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Simplifying Payroll Tax: Tax Complexities in Medical Practices with Kelly Chard
Manage episode 439640689 series 3372504
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In this episode of Medicubes, hosts Chris and Kim invite Kelly Chard, founder of GrowthMD, to discuss the complexities of payroll tax for medical practices in Australia. Exploring the challenges practice managers face, provide insights into recent changes, and offer practical advice for navigating this intricate landscape.
Key Points:
- Impact of Payroll Tax: Payroll tax management is a complex issue affecting the longevity of medical practices. They highlight the significance and challenges it poses.
- Importance of Expert Advice: Business owners are encouraged to seek out professional advice to navigate payroll tax intricacies and ensure compliance.
- Payroll Tax Updates: Delving into the specifics of recent payroll tax updates, particularly in New South Wales, including the 12-month pause on audit activity and new bulk billing rebate thresholds.
- Bulk Billing Definition: How bulk billing percentages are calculated and the exemptions applicable before and after September 4th.
- Surcharging Practices: The relevance and challenges of payroll tax surcharging, including different state approaches and software solutions to streamline the process.
- Flow of Funds: Comparison of traditional and new payment approaches to reduce payroll tax exposure, with a focus on the favourable guidelines in Queensland.
Blog link for Showcase:
- https://www.growth-md.com/post/nsw-payroll-tax-relief-for-medical-centres-what-you-need-to-know
Make sure you're subscribed to the podcast so you don't miss an episode, and leave a review on Apple Podcasts or Spotify if you found the discussion valuable. Visit www.medicubes.com.au for previous episodes and more information.
Medicubes is a proud member of the Talking HealthTech Podcast Network - the premier audio destination for cutting-edge insights and thought leadership in healthcare delivery, innovation, digital health, healthcare ICT, and commercialisation. Learn more at www.talkinghealthtech.com/podcast/network.
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