The Money Doctors

Successful property buying isn’t just about browsing online listings – it’s about building relationships with agents who can connect you with opportunities you won’t find advertised. Marshall White real estate agent Ben Bongiorno joins Nick Fennessy, Director at the Bongiorno Group, explore how buyers can navigate the property market more effectively. In this first of two-episode series, Ben shares his unique perspective on the property market, drawing on his experience advising medical professionals and now helping clients buy and sell property in one of Melbourne’s most competitive regions. The more specific and transparent you are with your criteria, the better an agent can help you secure the right property, sometimes even before it hits the market. The Money Doctors is proudly brought to you by leading financial services organisation the Bongiorno Group, the preferred tax and accounting partner for the Australian Medical Association Victoria. For more information, please call 03 9863 3111 or visit https://bongiorno.com.au/ This general advice has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product Disclosure Statement before deciding to acquire the product.See omnystudio.com/listener for privacy information.

The hidden costs of serious medical conditions can place an enormous strain on families. From cancer to chronic illness, the bills don’t stop at medical expenses. Lost income, childcare, travel, and long-term care add up fast. And with one in two Australians diagnosed with cancer before 85, it’s an issue that can’t be ignored. So how can you protect yourself? What role does financial planning play? To break it all down, Adam Crabbe, Risk Strategy Specialist at Zurich, joins Yanish Geerdharry, Head of Advice of Financial Planning & Insurance at the Bongiorno Group. Adam shares insights from Zurich’s Cost of Care research and practical steps to safeguard your financial future. The Money Doctors is proudly brought to you by leading financial services organisation the Bongiorno Group, the preferred tax and accounting partner for the Australian Medical Association Victoria. For more information, please call 03 9863 3111 or visit https://bongiorno.com.au/ This general advice has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product Disclosure Statement before deciding to acquire the product. See omnystudio.com/listener for privacy information.

Investing is more than just choosing stocks or funds – it’s about understanding the costs that can impact long-term returns. The Bongiorno Group’s Mitch McKeown and Ricky Caldow explore the often-overlooked fees associated with investing, including platform charges, advisor fees, and transaction costs. They discuss how these expenses affect portfolio performance over time and why investors must assess the value they receive. Also, they examine key investment principles such as portfolio rebalancing, diversification, and the risks of market timing. The Money Doctors is proudly brought to you by leading financial services organisation the Bongiorno Group, the preferred tax and accounting partner for the Australian Medical Association Victoria. For more information, please call 03 9863 3111 or visit https://bongiorno.com.au/ This general advice has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product Disclosure Statement before deciding to acquire the product. See omnystudio.com/listener for privacy information.

There’s no shortage of self-proclaimed “experts” pushing the next big thing, but before you throw your hard-earned cash into the latest trend, let’s get back to basics. The Bongiorno Group’s Mitch McKeown and Ricky Caldow break down how to avoid disaster when investing – because a bad move can cost you more than just money. In this first of two-part series, they discuss the importance of financial planning, risk tolerance, diversification, and avoiding speculative trends. They also examine common pitfalls, including overreacting to market volatility, underestimating fees, and attempting to time the market. The Money Doctors is proudly brought to you by leading financial services organisation the Bongiorno Group, the preferred tax and accounting partner for the Australian Medical Association Victoria. For more information, please call 03 9863 3111 or visit https://bongiorno.com.au/ This general advice has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product Disclosure Statement before deciding to acquire the product. See omnystudio.com/listener for privacy information.

Imagine driving a new car while reducing your taxable income at the same time. That’s the core appeal of a novated lease – a salary packaging arrangement that lets you use pre-tax dollars to finance your vehicle and cover running costs like fuel, insurance, and servicing. But as with everything, there’s more to the story. With recent changes to fringe benefits tax, exemptions for electric vehicles, varying interest rates, and different options depending on your employment situation, it’s crucial to understand how it all works. Bongiorno Group Directors, Nick Fennessy and Ricky Caldow, break down the details to help you understand if a novated lease is the right move not. But, as with all matters finance, it’s best to get tailored advice. The Money Doctors is proudly brought to you by leading financial services organisation the Bongiorno Group, the preferred tax and accounting partner for the Australian Medical Association Victoria. For more information, please call 03 9863 3111 or visit https://bongiorno.com.au/ This general advice has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product Disclosure Statement before deciding to acquire the product. See omnystudio.com/listener for privacy information.

When relationships break down, dividing assets can get messy, especially when it comes to the family home, investment properties, or family businesses. While keeping the house might seem like the easiest option, tax consequences can catch people by surprise. One wrong step could mean unexpected tax bills down the track. That’s why having the right financial advice is essential. Vic Rajah, firm principal at Vic Rajah Family Lawyers, and Chantelle Turner, Tax Manager at the Bongiorno Group, unpack the key tax and legal issues in family law property settlements and explain how to avoid costly mistakes during one of life’s most challenging transitions. Vic Rajah Family Lawyers https://www.vicrajah.com.au/ The Money Doctors is proudly brought to you by leading financial services organisation the Bongiorno Group, the preferred tax and accounting partner for the Australian Medical Association Victoria. For more information, please call 03 9863 3111 or visit https://bongiorno.com.au/ This general advice has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product Disclosure Statement before deciding to acquire the product.See omnystudio.com/listener for privacy information.

