Mitch McKeown and Ricky Caldow continue their discussion on trusts, focusing specifically on investment trusts and property trusts. Investment trusts are commonly used for asset ownership, offering benefits like tax efficiency and discretion in distributing profits. They can hold various assets such as shares, property, and ETFs, and allow distributions to be allocated to beneficiaries in a tax-effective manner. Property trusts, often used by high-net-worth individuals, provide additional...

Trusts can offer tax benefits by distributing income across multiple beneficiaries, potentially lowering the overall tax liability, especially when assets are split among family members. While there are multiple types of trusts, each has unique features and applications.  Ricky Caldow and Mitch McKeown, Directors at the Bongiorno Group, explain how trusts are valuable for long-term estate planning, helping to pass on wealth and assets to future generations in a structured manner while...

One of the biggest expenses in a doctor’s career is tax, and so it’s crucial to understand how to manage it effectively. That’s according to Matt Homewood, Financial Consultant at the Bongiorno Group. In this episode he is joined by Nic Pereira, Accountant at the Bongiorno Group, who both insist it’s important to operate within the law when claiming deductions, as penalties for crossing the line can be severe. They discuss the three rules for deductions: incurrence (ensure you personally...

The rise of “finfluencers”— individuals providing financial advice on social media platforms such as TikTok, Facebook, and podcasts — has led to significant concern, particularly in Australia. Many of these people are not licensed to provide financial advice, yet their followers often act on their suggestions, sometimes with dire consequences. Vanessa Smith and Nick Fenessy, both Directors at the Bongiorno Group, say the key issue is that advice found online may not be suitable for...

At tax time, your accountant will ask you if you’ve donated anything to a charity. Why? Because it could be claimed as a tax deduction. But not all donations are deductible. The Bongiorno Group’s Tax Manager Chantelle Turner and Director Nick Fennessy explain that to claim a deduction, the charity must be a Deductible Gift Recipient (DGR). You can verify DGR status via the ABR website using the charity’s name or ABN. MORE INFORMATION The Money Doctors is proudly brought to you by leading...

Underwriting is the process insurers use to assess an individual’s risk in order to determine whether to offer coverage, under what terms, and at what premium rate. It involves evaluating factors like health, lifestyle, occupation, and financial situation to gauge the likelihood of a claim being made. Liz Burke, Victoria Underwriting Chapter Lead at major insurer Zurich, and Yanish Geerdharry, Head of Risk Advisory Services at the Bongiorno Group, discuss the importance of underwriting....

Many people who want more hands-on control over their investments and their retirement are opting for a self-managed super fund (SMSF). It allows you to choose assets like property and manage your retirement savings directly. But, establishing and maintaining an SMSF involves significant costs and ongoing compliance. Vanessa Smith, Director at the Bongiorno Group, and Michelle Harrod, Tax Manager and Head of SMSF at the Bongiorno Group, says it’s wise to create and regularly review an...

When setting up a business, it is crucial to separate personal and business expenses by establishing a dedicated business account. This ensures financial clarity, especially when managing software, hardware, and other business-related expenses. Ricky Caldow and Mitch McKeown, both Directors at the Bongiorno Group, continue their discussion on setting up a private practice. Running a business also requires careful management of IT systems, websites, and branding, including securing domain...

Establishing a private practice can be rewarding, both personally and financially. But, before setting one up, it’s crucial to understand the various issues that might arise. In this two-part series, Ricky Caldow and Mitch McKeown, both Directors at The Bongiorno Group, discuss the common pitfalls that doctors might face by not setting up a practice properly. In Part 1 of the two-part series, they explore ownerships structures, personal services income, the importance of proper legal...

Income protection is a crucial part of a financial plan, safeguarding your greatest asset—your income—by providing coverage in case of illness, injury, or inability to work, with flexible options for structuring policies based on individual needs. The Bongiorno Group’s risk advisers Tom Will and Yanish Geerdharry, discuss the various options of income protection. It’s vital, they insist, to secure income protection early when you're healthy, as underwriting becomes harder over time. Income...

Healthcare is being revolutionised by the rapid growth of AI technologies, particularly generative AI like ChatGPT. The automation of routine administrative tasks is allowing healthcare professionals to focus more on patient care. That’s according to Chris Foster-McBride, CEO of AI start-up Digital Human Assistants. Chris’s career began in hospital operations and the UK health system before transitioning to data analytics and AI, leading to the founding of three AI startups. He discusses...

Despite the increases in property prices across the country, buying a home continues to be a dream for most people. Matt Homewood, Financial Consultant at the Bongiorno Group, has guided countless numbers of his clients on purchasing their first home. He offers practical advice for first-time homebuyers, focusing on the importance of understanding both upfront and ongoing costs. He emphasises the need for thorough budgeting and lifestyle adjustments to ensure affordability and successful...

