The Money Doctors

With a prevalence of auctions in Melbourne, it’s highly likely that if you were to buy a house in Victoria’s capital, you’ll have to go through the process of bidding before you buy. And so, it’s critical you do your due-diligence before the hammer comes down. 

The Bongiorno Group’s Senior Financial Consultant Mark Bremner and Director Mitch McKeown highlight the importance of being financially prepared and having pre-approved finance for the day of the auction. They discuss what you need to think about and why consulting with an experienced adviser is in your best interests.

You’ve been listening to The Money Doctors, proudly brought to you by leading financial services organisation the Bongiorno Group, the preferred tax and accounting partner for the Australian Medical Association Victoria and the Australian Dental Association Victorian Branch.

For more information, please call 03 9863 3111 or visit https://bongiorno.com.au/ 

This general advice has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product disclosure Statement before deciding to acquire the product.

See omnystudio.com/listener for privacy information.

Buying a property in Australia, particularly in Melbourne, is a significant and expensive purchase. The Bongiorno Group’s Director Mitch McKeown and Senior Financial Consultant Mark Bremner explores the process of buying a property. They provide insights into assessing borrowing capacity, obtaining pre-approval, managing assets and liabilities, and maximizing borrowing capacity. 

It’s important, they say, to understand your financial position and seek professional advice to navigate the buying process successfully.

You’ve been listening to The Money Doctors, proudly brought to you by leading financial services organisation the Bongiorno Group, the preferred tax and accounting partner for the Australian Medical Association Victoria and the Australian Dental Association Victorian Branch.

For more information, please call 03 9863 3111 or visit https://bongiorno.com.au/ 

This general advice has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product disclosure Statement before deciding to acquire the product.

See omnystudio.com/listener for privacy information.

Many doctors at some stage in their career take up the opportunity to do locum work. It involves working at different hospitals for short periods of time, and can provide flexibility and higher hourly rates. There are different ways to get paid as a locum doctor, including working as a visiting medical officer or going through a locum agency. 

However, taxation and GST are important considerations for locum work, as doctors may need to register for GST and manage their own tax obligations. The Bongiorno Group’s Director Mitch McKeown and Consultant Matt Homewood discuss those issues and what expenses can and can’t be deductible.

You’ve been listening to The Money Doctors, proudly brought to you by leading financial services organisation the Bongiorno Group, the preferred tax and accounting partner for the Australian Medical Association Victoria and the Australian Dental Association Victorian Branch.

For more information, please call 03 9863 3111 or visit https://bongiorno.com.au/ 

This general advice has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product disclosure Statement before deciding to acquire the product.

See omnystudio.com/listener for privacy information.

A couple of court rulings in recent times has put the spotlight on whether health, dental and medical centres are subject to payroll tax. The rulings emphasise the importance of understanding your practice’s own flow of payments and written agreements. That’s the message from Alexandra Phillips, Senior Associate at law firm Fletcher Clarendon, who joins Jim Tsirtsakis, Director at the Bongiorno Group, for part 2 of this special Payroll tax episode of The Money Doctors.

Fletcher Clarendon
https://www.fletcherclarendon.com.au/ 

Bongiorno Group
https://bongiorno.com.au/ 
03 9863 3111

The Money Doctors is proudly brought to you by leading financial services organisation the Bongiorno Group – the preferred choice for medical and dental professionals. 

This general advice has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product disclosure Statement before deciding to acquire the product.

See omnystudio.com/listener for privacy information.

It’s been an interesting few months in the medical sector in both Victoria and federally regarding rulings to payroll tax. Interpretations between state and federal commissioners have everyone scratching their heads. What does it all mean for those in private practice? What do you need to know to ensure you don’t trip up on these new changes? To discuss the issue is Alexandra Phillips, Senior Associate at law firm Fletcher Clarendon, and Jim Tsirtsakis, Director at the Bongiorno Group.

