• General practices are facing a significant threat from Payroll tax.
• One GP practice has been hit with an $800,000 payroll tax… This has not been planned or budgeted for.
• The introduction of payroll tax could have far-reaching consequences… The likely closure of practices, changes in practitioners' employment strategies, and potential strain on emergency departments.
• Amid the uncertainty, practitioners must remain adaptable and open to potential shifts in the medical landscape.
• However, it may be challenging to utilise bankruptcy as the introduction of Directors IDs in Australia will mean that starting a new practice is not a simple task.
• Seeking excellent accounting and legal advice will be necessary.
• Listen for more…