The payroll tax pandemic is a medical and health contractor cancer tax
Welcome to the emancipation of all medical and healthcare practitioners!
The recent medical payroll tax Supreme Court Ruling has confirmed what we have known for a long time.
As media reports suggest, it is not a sick tax or the death of your local general practice. For many, it may be a rebirth!
What is different is the high-profile campaigning for a GP tax exemption has drawn attention to the tax regulators.
If you get the strategy right, you will survive and thrive. If you do nothing it is a choice, but do not expect your doctors or practitioners to stick around. They are scared too.
Start focusing on what you need to do next. To reduce any anxiety, educate yourself and start taking action. Small fixes can make a big difference. It should provide a sustainable silver lining you may not have thought of.
This should allow you to go back to seeing patients and not lawyers and accountants.
Like treating cancer, there are four stages. Do not cut corners.
Stage 1 - Make sure you have made the right diagnosis
Relying on media campaigns or poor advice is not a good idea. This breeds tax audit anxiety. Not everyone has cancer. Sounds familiar Dr Google may be useful, but seek customised experienced medical, tax, and legal advice. Ask your advisers if they actually won an audit before relying on any advice.
For context
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To educate yourself first
Click HERE
Ask the right questions in writing from your legal and accounting advisers
Save valuable time and money: find the right adviser whose clients have survived an audit post-Naaz payroll tax decision. (Hint: we can assist).
If you do find you have been profoundly misled by your legal and tax advisers then at least you can plead for a lesser penalty and seek damages. It is clear there is respectfully a different level of understanding among traditional and some expert medical advisers. Glossy adviser brochures or big titles will not impress a judge see stage 4.
To find a successful tax audit experienced adviser
Recommended by LinkedIn
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Stage 2 - Do not be overwhelmed, make these key changes now.
Lack of education and action is making practitioners and practice owners worry about things they don't have to.
To start the awareness process
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Stage 3 Monitor annually
Due to the new ATO rules, if your accountant or legal adviser cannot provide annual tax certification clearance, your arrangements are deemed automatically high risk.
Providers are looking for contractor tax-compliant safe harbour practices.
If you cannot find a solution, do not reinvent the wheel, we can provide cost-effective, audit tested Tenant Doctor Certification.
Pass the sleep test that your doctors would be happy to pay for. Give your service entity a competitive recruitment and retention advantage.
For how to cost-effectively pass the sleep test
Click HERE
Stage 4 - If you are a medical corporate because your business model involves acquiring GP practices, forget it. It is highly likely that it is terminal.
Sometimes being smaller is better. It is a myth to believe that corporates are better off.
For proof that big medical and healthcare corporates are not better off, in fact one caused the problem.
Click HERE
The best way to stop scarying yourself and practitioners and patients away from your practice is to educate everyone and act now and avoid that letter from the tax man.
Experienced National Medical and Health Accountant and Practice Owner Adviser
1yJeremy Knibbs and Penny Durham
Doctor/Entrepreneur/Inventor/Playwright/Public Interest Litigant .
1yGreat advice David but like i have said there is way ,easier than all of this that youve listed .Read the judgement in my case critically !