in some quarters for its implication of greed, but from a business standpoint it remains a powerful truism. Here’s an example of how you can use it to your advantage – without sacrificing patient care.
Recent ATO activity has caused a bit of a stir amongst some dentists and practice owners. The ATO publication details how the ATO will assess for compliance risks any professional firms (including dental professionals and practices) that operate from partnership, company or trust structures.