Self-Managed Superannuation Funds (SMSF) have become an increasingly popular investment vehicle in Australia, offering individuals, particularly medical professionals, greater control over their retirement savings. For doctors, dentists, and healthcare specialists, purchasing medical suites through an SMSF presents a strategic opportunity to secure a long-term practice location or create a steady source of passive income. 

This blog outlines the key benefits and considerations of acquiring medical rooms using an SMSF, focusing on practical applications for those working in or investing in the healthcare sector. 

Thinking of buying a luxury vehicle through your medical company, trust, or business? You may be driving straight into a Fringe Benefits Tax (FBT) trap. This comprehensive guide breaks down why commuting is not tax-deductible, how the ATO treats home office claims, and the strict limits on GST credits and depreciation for luxury cars.

As 30 June 2025 approaches, it’s the ideal time for medical and dental professionals to review their tax position. From boosting super to prepaying expenses and managing work-from-home deductions, effective planning now can lead to significant tax savings. Here’s what to consider before the financial year-end to maximise your outcomes and stay ATO-compliant.

The Australian Taxation Office (ATO) has issued new guidelines to help you in making a claim for running expenses using the fixed cost method, while working from home from 1 July 2024. 

Learn about the ATO’s new guidelines on tax-deductible financial advice fees. Understand the latest rules under TD 2024/7 to help maximise your deductions and manage your tax affairs more effectively.

Reviewing and optimising your tax situation is essential as the end of the financial year approaches 30 June 2024. Effective tax planning can enhance your financial outcomes by reducing tax liability and strengthening your investment portfolio. Here’s a comprehensive guide to help you understand various tax planning strategies you should consider.

If you own or lease an electric car used for work and use the logbook method to calculate deductible running costs, determining the cost of charging the vehicle at home can be complex. The ATO guidelines aim to simplify this process. If you meet certain criteria, you can opt to calculate electricity costs using the EV home charging rate, initially set at 4.20 cents per kilometre.

Given the high risk of payroll tax audits across the medical and allied health industry, organisations must understand and adapt to the changing payroll tax landscape.

The federal government has announced an overhaul of the previous Coalition government stage 3 tax cuts and introduced various changes in the personal tax rates that apply from 2024–25 income year and onwards. The new tax changes focus on low and middle-income earners to help with cost-of-living pressures.

Recently, the ATO has released further guidance in relation to making the correct distinction between an employee and an independent contractor. It is essential that we review the arrangements that you have in place with independent contractors, as there are several differences in reporting obligations and whether additional amounts need to be withheld from a payment to a worker by you.