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.
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.
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.
Profitability is the lifeblood of any business and pharmacy is no different in that respect. Clients that I work with include a mix of retailers where pricing, cost management, and stock control are paramount. In this article, we will explore what levers on profitability are available for pharmacies, including the different revenue streams and the influence you have on managing them.
Aligning your life and personal and business goals can set the path for a successful 2025. To guide your reflection, I like to structure my client’s thinking around the now, the where and the how.
