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Financial | Article

Pre June 30 | Cashflow Planning for Dental Practices

Commentary on the Australian Government’s Economic Stimulus Package By Heath Stewart | Director | ECOVIS Clark Jacobs Email | heath.stewart@ecovis.com.au

I started work in an accounting practice in the 90s in a time before widespread use of mobile phones, email and the Internet. We shared a computer between three staff, and interaction with the Australian Taxation Office (ATO) was predominantly via facsimile and traditional mail. If the COVID-19 pandemic had hit then, Australia would have been in real trouble.

Are there businesses and individuals who have fallen through the cracks? Absolutely. Are there problems with the programs? Without a doubt. However, speaking as a Director of business helping to administer the programs, overwhelmingly most of the needy have been recipients of stimulus payments with an expediency undreamt of 20 years ago.

Politics aside, the Australian Federal Government and the ATO are doing an outstanding job with the administration of the Coronavirus economic stimulus package. Australia has some of the most sophisticated interaction in the world between employers, employees and the Government. Further, the Government cleverly chose to deploy most of the stimulus payments to business “customers”, of which some 1 million have some form of eligibility for the various programs, versus engaging with the entire population of Australia – 25 million “customers”.

As also noted, the ATO are doing an outstanding job of implementing the necessary administrative measures. The degree of sophistication and readiness they have shown in terms of identifying noneligible, false and untruthful registrants of the programs has been quite impressive. For all taxpayers this is heartening.

It is also an eminently reasonable argument that it is broadly “fair” that businesses eligible for stimulus payments should shoulder some of the administrative burden to deploy the programs via their payroll systems. The critical link between business and employee is maintained; with welfare the employment nexus is broken.

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There is no room in this article for me to go into a large amount of detail on the JobKeeper program or the cashflow boost program, however I will direct everyone who is still unsure of certain applications of the key programs to contact their accountant urgently. The Australian Government has an excellent resource page which links all of the programs together, both Federal and State, the link of which is https://www.business.gov.au/.

Take Advantage of the Instant Write Off Scheme With the end of the financial year fast approaching, getting your finances in shape will be top of mind for many busy practitioners. We understand that managing your finances, while continuing to run your practice and care for patients can be a difficult task. To help make the lead up to 30 June as smooth as possible, BOQ Specialist has identified some key ways to turn these challenges into opportunities. “If you’re a practice owner, June is the perfect time to examine your equipment needs”, says Gavin Brandenburger, Head of Product at BOQ Specialist.Economic “This is not only to Package ensure that your practice Some Commentary on the Australian Government’s Stimulus retains a competitive edge and continues to grow, but so you can make the most of the current tax deductions available to you. I started work in an accounting practice in the 90’s in a time before wide spread use of mobile phones, email and the internet. We shared a computer between three staff, interaction with the Australian Taxation Office was predominantly via Facsimile and traditional mail. If the COIVD-19 pandemic had hit then, Australia would have been in real Tax Benef its trouble. Politics aside, the Australian Federal Government and the Australian Taxation Office are doing an outstanding job of the administration of the economic stimulus package. Australia has some of the most sophisticated interaction in the world employers, employees Therebetween is no better time to take advantage and theFROM Government. Further, the Government cleverlyto chose to deploy of the increase the instant asset writeUP TO most of the stimulus package to business “customers”, of which some 1 off initiative. Businesses with an aggregated million have some form of eligibility to theturnover various of programs, engaging less thanversus $500 million are now with the entire population of Australia – 25 million “customers”. able to write-off eligible assets up to the It is also an eminently reasonable argument that it is broadly that business who are they are value “fair” of $150,000 each, provided eligible for stimulus payments should shoulder some offirst the installed administrative burden to deploy and ready for use between 12 the programs via their payroll systems. The critical link between business employee March 2020 and 30and June 2020. is maintained, with welfare it is broken. Are there businesses and individuals who have fallen through the cracks ? Absolutely. Are there problems thetax program ? without a doubt,could however, speaking a Director By offering anwith instant deduction, this scheme be a simple andaseffective wayofto improve business helping administer the program, overwhelmingly most of the needy have been the cash flow of your business, in addition to providing a boost in activity in your practice. recipients of the stimulus packages with an expediency undreamt of 20 years ago. AsSubject also noted, the Australian Office areit’s doing an outstanding of administration. to further action byTaxation the Government, expected the instantjob asset write-off threshold will The degree of sophistication and readiness they have shown, in terms of identifying non- of up to drop from $150,000 down to $1,000 (and will revert to small businesses with a turnover eligible, false and untruthful registrants of the programs has been quite impressive. As $10 million) from 1 July 2020. taxpayers all of us, that is heartening. There is no room in this article for me to go into a large amount of detail on the job-keeper program and or the cashflow boost program, however I will direct everyone that is still unsure of certain applications of theWhat key programs to contact their accountant urgently. Assets Are Eligible? The Australian government has an excellent resource page which links all of the programs together both Federal and State, the link of which is https://www.business.gov.au/ .

$30K

$150K

As a general guide, dental equipment and any physical assets that relate to a practitioner’s business are included in the scheme. There are a small number of assets that are excluded. Therefore, we strongly recommend you consult your tax adviser first to determine which items will fit the criteria. This $150,000 threshold applies on a per item basis (without any limitations on the number of items). It applies to brand new or second-hand assets that are first used or installed ready for business use between 12 March 2010 and30 June 2020. Businesses must purchase and own the asset, however, financing the purchase via an asset purchase or chattel mortgage, credit card or overdraft/line of credit is also acceptable.

