The Money Doctors

The Bongiorno Group’s Directors, Ricky Caldow and Mitch McKeown, continue with their line-by-line rundown of what you can and can’t claim in your tax return. In part 2, they cover conferences, donations, superannuation, and one of the more confusing items: “other”.   The Money Doctors is proudly brought to you by leading financial services organisation the Bongiorno Group, the preferred tax and ac...

Tax time is fast approaching, and the perennial question asked of accountants around the country is: “What deductions am I entitled to?” The Bongiorno Group’s Directors, Ricky Caldow and Mitch McKeown, go through each item, line-by-line, specifically addressing deductions of medical professionals. In this first of two episodes, Ricky and Mitch focus on work-related travel, clothing, and self-educa...

Higher Education Contribution Scheme (HECS) and Higher Education Loan Program (HELP) were designed to provide cheap loans for tertiary students to fund their education, the indexation of which has been traditionally linked to the consumer price index (CPI). However, the indexation in recent times has spiked significantly, alarming both students and government. To address this, new legislation effe...

This year's federal budget was delivered by Treasurer Jim Chalmers, whose government is cognisant of cost-of-living pressures and keeping inflation in check. Nick Fennessy, Director at the Bongiorno Group, describes the budget as relatively harmless, with a surplus lower than the previous year. He outlines some of the announcements, including tax cuts, modification of tax thresholds, energy bill r...

Variable and fixed-interest loans have their advantages and disadvantages, and what works depends on your particular circumstances. In this episode, the Bongiorno Group’s Senior Finance Consultant Mark Bremner and Finance Manager Jack Will discuss the implications of each, as well as the rationale behind splitting the two.   The Money Doctors is proudly brought to you by leading financial services...

Depending on your circumstances, it might be worth opting for a stepped, level or hybrid insurance premium structure. First, it’s important to understand what stepped and level premiums mean. The Bongiorno Group’s Head of Risk Advisory Services, Yanish Geerdharry, discusses the difference between the two with Client Relationship Manager, Tom Will. A combination of stepped and level premiums can of...

With changes to marginal tax rate thresholds and rates, there may be increased benefits in maximising tax-deductible expenses and strategies before the end of the financial year. The Bongiorno Group’s Director Sarah Thorburn and Financial Advisor Jessica Weaver discuss a range of super-related strategies, including assessing available caps and potential tax implications, such as Division 293 tax f...

Since they were first introduced, the federal government’s HECS and HELP schemes have assisted many thousands of university students access quality education by deferring their fees until they starting earning a wage. What was once considered a favourable loan due to low interest rates, has now left many with a burden because of increased indexation based on inflation rates. In this episode, Vanes...

How does Victoria compare with the rest of the country’s property market? And what should both sellers and buyers know when it comes to their own investment plan? Those are some of the questions Nick Fennessy, Director at the Bongiorno Group, puts to Julian Muldoon, Director at 1Group Property Advisory. Julian gives his take on a range of issues, including: the regional and coastal markets, supply...

The late Tony Bongiorno was a pioneer in promoting gender equity in the workforce since the early 1970s. In memory of Tony’s commitment to education and equality, the Bongiorno Group has established a new grant to support female trainees and surgeons. The $10,000 grant is provided to women who are Royal Australasian College of Surgeons (RACS) Victorian and Tasmanian surgical trainees and surgeons....

Losing income due to disability can have significant financial implications, which underlies the importance of having appropriate insurance coverage. Yanish Geerdharry, Head of Risk Advisory Services at the Bongiorno Group, and Rory Jacobs, Senior Business Development Manager at PPS Mutual, discuss both temporary and permanent disability insurance. They examine the different ownership structures a...

Show up on time, do what you say you're going to do, finish what you start, and use good manners to improve referability. They are some of the lessons from the late Tony Bongiorno that the Bongiorno Groups Directors, Ricky Caldow and Mitch McKeown, delve into in this third instalment of Tony’s Teachings.\ Adopting an infinite business mindset, which prioritises long-term survival and superior serv...

