Background

Partners, David and Annabelle owned a pharmacy in regional Australia. For some years, David had been planning his retirement following the introduction of Brenton, a younger partner a few years ago.  Brenton quickly gained David’s and Annabelle’s confidence and was handed the day-to-day operations and management of the pharmacy, and the business thrived. They soon employed Jess, a young energetic pharmacist who was a great cultural fit with a ‘can do’ attitude. So, the idea of bringing her into the business ownership structure brought an opportunity for David to step into retirement sooner than expected.

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Financial information can be creative too

Turning a creative pursuit into a commercial business is an exciting, rewarding journey – but it comes with its own set of challenges. As an advisor to creative clients, one of the biggest hurdles that I come across is that to understand your finances, they have to be presented in a way that makes sense to you – and that has challenged me to think more creatively in delivering meaningful information.

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Last week was a big week in Canberra.

Firstly, we had the Budget that we didn’t think we were going to have, followed by the Opposition Leader, Peter Dutton’s response to the budget and then (no surprise to anyone) the Federal election was called early Friday morning for Saturday May 3.

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The Pharmacy Business Ownership Act 2024 was passed by State Parliament in March 2024 and is expected to commence in late 2025, subject to implementation activities and Government processes. Under the new Act, a new statutory body has been created called the Queensland Pharmacy Business Ownership Council. It assumes the responsibility for the oversight of ownership, control and operation of pharmacy business in Queensland. The Council will manage a register of pharmacy business licenses in Queensland, with powers to grant, suspend, cancel a licence.

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The Full Federal Court has ruled against the ATO’s long-held view that unpaid present entitlements (UPEs) to private company beneficiaries are treated as loans under Division 7A.

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