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 must be a Deductible Gift Recipient (DGR). You can verify DGR status via the ABR website using the charity’s name or ABN.

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The Money Doctors is proudly brought to you by leading financial services organisation the Bongiorno Group, the preferred tax and accounting partner for the Australian Medical Association Victoria and the Australian Dental Association Victorian Branch.

For more information, please call 03 9863 3111 or visit https://bongiorno.com.au/

This general advice has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product Disclosure Statement before deciding to acquire the product.

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 must be a Deductible Gift Recipient (DGR). You can verify DGR status via the ABR website using the charity’s name or ABN.
MORE INFORMATION
The Money Doctors is proudly brought to you by leading financial services organisation the Bongiorno Group, the preferred tax and accounting partner for the Australian Medical Association Victoria and the Australian Dental Association Victorian Branch.
For more information, please call 03 9863 3111 or visit <a href="https://bongiorno.com.au/">https://bongiorno.com.au/</a>
This general advice has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product Disclosure Statement before deciding to acquire the product.

The Money Doctors offers conversations on financial wealth and money matters for Australian medical and dental professionals.

This podcast is proudly brought to you by leading financial services organisation the Bongiorno Group.

The general advice in this series has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product disclosure Statement before deciding to acquire the product.

The Money Doctors offers conversations on financial wealth and money matters for Australian medical and dental professionals.
This podcast is proudly brought to you by leading financial services organisation the Bongiorno Group.
The general advice in this series has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product disclosure Statement before deciding to acquire the product.

The Money Doctors

The Money Doctors offers conversations on financial wealth and money matters for Australian medical and dental professionals. 

This podcast is proudly brought to you by leading financial services organisation the Bongiorno Group. 

The general advice in this series has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product disclosure Statement before deciding to acquire the product.

The Money Doctors offers conversations on financial wealth and money matters for Australian medical and dental professionals. 
This podcast is proudly brought to you by leading financial services organisation the Bongiorno Group. 
The general advice in this series has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product disclosure Statement before deciding to acquire the product.

What kinds of donations can you claim in 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’s important to operate within the law when claiming deductions, as penalties for crossing the line can be severe.

They discuss the three rules for deductions: incurrence (ensure you personally incurred the expense); proof (keep detailed receipts or invoices); and relevance (deductions must be directly related to your current employment). Consulting a tax professional can maximise your deductions and ensure compliance with tax regulations, ultimately reducing your taxable income.

MORE INFORMATION

The Money Doctors is proudly brought to you by leading financial services organisation the Bongiorno Group, the preferred tax and accounting partner for the Australian Medical Association Victoria and the Australian Dental Association Victorian Branch.

For more information, please call 03 9863 3111 or visit https://bongiorno.com.au/

This general advice has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product Disclosure Statement before deciding to acquire the product.

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’s important to operate within the law when claiming deductions, as penalties for crossing the line can be severe.
They discuss the three rules for deductions: incurrence (ensure you personally incurred the expense); proof (keep detailed receipts or invoices); and relevance (deductions must be directly related to your current employment). Consulting a tax professional can maximise your deductions and ensure compliance with tax regulations, ultimately reducing your taxable income.
MORE INFORMATION
The Money Doctors is proudly brought to you by leading financial services organisation the Bongiorno Group, the preferred tax and accounting partner for the Australian Medical Association Victoria and the Australian Dental Association Victorian Branch.
For more information, please call 03 9863 3111 or visit <a href="https://bongiorno.com.au/">https://bongiorno.com.au/</a>
This general advice has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product Disclosure Statement before deciding to acquire the product.

Graduates: 3 simple rules to complete your tax return

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 suggestions, sometimes with dire consequences.

Vanessa Smith and Nick Fenessy, both Directors at the Bongiorno Group, say the key issue is that advice found online may not be suitable for everyone’s unique financial situation. Younger people, often less financially literate, are particularly vulnerable. While discussing finances and money-saving tips is beneficial, licensed professionals should be the go-to source for tailored advice.

MORE INFORMATION

The Money Doctors is proudly brought to you by leading financial services organisation the Bongiorno Group, the preferred tax and accounting partner for the Australian Medical Association Victoria and the Australian Dental Association Victorian Branch.

For more information, please call 03 9863 3111 or visit https://bongiorno.com.au/

This general advice has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product Disclosure Statement before deciding to acquire the product.

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 suggestions, sometimes with dire consequences.
Vanessa Smith and Nick Fenessy, both Directors at the Bongiorno Group, say the key issue is that advice found online may not be suitable for everyone’s unique financial situation. Younger people, often less financially literate, are particularly vulnerable. While discussing finances and money-saving tips is beneficial, licensed professionals should be the go-to source for tailored advice.
MORE INFORMATION
The Money Doctors is proudly brought to you by leading financial services organisation the Bongiorno Group, the preferred tax and accounting partner for the Australian Medical Association Victoria and the Australian Dental Association Victorian Branch.
For more information, please call 03 9863 3111 or visit <a href="https://bongiorno.com.au/">https://bongiorno.com.au/</a>
This general advice has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product Disclosure Statement before deciding to acquire the product.

Be wary of “Finfluencers"!

Underwriting is the process insurers use to assess an individual’s risk in order to determine whether to offer coverage, under what terms, and at what premium rate. It involves evaluating factors like health, lifestyle, occupation, and financial situation to gauge the likelihood of a claim being made.

Liz Burke, Victoria Underwriting Chapter Lead at major insurer Zurich, and Yanish Geerdharry, Head of Risk Advisory Services at the Bongiorno Group, discuss the importance of underwriting. Fundamentally, it ensures that premiums are fairly set based on risk, protects insurers from excessive losses, and provides policyholders with clarity on what their insurance covers and excludes. This helps maintain a balanced and sustainable insurance system.

MORE INFORMATION

The Money Doctors is proudly brought to you by leading financial services organisation the Bongiorno Group, the preferred tax and accounting partner for the Australian Medical Association Victoria and the Australian Dental Association Victorian Branch.

For more information, please call 03 9863 3111 or visit https://bongiorno.com.au/

This general advice has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product Disclosure Statement before deciding to acquire the product.

Underwriting is the process insurers use to assess an individual’s risk in order to determine whether to offer coverage, under what terms, and at what premium rate. It involves evaluating factors like health, lifestyle, occupation, and financial situation to gauge the likelihood of a claim being made.
Liz Burke, Victoria Underwriting Chapter Lead at major insurer Zurich, and Yanish Geerdharry, Head of Risk Advisory Services at the Bongiorno Group, discuss the importance of underwriting. Fundamentally, it ensures that premiums are fairly set based on risk, protects insurers from excessive losses, and provides policyholders with clarity on what their insurance covers and excludes. This helps maintain a balanced and sustainable insurance system.
MORE INFORMATION
The Money Doctors is proudly brought to you by leading financial services organisation the Bongiorno Group, the preferred tax and accounting partner for the Australian Medical Association Victoria and the Australian Dental Association Victorian Branch.
For more information, please call 03 9863 3111 or visit <a href="https://bongiorno.com.au/">https://bongiorno.com.au/</a>
This general advice has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product Disclosure Statement before deciding to acquire the product.

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

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