What qualities do you look for in an adviser? Well, the late Tony Bongiorno had some ideas, which are explained by the Bongiorno Group’s Directors, Mitch McKeown and Ricky Caldow. They include the importance of like, trust, and respect in building a mutual relationship. They introduce the concept of Kaizen, the Japanese art of continual improvement, as a benchmark for assessing advisors. And they...

This is the first of a series of podcast episodes which pay tribute the late Tony Bongiorno and the valuable lessons he shared while he was at the helm of the Bongiorno Group. Ricky Caldow and Mitch McKeown, both Directors at the Bongiorno Group, walk us through three of Tony’s Teachings. They include avoiding the following: buying an expensive car; buying a property off the plan; and buying a hig...

The “dreaded” Division 293 is an additional tax based on total income and adjusted taxable income, and which applies to both personal and employer contributions to superannuation. The tax is calculated after the tax return is lodged and can be paid out of pocket or from the super fund.  The Bongiorno Group’s Senior Tax Manager Chantelle Turner and Ricky Caldow, Director, discuss how Div 293 is not...

There’s no way around it – your credit score is used by a lender to determine your ability to pay back a loan. How do you find your credit score, what does it mean – is it good or bad – and how do you improve it?  For answers, we hear from the Bongiorno Group’s Senior Financial Consultant Mark Bremner and Director Ricky Caldow. They caution against quick fixes for bad credit ratings. To find you o...

With a prevalence of auctions in Melbourne, it’s highly likely that if you were to buy a house in Victoria’s capital, you’ll have to go through the process of bidding before you buy. And so, it’s critical you do your due-diligence before the hammer comes down.  The Bongiorno Group’s Senior Financial Consultant Mark Bremner and Director Mitch McKeown highlight the importance of being financially pr...

Buying a property in Australia, particularly in Melbourne, is a significant and expensive purchase. The Bongiorno Group’s Director Mitch McKeown and Senior Financial Consultant Mark Bremner explores the process of buying a property. They provide insights into assessing borrowing capacity, obtaining pre-approval, managing assets and liabilities, and maximizing borrowing capacity.  It’s important, t...

Many doctors at some stage in their career take up the opportunity to do locum work. It involves working at different hospitals for short periods of time, and can provide flexibility and higher hourly rates. There are different ways to get paid as a locum doctor, including working as a visiting medical officer or going through a locum agency.  However, taxation and GST are important considerations...

A couple of court rulings in recent times has put the spotlight on whether health, dental and medical centres are subject to payroll tax. The rulings emphasise the importance of understanding your practice’s own flow of payments and written agreements. That’s the message from Alexandra Phillips, Senior Associate at law firm Fletcher Clarendon, who joins Jim Tsirtsakis, Director at the Bongiorno Gr...

It’s been an interesting few months in the medical sector in both Victoria and federally regarding rulings to payroll tax. Interpretations between state and federal commissioners have everyone scratching their heads. What does it all mean for those in private practice? What do you need to know to ensure you don’t trip up on these new changes? To discuss the issue is Alexandra Phillips, Senior Asso...

Do you have a will? If you do have one, is it up to date? Your circumstances may change and so it’s important to have a will to determine where you want your personal assets to be distributed. A formal will – as opposed to a templated one you might find online – will be properly prepared and structured to minimise any confusion or contention when you’re gone.  Michael Levy, Principal at Tisher Lin...

If you’re running a medical or dental practice, it’s important to have a range of contracts and agreements that are tailored to your circumstances. That’s according to Michael Levy, Principal at Tisher Liner FC Law. In this episode, he discusses with Nick Fennessy, Director at the Bongiorno Group, the common types of agreements you’re advised to have, and the importance of keeping them relevant an...

It’s human nature to try to emulate what other people are doing and wonder how they have achieved certain things. When you see an older doctor with a new car and a house in a nice suburb, you might be thinking that could be you in a few years. But not everything is necessarily as it seems, insists Mitch McKeown and Ricky Caldow, both Associate Directors at the Bongiorno Group. In this episode, the...

While the country was locked-down during Covid, the tax office made it easier to calculate work-from-home expenses. Not anymore, warns Nick Fennessy, Director of the Bongiorno Group. He explains the new rules for those claiming WFH expenses, which require far more details than during the pandemic. The Money Doctors is proudly brought to you by leading financial services organisation the Bongiorno...