Charging GST (or not) affects your pricing and your business obligations. If you incorrectly charge GST or fail to charge it when...

Many GPs mistakenly believe that GST doesn’t apply to them because most medical services are GST free. While it’s true that most health services are exempt, this doesn’t automatically mean you don’t need to register.  By understanding how GST works for medical professionals, you can take better control of your business finances and avoid common ATO mistakes.  Understanding GST for Medical Services   What Is GST?   GST is a 10% tax added to most goods and services sold or con

If you're running a dental practice or working as a self employed dentist, understanding your GST obligations is important. Getting it right means:  Staying compliant with the ATO  Avoiding unnecessary fines or penalties  Ensuring you're not missing out on legitimate tax credits  Many dentists assume their services are entirely GST free but that's only partly true. Some services do attract GST, and crossing the $75,000 threshold in income, could mean you're legally required t

Misunderstandings about what travel is deductible can lead to either overclaiming, which risks ATO audits or underclaiming, which means not getting the best tax outcome.   What Kind of Travel is Tax Deductible?   Not all travel is deductible according to the ATO. Here's how it breaks down:  Tax-Deductible Travel   Driving from one client to another during your workday  Travelling from a clinic to a client's home or another location  Travel between multiple workplaces on the s

If you're a psychologist or allied health professional who rents out a therapy room, especially if you're subletting from a larger practice, then the short answer is yes, but with conditions.  Correctly claiming rent on your tax return can reduce your taxable income, which will help save money on tax and stay compliant with the ATO. If you don’t do it correctly, you could trigger audits or penalties. Many practitioners are unsure of how subletting arrangements affect their de

GST classification is not just a formality. It directly affects your pricing, invoicing and reporting obligations.  A common misconception is that all massage services provided by physios are GST free, but that is not always the case. Whether you’re a solo practitioner or run a multidisciplinary clinic, knowing how to distinguish between GST free and taxable services helps you:  Stay compliant with ATO regulations  Maximise legitimate deductions  Avoid penalties or back payme

Understanding how GST applies to your SMSF can help you avoid unnecessary registration, reduce compliance costs, and potentially claim back GST credits where eligible.  Many trustees assume that all SMSFs must register, but that’s not always the case. Missing out on GST credits, especially if your SMSF owns commercial property, could mean leaving money on the table.   What You Need to Know About GST and SMSFs   Let’s break it down:  1.  Do SMSFs Need to Register for GST?   On

Setting up a Self-Managed Super Fund (SMSF) is a major step for many Australians, offering more control over retirement savings. But it also comes with a mix of setup and ongoing costs.  A common question we get is whether those initial setup costs can be claimed as tax deductions. Understanding what the ATO allows and what it can't, will help you avoid confusion, stay compliant and better plan your budget.  1. What SMSF Setup Costs Are Deductible?   Not all SMSF setup costs

If you're running a S elf Managed Super Fund (SMSF ), you might be wondering if there are situations where lodging a return isn’t required. Whether your SMSF hasn’t started investing yet, has no members, or is in the process of being wound up, it’s crucial to understand your obligations. Misunderstandings in this area can lead to compliance issues, ATO scrutiny, or unexpected penalties.  We often see trustees mistakenly assume that “doing nothing” means “lodging nothing.” Tha

Capital Gains Tax (CGT) can have a significant impact on the returns of your Self Managed Super Fund (SMSF) , especially when selling property or shares. Many Australians use their SMSF to invest but aren’t fully aware of how CGT works within the fund or how to minimise it.  One of the most important distinctions is whether your fund is in accumulation phase or pension phase, as this determines the tax rate applied. A common myth is that SMSFs are always exempt from CGT, but