If you’re looking to do construction work on your house, like a renovation or extension, be aware of the contract you sign with your builders. Depending on their payment arrangements, additional costs or complications may occur. That’s according to Mark Bremner, Senior Finance Consultant at the Bongiorno Group. He’s joined by Director, Nick Fennessy, where they discuss the essential steps for financing a construction project. The Money Doctors is proudly brought to you by leading financial...

If you’re a business owner and one of your team members suddenly becomes ill or worse, how prepared are you? The Bongiorno Group’s risk advisers Yanish Geerdharry and Tom Will discuss the importance of business insurance and succession planning. Some key issues include asset protection, buy-out options, and the business's ability to handle financial commitments and client relationships. It’s important to engage professionals in creating comprehensive insurance and succession plans, ensuring...

Tax returns can be complicated enough, but throw a rental property into the mix and things can get just that more complex. Mitch McKeown and Ricky Caldow, Directors at the Bongiorno Group, explores the essentials of preparing tax returns for rental properties, with an emphasis on the accurate reporting of ownership percentages, rental income, and deductible expenses. Key topics include the importance of genuine availability for rent, proper documentation, and the impact of property...

If you’re concerned where your money is going each month, it’s important to create a detailed budget. That’s according to the Bongiorno Group’s Director Vanessa Smith and Financial Consultant, Matt Homewood. . That’s one of the essentials of financial planning, a process in which you should spend considerable time on determining your short and long-term goals. It includes a meticulous review of your spending habits, prioritising repayment of debts, and ultimately aiming for a budget surplus. ...

There’s no one-size-fits-all lodgement date for tax returns for individuals and businesses. The Bongiorno Group’s Director Nick Fennessy Director and Tax Manager Chantelle Turner explain the different rules and tax deadlines, as well as quarterly PAYG instalments which are based on the previous year's tax payable. Failure to prepay can result in a catch-up payment requirement. A tax professional clarifies key dates, allows for extended lodgement and payment deadlines, and ensures the tax...

International medical students studying in Australia typically hold a 500 visa, which allows them to complete their medical course. For those who want to apply for permanent residency, there are a number of hoops to jump through.Immigration lawyer David Bongiorno of David Bongiorno & Associates discusses the different visas necessary for medical graduates in Australia. He stresses the importance of timely application for visas, meeting English proficiency requirements, and preparing for...

A do-it-yourself approach to managing your financial matters is tempting. But, for the uninitiated, you don’t know what you don’t know, and financial decisions, such as choosing home loans and insurance policies, are more intricate than they appear on the surface. Doing it yourself could lead to a misdiagnosis, according to Ricky Caldow and Mitch McKeown, Directors at the Bongiorno Group. Just as a non-medical person should consult a GP for medical issues, consulting a professional for...

Some people still collect paper receipts, which can be hard to systemise and maintain over several years. Digital bookkeeping, on the other hand, enables real-time access to financial data, allowing you to collaborate more effectively with your accountant. The Bongiorno Group’s Tax Manager David Lay and Director Nick Fennessy discuss the benefits of digital bookkeeping, including unfaded, reliable records, easy third-party access, and the ability to generate various reports like profit and...

High incidences of serious illness in Australia highlights the need for trauma insurance which offers critical financial support during severe illnesses, providing peace of mind and stability for affected individuals and their families. Steven Jurcec at ClearView Wealth Limited joins the Bongiorno Group’s Tom Will and Yanish Geerdharry to discuss the important features of trauma policy options. The appropriate level of trauma cover depends on individual needs and circumstances. This...

If you want to avoid costly mistakes and ensure optimal financial management, it’s essential that you get the proper professional support. Evidence from the Australian Tax Office indicates that clients of professional firms — like the Bongiorno Group — claim two and a half times more than those who file their taxes independently. The Bongiorno Group’s Directors Ricky Caldow and Mitch McKeown explain how professional financial advisors are better equipped to navigate market risks and...

Investors are increasingly seeking to invest in companies which align with their personal values. By choosing funds that support ethical and sustainable practices, investors can ensure their money promotes positive social and environmental outcomes. Environmental, Social, and Governance (ESG) is the framework used to assess a company's sustainability and ethical impact. Vanessa Smith, Director at the Bongiorno Group, discusses how ESG investment options do not necessarily mean sacrificing...

If you were expecting a tax refund, but find yourself with having to pay extra tax on your tax return, there could be several reasons why. Chantelle Turner, Tax Manager at the Bongiorno Group, and Financial Consultant Matt Homewood, address the common misconceptions and challenges surrounding tax returns. Even if you have a similar job to your colleagues, your tax situation can be very different due to factors like work hours, penalty rates, HECS/HELP debts, salary packaging, and overtime. ...