Setting up in private practice: 4 questions every medico should ask.

Posted by Matt Connor on 22 April 2015

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How to enhance your financial future - 5 steps for medical registrars.

Posted by Neal Durling on 24 March 2015

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FOFA: standing up for consumer rights

Posted by Sean O'Kane on 9 December 2014

If you are not someone involved directly in the Financial Planning industry, you would be forgiven for wondering what has been going on with the Future of Financial Advice (FOFA).  Before I go on I should 'nail our colours to the mast' and say we liked the FOFA legislation passed under the previous government, but may stop short of wearing the cap in the picture.

I for one was very confused that the new government decided to spend time and money on watering down the proposals, particularly as they seemed to have a broad spread of public opinion on their side.  Reading between the lines I think there were some powerful vested interests at work behind the scenes, including the big banks. Why else would you take a backward step in protecting the consumer?

So whilst I find some of what our Senate is doing slightly bizarre, I whole heartedly supported the dissolution motion passed through the senate with the help of Senators Jacqui  Lambie and Ricky Muir. The dissolution overturned the watered down regulations passed by the Coalition in July of this year.

So what are we back to? The key components of the original legislation, which now remain in place, are as follows:


  • the original definition of retail client has been restored so that fee disclosure statements need to be given to all clients and advisers are required to obtain consent from their clients every two years for ongoing fee arrangements
  • the original best interests duty provisions have been restored
  • the exemption for a monetary benefit given to a person who gives general advice to a retail client on behalf of a financial services licensee from the conflicted remuneration prohibition has been removed

Looking at the first and most contentious issue, every two years an adviser has to provide their client with a disclosure of what they have been paid and gain consent for continued engagement. I hear some of you say what only every 2 years! And you are also probably wondering what has been happening up until now.

As a business that has from the start, in 2008, had annual re-engagement with its clients, we dont think that 2 years goes far enough. We are also think that the grandfathering arrangements that allow existing clients in certain circumstances to fall outside of the new rules should not be there. And as for best interests duty provisions, come on, why would that be something that would be taken away?

If you think that we are humming to a different tune, then you would be right.

Posted in: News Wealth Creation   0 Comments

Get help with paying your tax debt

Posted by Laura Hann on 17 November 2014

Did you know if you owe money to the Tax Office and do not have the capacity to make payment in full by the due date you can apply for a payment arrangement?
These arrangements can be made on a weekly, fortnightly or monthly payment cycle and for up to 18 months.
These arrangements are granted at the discretion of the Tax Office, however, in our experience it is unlikely that these would be rejected.

The conditions of these payment arrangements are as follows:

"Interest will accrue on the unpaid debt from the original due date until the debt is paid in full"

"It is important to enter an arrangement that you can continue to pay while also paying your ongoing liabilities (such as quarterly activity statements or annual income tax). You should also make sure any outstanding tax obligations are lodged and, if necessary, included in your payment scenario. You should aim to create a payment scenario that is both within your means and pays off your debt in the shortest possible time frame. Once you have come up with a suitable payment scenario, you are ready to propose an arrangement to the ATO."

You can contact your Tax Agent if you need to organise a payment arrangement with the Tax Office.

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Easy extensions for overdue tax returns

Posted by Mary Young on 12 November 2014

We have received a few enquiries these last few weeks from people in a panic 31 October has come and gone and my tax is overdue! HELP!!!!!

If you haven't engaged a tax agent to prepare and submit your tax in the past this would be the case, but when you do have a tax agent, and you don't have any other overdue tax lodgements, your due date is generally 11 months after year end, in other words May of the following year.

The same goes for quarterly BAS if you operate a business and lodge your own BAS, you have 28 days to do it from the end of the Quarter. When you have a Tax Agent lodging on your behalf, you have an additional 4 weeks.

If you are struggling to get your tax compliance dealt with on time, talk to a tax agent who can automate the process and take the stress away.

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The information on this site is of a general nature. It does not take your specific needs or circumstances into consideration, so you should look at your own financial position, objectives and requirements and seek financial advice before making any financial decisions.

The financial planning services are provided by Medical Financial Pty Ltd trading as Medical Financial Planning (AFSL 506557)