Fletcher Clarendon
https://www.fletcherclarendon.com.au/ 

Bongiorno Group
https://bongiorno.com.au/ 
03 9863 3111

The Money Doctors is proudly brought to you by leading financial services organisation the Bongiorno Group – the preferred choice for medical and dental professionals. 

This general advice has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product disclosure Statement before deciding to acquire the product.

See omnystudio.com/listener for privacy information.

Do you have a will? If you do have one, is it up to date? Your circumstances may change and so it’s important to have a will to determine where you want your personal assets to be distributed. A formal will – as opposed to a templated one you might find online – will be properly prepared and structured to minimise any confusion or contention when you’re gone. 

Michael Levy, Principal at Tisher Liner FC Law and Nick Fennessy, Director at the Bongiorno Group, discuss various issues concerning wills, including where they should be kept, who can witness and sign a will, what happens if you don’t have a will, and what assets can be included in a will.

Bongiorno Group
https://bongiorno.com.au/ 
03 9863 3111

The Money Doctors is proudly brought to you by leading financial services organisation the Bongiorno Group – the preferred choice for medical and dental professionals. 

This general advice has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product disclosure Statement before deciding to acquire the product.

See omnystudio.com/listener for privacy information.

If you’re running a medical or dental practice, it’s important to have a range of contracts and agreements that are tailored to your circumstances. That’s according to Michael Levy, Principal at Tisher Liner FC Law. In this episode, he discusses with Nick Fennessy, Director at the Bongiorno Group, the common types of agreements you’re advised to have, and the importance of keeping them relevant and updated as the respective laws change.

Bongiorno Group
https://bongiorno.com.au/ 
03 9863 3111

The Money Doctors is proudly brought to you by leading financial services organisation the Bongiorno Group – the preferred choice for medical and dental professionals. 

This general advice has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product disclosure Statement before deciding to acquire the product.

See omnystudio.com/listener for privacy information.

It’s human nature to try to emulate what other people are doing and wonder how they have achieved certain things. When you see an older doctor with a new car and a house in a nice suburb, you might be thinking that could be you in a few years. But not everything is necessarily as it seems, insists Mitch McKeown and Ricky Caldow, both Associate Directors at the Bongiorno Group.

In this episode, they explain that it’s wise to temper your expectations. After accounting for living costs, such as rent, food, fuel and energy, as well as for education and training, there’s not a lot left over for investments. It’s wise, they say, to start thinking about these things now. It’s a long game, and the sooner you plan for the future, the better.

 

The Money Doctors is proudly brought to you by leading financial services organisation the Bongiorno Group – the preferred choice for medical and dental professionals.

For more information, please call 03 9863 3111 or visit https://bongiorno.com.au/

This general advice has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product disclosure Statement before deciding to acquire the product.

See omnystudio.com/listener for privacy information.

While the country was locked-down during Covid, the tax office made it easier to calculate work-from-home expenses. Not anymore, warns Nick Fennessy, Director of the Bongiorno Group. He explains the new rules for those claiming WFH expenses, which require far more details than during the pandemic.

The Money Doctors is proudly brought to you by leading financial services organisation the Bongiorno Group – the preferred choice for medical and dental professionals.

For more information, please call 03 9863 3111 or visit https://bongiorno.com.au/

This general advice has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product disclosure Statement before deciding to acquire the product.

See omnystudio.com/listener for privacy information.

Small business owners can take advantage of a tax incentive to improve operations and productivity with technology. Nick Fennessy, Director of the Bongiorno Group, says the scheme allows eligible business to claim an additional 20% tax deduction for technology-based expenses capped at $100,000. Nick discusses who is eligible and what they can claim under the Small Business Technology Investment Boost.

The Money Doctors is proudly brought to you by leading financial services organisation the Bongiorno Group – the preferred choice for medical and dental professionals.

For more information, please call 03 9863 3111 or visit https://bongiorno.com.au/

This general advice has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product disclosure Statement before deciding to acquire the product.

See omnystudio.com/listener for privacy information.