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Scenario | Instant Write Off Scheme

Scenario

• Dr Jason Smith owns a three chair dental practice with an turnover of $1.5 million Some Commentary on the Australian Government’s Economicbefore Stimulus Package • He purchases and installs a new CBCT unit for $100,000 30 June 2020 • Before taking into account any depreciation deductions for this new CBCT unit, I started work in an accounting practice in the 90’s in a time before wide spread use Dr Smith’s FY20 net and profit would be $450,000 with tax payable of $123,750 of mobile phones, email the internet. We shared a computer between three staff, interaction the Australian Taxation Office he wasclaims predominantly via Facsimile and • Under with the instant asset write-off scheme, an immediate deduction of $100,000 for traditional mail. If the COIVD-19 pandemic had hit then, Australia would have been in real the CBCT unit trouble. • Hisaside, net profit reduces toFederal $350,000 with tax payable $96,250 Taxation Office are Politics the Australian Government and theofAustralian doing an outstanding job of the administration of the economic stimulus package. Australia has some of the most sophisticated interaction in the world between employers, employees and the Government. Further, the Government cleverly chose to deploy most of the stimulus Benef its package to business “customers”, of which some 1 million have some form of eligibility to the various programs, versus engaging with the entire population of Australia – 25 million “customers”. It • is also an eminently reasonable argument broadly “fair” business who are Allows you to immediately write-off the that costitofiseach asset thatthat costs less than $150,000 eligible for stimulus payments should shoulder some of the administrative burden to deploy • Improves cash flow in your business by bringing forward tax deductions and reducing how the programs via their payroll systems. The critical link between business and employee is much tax you owe initFY20 maintained, with welfare is broken. Are andtoindividuals who through the cracksgrowth ? Absolutely. Are • there Freesbusinesses up resources invest back intohave yourfallen business and generate there problems with the program ? without a doubt, however, speaking as a Director of • New CBCT machine providing a boost in activity in your practice business helping administer the program, overwhelmingly most of the needy have been recipients of the stimulus packages with an expediency undreamt of 20 years ago. | Courtesy Of As Content also noted, the Australian Taxation Office are doing an outstanding job of administration. The degree of sophistication and readiness they have shown, in terms of identifying noneligible, false and untruthful registrants of the programs has been quite impressive. As taxpayers all of us, that is heartening. There is no room in this article for me to go into a large amount of detail on the job-keeper program and or the cashflow boost program, however I will direct everyone that is still unsure of certain applications of the key programs to contact their accountant urgently. The Australian government has an excellent resource page which links all of the programs together both Federal and State, the link of which is https://www.business.gov.au/ .

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Government Stimulus Measures | Explained • A summary of the key benefits • Are you eligible? • How to take advantage of these before 30 June • Options for finance

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Purchase half price Multimedia, camera and software and choose one free bonus from below options: • CAD|CAM integration kit for your Planmeca Emerald Scanner (scanner not included) • Or pair of Australian Dental Stools • Or chair knee break option • Or reach out to our team to find an extra value kit that is just the ticket for your surgery Some Commentary on the Australian Government’s Economic Stimulus Package ROaccounting M $3 3 | P E R DAY * in the 90’s in a time before wide spread use I started work in Fan practice of mobile phones, email and the internet. We shared a computer between three staff, Enquire to find out inclusions interaction with the Australian Taxation Office was predominantly via Facsimile and traditional mail. If the COIVD-19 pandemic had hit then, Australia would have been in real trouble. Politics aside, the Australian Federal Government and the Australian Taxation Office are doing an Small outstanding job of the administration of the economic stimulus package. Australia Equipment has some of the most sophisticated interaction in the world between employers, employees Mocom Futura Autoclave and the Government. Further, the Government cleverly chose to deploy most of the stimulus package to business “customers”, of which some 1 million have some form of eligibility to • Fast cyclingversus times engaging with the entire population of Australia – 25 million the various programs, “customers”. • Three models available - 17L, 22 L and 28L It is also an eminently reasonable argument that it is broadly “fair” that business who are • stimulus Free WiFipayments connection option eligible for should shoulder some of the administrative burden to deploy the programs viaBarcode their payroll systems. The critical link between business and employee is • Free generating software maintained, with welfare it is broken. Many water connection available Are there• businesses and individualsoptions who have fallen through the cracks ? Absolutely. Are there problems with the program ? without a doubt, however, speaking as a Director of business helping administer the program, overwhelmingly most of the needy have been recipients of the stimulus packages with an expediency undreamt of 20 years ago. As also noted, the Australian Taxation Office are doing an outstanding job of administration. FROM $ 1 1 ,9 9 0* The degree of sophistication and readiness they have shown, in terms of identifying noneligible, false and registrants of the programs has been quite impressive. Astap water 3 untruthful year warranty* Just add taxpayers all of us, that is heartening. There is no room in this article for me to go into a large amount of detail on the job-keeper program and or the cashflow boost program, however I will direct everyone that is still unsure of certain applications of the key programs to contact their accountant urgently. Morita Soaric has an excellent resource page which links all of the programs The Australian government together both Federal and State, the link of which is https://www.business.gov.au/ . Purchase before 30 June and receive Free Bonus Inclusions

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