End-of-year planning: Part 2

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 an…

End-of-year planning: Part 1

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 investment…

Striving for fair outcomes in the 2025 EBA

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…

The Impact of Payroll Tax Changes to Medical Professionals

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 Sta…

Navigating Insurance Claims: From Eligibility to Payouts

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 Llo…

The Case for Trusts Part 2: Investment Trusts & Property Trusts

Mitch McKeown and Ricky Caldow continue their discussion on trusts, focusing specifically on investment trusts and property trusts. Investment trusts are commonly used for asset ownership, offering benefits like tax efficiency and discretion in distributing profits. They can hold various assets suc…

The Case for Trusts Part 1: Overview & Business Trusts

Trusts can offer tax benefits by distributing income across multiple beneficiaries, potentially lowering the overall tax liability, especially when assets are split among family members. While there are multiple types of trusts, each has unique features and applications.  Ricky Caldow and Mitch Mc…

Graduates: 3 simple rules to complete your tax return

One of the biggest expenses in a doctor’s career is tax, and so it’s crucial to understand how to manage it effectively. That’s according to Matt Homewood, Financial Consultant at the Bongiorno Group. In this episode he is joined by Nic Pereira, Accountant at the Bongiorno Group, who both insist it…

Be wary of “Finfluencers"!

The rise of “finfluencers”— individuals providing financial advice on social media platforms such as TikTok, Facebook, and podcasts — has led to significant concern, particularly in Australia. Many of these people are not licensed to provide financial advice, yet their followers often act on their …

What kinds of donations can you claim in your tax return?

At tax time, your accountant will ask you if you’ve donated anything to a charity. Why? Because it could be claimed as a tax deduction. But not all donations are deductible. The Bongiorno Group’s Tax Manager Chantelle Turner and Director Nick Fennessy explain that to claim a deduction, the charity …