5 June 2024

Gobbill’s CEO Shendon Ewans hosted an event at NAB featuring Martin Goodrich of Goodrich Group as the key speaker about his experiences with payroll tax affecting medical and health practices.

Martin is a Chartered Accountant and has over 44 years’ experience in accounting and financial services. He acts as Chief Financial Officer and corporate advisor to many health and medical companies. He is currently the Chairman of Next Smiles Melbourne and partner in a new super dental clinic with his long-standing colleague, Dr Larry Benge.

Martin spoke about the issue from his perspective as a practice owner. This issue hits many business owners such as GP, dentists, physio, osteo, optometrists, pharmacists and other allied health and NDIS providers.

Then, it’s not just payroll tax but the flow on impacts of Superannuation, employer contributions, GST, PAYG, Workcover, leave entitlements and more..

When reviewing your practice, consider also the money and payment flows. who controls the funds.

Often there are more admin steps and hassles. Gobbill automates the timely collection of funds from your clients’ bank accounts. It will improve your cashflow and significantly reduce administration & reconciliation time. Gobbill helps eliminate the hassle of managing money, waiting for transfers and having to chase funds.

Contact us to learn more or to discuss this topic further. We’re interested in your experience and what you hope to do. Email: [email protected]

Thank you NAB’s Laila Genitsaris for supporting the event.

About Gobbill

At Gobbill, we help many medical and health practices automate invoice payments. We streamline the movement of money and interactions between customers and suppliers. We reduce data entry, reconciliation and communication effort.

Gobbill can save up to 70% of time on accounts administration for business owners which in many cases can equate to around $30K per annum in savings.

The company was founded in Melbourne 9 years ago, is a compliant and regulated processor of money movement under ASIC and the NDIS Commission.

#medical #health #practices #GP #dentists #physio #osteo #optometrists #pharmacists #alliedhealth #ndis #payrolltax

The Australian Taxation Office (ATO) is on the move to crack down on landlords that incorrectly claim or omit items for investment properties on their tax return. The ATO found nearly 9 out 10 landlords making various mistakes such as submitting incorrect claimed expenses and rental income.

Assistant tax commissioner Tim Loh said the Tax Office was targeting areas where people often made mistakes on their returns such as leaving out rental income and overclaiming expenses. “We encourage rental property owners and their registered tax agents to take extra care this tax time and review their records before lodging their return,” Loh said.

Not having the eligible expenses digitally stored and correctly categorised in one place is a big hassle when it comes to tax time.

Senior Accountant Anthony Fernando from Xantias financial management says that he sees this all the time while he assists many clients with their tax returns. “Clients are time poor and need to collate all their expenses for claims. They also need to be aware of what expenses are claimable as per ATO’s standards. A good tax accountant can guide you through.” 

It takes a lot of time and effort to pay bills relating to investment properties and keep on top of records for expenses. Maintaining proper records is important to calculate and substantiate your deductions.

An Australian technology company called Gobbill has been helping property and business owners over the last 5 years. The system automatically does the data entry of bills, check for any fraud/scams, pays the bill before the due date and allocates the bill to correct property (or entity) after the initial setup. This helps property investors to avoid errors, save them a lot of time throughout the year and remove the hassle of finding eligible claims at tax time.

Gobbill is a solution used by many Australian property investors to organise and automate all their bill payments, then store in one place the relevant expense claims. It removes the hassle of finding all the expenses when it comes to tax time. Our clients just export a file for their accountant which also contains all the information required including the associated property/entity for the bill.

Contact Gobbill to find out more about paying and tracking investment property expenses https://gobbill.com/contact/  or email [email protected]

Contact Xantias to find out more about financial management https://www.xantias.com.au/contact/  or email afernando@xantias.com.au

#taxtime #eofy #accounting #propertyinvestment #tax

Sources:
1) Sydney Morning Herald, April 2023 – Landlords asked to explain $1.3 billion tax shortfall in new ATO blitz: https://www.smh.com.au/money/planning-and-budgeting/landlords-asked-to-explain-1-3-billion-tax-shortfall-in-new-ato-blitz-20230414-p5d0fp.html  

2) Australian Financial Review, April 2023 – How ATO crackdown is targeting your investment property:   https://www.afr.com/wealth/personal-finance/how-ato-crackdown-is-targeting-your-investment-property-20230419-p5d1nt

3) The Australian Taxation Office: https://www.ato.gov.au/Individuals/Investments-and-assets/Residential-rental-properties/rental-expenses-to-claim/

4) The Australian Taxation Office: https://www.ato.gov.au/general/interest-and-penalties/penalties/statements-and-positions-that-are-not-reasonably-arguable/

5) The Guardian, April 2023 – Australian Taxation Office to force banks to hand over landlord data in investment property crackdown: https://www.theguardian.com/australia-news/2023/apr/12/australian-tax-office-force-banks-hand-over-landlord-data-investment-property-crackdown

Reported in Domain 14th Mar 2019, almost nine in 10 property investors who claim tax deductions on their rentals are making errors, new research shows. Investors are in the crosshairs of the Australian Taxation Office, which is turning its focus to the incorrect property claims made at tax time.

Tax commissioner Chris Jordan said that the ATO had been making random inquiries about tax returns. “Our auditors have now completed over 300 audits on rental property claims and found errors in almost nine out of 10 returns reviewed,” he said. “We’re seeing incorrect interest claims for the entire investment loan where it has been refinanced for private purposes, incorrect classification of capital works as repairs and maintenance, and taxpayers not apportioning deductions for holiday homes when they are not genuinely available for rent.”

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