The Money Doctors

Burnout is particularly common among medical professionals, and it arises from chronic stress often from the workplace, financially, or from relationships. Its symptoms include exhaustion, negativity, cynicism, and decreased efficacy in tasks. Doctors face heightened risks due to high workloads and financial pressures, often ignoring early signs like fatigue, poor sleep, and detachment.

But, there is an answer! The Bongiorno Group’s Matt Homewood invites mindfulness coach and best-selling author of ‘Beating Burnout Finding Balance’, Melo Calarco, to discuss preventative measures to burnout. They include self-awareness, addressing physiological stress signals, and incorporating self-care routines like mindfulness, proper rest, and balanced workloads. Short-term solutions like 90-second breath breaks help regulate stress during busy days. Long-term strategies involve setting boundaries, prioritising health, and seeking professional or peer support to sustain wellbeing.

For more information and to contact Melo Calarco, visit
https://www.melocalarco.com/ 

The Money Doctors is proudly brought to you by leading financial services organisation the Bongiorno Group, the preferred tax and accounting partner for the Australian Medical Association Victoria.

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.

Before starting a fellowship, it’s crucial to consult with an advisor to plan your finances and set up a loan facility for potential cash flow needs. This proactive approach ensures that financial arrangements are based on your current income, avoiding complications once you’re overseas. The Bongiorno Group’s Senior Finance Consultant Mark Bremner and Finance Manager Jack Will explain how advisors can help explore options like adjusting loan terms or switching to interest-only repayments. Proper planning reduces financial stress, allowing you to focus on the fellowship without worrying about cash flow issues.

The Money Doctors is proudly brought to you by leading financial services organisation the Bongiorno Group, the preferred tax and accounting partner for the Australian Medical Association Victoria.

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.

One thing lacking in a medical student’s curriculum is financial education. That’s where the Bongiorno Group has stepped in to provide students crucial financial knowledge such as salary packaging, tax management, and wealth planning. Each year, Matt Homewood and Nicolas Pereira present to graduates across different medical colleges to help young doctors starting their careers, navigate financial challenges such as buying a home and managing taxes. Common questions include maximising salary packaging and property market entry. They stress the importance of finding a trusted financial partner for long-term support.

The Money Doctors is proudly brought to you by leading financial services organisation the Bongiorno Group, the preferred tax and accounting partner for the Australian Medical Association Victoria.

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.

Tax residency is crucial for understanding Australian tax obligations, especially for individuals with foreign income or assets. Australian residents are taxed on worldwide income, including foreign income, with credits available for taxes paid overseas under double tax agreements. The Bongiorno Group’s Tax Manager Chantelle Turner and Director Nick Fennessy explain the four tests which assess tax residency. They include: the ordinary concepts test, which examines residency intent and ties to Australia; the domicile test, focusing on a permanent place of abode; the 183-day test, considering time spent in Australia; and the superannuation test, relevant to government employees abroad. Non-residents face higher tax rates and lose certain benefits like the capital gains discount.

The Money Doctors is proudly brought to you by leading financial services organisation the Bongiorno Group, the preferred tax and accounting partner for the Australian Medical Association Victoria.

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.

To address GP shortages, particularly in rural areas the Victorian Government is trialling a Single Employer Model (SEM) in 2025. Junior doctors can remain employed within the public health system while training as GPs or rural generalists, ensuring continuity of employment and entitlements like parental leave.

John Ryan, Senior Workplace Relations Advisor with AMA Victoria discusses the concept with the Bongiorno Group’s Marketing & Communications Director, Anneliese Shortt. John says the trial will occur at three regional health services: Grampians Health, Mildura Base, and Bairnsdale hospitals. SEM aims to increase GP training uptake, with potential expansion statewide and nationally.

The Money Doctors is proudly brought to you by leading financial services organisation the Bongiorno Group, the preferred tax and accounting partner for the Australian Medical Association Victoria.

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.

Financial planning is not complete without assessing your risk cover. Ricky Caldow and Mitch McKeown continue their discussion on end-of-year planning by focusing on insurances. As life circumstances change — such as earning more, acquiring assets, and growing families — ensure income protection and life insurance reflect your current needs. Goal-setting, sharing ambitions with advisors, and staying accountable can significantly enhance financial security and personal growth.

The Money Doctors is 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.

As 2024 draws to a close, now’s the time to think about getting your financial house in order for 2025 and beyond. Ricky Caldow and Mitch McKeown, Directors at the Bongiorno Group, highlight the importance of reviewing your financial performance, focusing on expenses, tax, cash flow, and investments.

Cashflow analysis — or budgeting — is key to wealth creation. Planning for tax efficiency, understanding loan structures, and reducing non-deductible debt are essential strategies for improving financial health. Engage professionals for tax and financial advice, ensuring that your financial decisions are aligned with long-term wealth creation goals, rather than just immediate concerns.

The Money Doctors is 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.

The 2025 enterprise bargaining process for public health doctors in Victoria will begin in mid-2025, with preparations starting early in the year to ensure completion by the end of 2025. 

Key challenges include engaging doctors to actively participate and ensuring strong representation through AMA and/or ASMOV membership.

Non-members often lack a voice, impacting outcomes, according to AMA Victoria’s Senior Workplace Relations Advisor John Ryan. He joins the Bongiorno Group’s Anneliese Shortt to examine the critical issues involve addressing unresolved matters from a pending ministerial review and advocating for pay increases.

The Money Doctors is 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.

Recent changes to payroll tax laws have brought increased scrutiny to medical practices, especially regarding payments to contractor GPs. Historically, many practices assumed exemptions due to their structure. However, judicial rulings, like the Optical Superstore case, and a stricter Victorian State Revenue Office (SRO) interpretation have clarified and enforced obligations.

Victoria announced temporary relief for retrospective liabilities and partial exemptions for fully bulk-billed services starting 1 July 2025. Practices now face challenges navigating these rules, especially for non-bulk-billed services. The AMA Victoria has been advocating for clarity and fairness, but practices must act quickly, seek professional advice, and prepare for these changes.

State Taxation Further Amendment Bill 2024 (https://www.legislation.vic.gov.au/bills/state-taxation-further-amendment-bill-2024)  passed the Victorian Parliament on Thursday 28 November, 2024.

Lewis Horton, Senior Policy Adviser with AMA Victoria, discusses the ramifications with Jim Tsirtsakis, Director at the Bongiorno Group,

The Money Doctors is 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.

Understanding insurance claims is crucial, as many medical professionals are unaware of their eligibility for benefits like income protection, trauma cover, and total and permanent disablement (TPD) insurance. That’s according to the Bongiorno Group’s Insurance Client Relationship Manager Helen Lloyd and Risk Adviser Tom Will. Professional guidance, they say, ensures claims are handled efficiently and payouts are managed effectively, offering financial relief and peace of mind during challenging times.

The Money Doctors is 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.