The 2019-2020 financial year has been one of the hardest in history, with the Coronavirus (COVID-19) situation providing so disruptive that the 2020 Federal Budget has been deferred until October 2020. However, as the end of the financial year is now less than two weeks away, both individual medical professionals and medical businesses should be looking at the tax planning and compliance issues they need to get in order before 30 June 2020.
While many individual professionals and businesses working in the medical and healthcare industries may find they need to defer EOFY reporting like tax returns until they better understand how Government schemes (e.g. Employer Cash Boost and JobKeeper Payments) affect their tax liabilities, ensuring your tax affairs are in order is even more important this year with the massive disruptions caused by the pandemic.
Get a Better Understanding with Taxation Checklists
Fortunately, insightful (and usually free) tax checklists are available to help you manage your year-end tax liabilities and compulsory tax compliance areas. BDO Australia, one of Avidity Rewards’ premium partners, has recently published their “BDO 2020 Year-End Tax Update”, a helpful publication that includes BDO’s Year-End Tax Planner and Year-End Tax Bulletin.
These free guides highlight the main taxation areas that affect individuals and businesses, including superannuation and taxation issues for individuals and small businesses, and provide a helpful taxation checklist. BDO Australia’s financial and taxation advisors have also created helpful guides for Australian businesses that have been affected by COVID-19. These guides provide a wide range of information to help businesses across all sectors, including medical and healthcare businesses, better respond to the impact of the pandemic.
Get Expert Advice & Assistance
As insightful as these checklists and guides are when getting your tax affairs in order, they shouldn’t replace the services of an experienced taxation professional. Especially one with strong experience in the Australian medical industry, like BDO’s tax experts who’ve provided both individual medical professionals and medical businesses with tax solutions since 1975.
As a premium Avidity Partner, Avidity members can access great deals on BDO Australia’s services, including taxation and compliance services to meet both or either of your professional and commercial tax objectives. And with the end of one of the most disruptive financial years in Australian history just days away, this is a fantastic opportunity for Avidity members to take advantage of BDO’s renowned expertise in areas like accounting, tax & compliance, financial planning and more.
Discover Avidity Rewards
BDO is one of the leading providers of accounting, business and tax services in Australia, so if you’re struggling to get your tax and compliance affairs in order before 30 June and could use expert assistance from a taxation professional, why not join Avidity Rewards today and take advantage of the exclusive BDO offers available to Avidity members?
Avidity membership is free, the quick and easy signup process takes just a few minutes and you’ll join hundreds of Australian medical professionals in accessing exclusive deals and offers from our premium partners like BDO Australia and many more!