As always there are a lot of things to consider for the end of financial year and starting a new financial year so we have put together some tips below to help.
Our top tips to prepare for 60 day dispensing challenges
Implications of 60-day dispensing for pharmacies
As we know from the Federal Budget 2023, significant changes are proposed for Australia’s pharmaceutical landscape, commencing September 1, 2023.
Eligible patients with chronic conditions will have the option to purchase two months’ (60-days) worth of commonly prescribed medicines (PBS listed) for the price of a single prescription. While the Government’s change brings perceived consumer benefits in reduced prescription fees, it brings with it a range of concerns for pharmacists, their businesses and the community.
Year End Tax Planning
As we approach the end of the financial year it’s a good time to start thinking about what you could do to minimise your tax liability.
Federal Budget 2023-24
Was there anything in the budget for small business?
As expected, there was not a lot in the Budget for small business – it was focussed predominantly on providing assistance for households, welfare recipients and low-income earners in managing the cost of living crisis. You may have noticed there has been much discussion is around whether the measures announced will add to inflationary pressure and it seems that there is no agreement amongst the experts as to whether it will be stimulatory or not. This will be know in the coming months.
Proposed Extra Tax for $3M Super Balances
As you may be aware, the Treasurer announced last week a proposed tax change to superannuation.
Who is impacted?
- The measure only affects individuals who have more than $3M in super at the end of a financial year and is not due to start until 1 July 2025, therefore it is the balance in super on 30 June 2026 that matters initially.
- The $3M is per person, not per fund and it includes all of an individual’s superannuation, including both their pension and accumulation accounts and super held in all funds (SMSF, APRA etc).
- The $3M won’t be indexed and therefore won’t increase with inflation each year.