Despite their potential to protect assets and prevent future disputes, prenuptials remain underutilised. For many, they’re an essential part of asset protection strategy, offering clarity and certainty in case the unexpected happens. But they’re not without challenges. Vic Rajah, firm principal at Vic Rajah Family Lawyers, and Chantelle Turner, Tax Manager at the Bongiorno Group, examine who benefits from these agreements, how they can be set aside, and why it’s vital to seek sound legal advice before signing on the dotted line. Vic Rajah Family Lawyers https://www.vicrajah.com.au/ The Money Doctors is proudly brought to you by leading financial services organisation the Bongiorno Group, the preferred tax and accounting partner for the Australian Medical Association Victoria. For more information, please call 03 9863 3111 or visit https://bongiorno.com.au/ This general advice has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product Disclosure Statement before deciding to acquire the product.See omnystudio.com/listener for privacy information.

The Reserve Bank of Australia’s recent decision to lower the cash rate by 0.25% to a target of 4.1% is the first reduction since November 2020. The Bongiorno Group’s Matt Homewood and Jack Will explore what this means for both existing mortgage holders and new borrowers, examining how lenders may respond and the potential impact on borrowing capacity. Additionally, they break down key factors influencing home loan assessments, including HECS debts, credit limits, and interest-only vs. principal-and-interest loans. The Money Doctors is proudly brought to you by leading financial services organisation the Bongiorno Group, the preferred tax and accounting partner for the Australian Medical Association Victoria. For more information, please call 03 9863 3111 or visit https://bongiorno.com.au/ This general advice has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product Disclosure Statement before deciding to acquire the product. See omnystudio.com/listener for privacy information.

Divorce is one of those events that marks a significant life transition, often accompanied by emotional, financial, and legal complexities. It raises critical questions: How are assets fairly divided? How can disputes be resolved efficiently while minimising conflict? Vic Rajah, firm principal at Vic Rajah Family Lawyers, and Chantelle Turner, Tax Manager at the Bongiorno Group, explore the legal framework surrounding divorce, focusing on property settlements, child custody, and dispute resolution. Vic says mediation and alternative dispute resolution are encouraged to reach amicable solutions, avoiding prolonged, expensive court proceedings. Seeking early legal guidance can prevent costly mistakes and help parties make informed decisions about separation. Vic Rajah Family Lawyers https://www.vicrajah.com.au/ The Money Doctors is proudly brought to you by leading financial services organisation the Bongiorno Group, the preferred tax and accounting partner for the Australian Medical Association Victoria. For more information, please call 03 9863 3111 or visit https://bongiorno.com.au/ This general advice has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product Disclosure Statement before deciding to acquire the product.See omnystudio.com/listener for privacy information.

If you want to set your kids up for a strong financial future, teaching them about money early on is key. Bongiorno Group Directors, Vanessa Smith and Nick Fennessy, insist its beneficial to have money conversations as soon as possible, by explaining how money is earned, spent, and saved in simple terms. Help them understand the difference between wants and needs, and teach them to budget and set savings goals. As parents, it's important to lead by example, modelling good financial habits and being transparent about mistakes. Encourage responsible spending, avoid impulse buying, and discuss the risks of debt. Regular conversations and hands-on learning are crucial. The Money Doctors is proudly brought to you by leading financial services organisation the Bongiorno Group, the preferred tax and accounting partner for the Australian Medical Association Victoria. For more information, please call 03 9863 3111 or visit https://bongiorno.com.au/ This general advice has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product Disclosure Statement before deciding to acquire the product.See omnystudio.com/listener for privacy information.

Burnout is particularly common among medical professionals, and it arises from chronic stress often from the workplace, financially, or from relationships. Its symptoms include exhaustion, negativity, cynicism, and decreased efficacy in tasks. Doctors face heightened risks due to high workloads and financial pressures, often ignoring early signs like fatigue, poor sleep, and detachment.But, there is an answer! The Bongiorno Group’s Matt Homewood invites mindfulness coach and best-selling author of ‘Beating Burnout Finding Balance’, Melo Calarco, to discuss preventative measures to burnout. They include self-awareness, addressing physiological stress signals, and incorporating self-care routines like mindfulness, proper rest, and balanced workloads. Short-term solutions like 90-second breath breaks help regulate stress during busy days. Long-term strategies involve setting boundaries, prioritising health, and seeking professional or peer support to sustain wellbeing. For more information and to contact Melo Calarco, visit https://www.melocalarco.com/ The Money Doctors is proudly brought to you by leading financial services organisation the Bongiorno Group, the preferred tax and accounting partner for the Australian Medical Association Victoria. For more information, please call 03 9863 3111 or visit https://bongiorno.com.au/ This general advice has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product Disclosure Statement before deciding to acquire the product.See omnystudio.com/listener for privacy information.

Before starting a fellowship, it’s crucial to consult with an advisor to plan your finances and set up a loan facility for potential cash flow needs. This proactive approach ensures that financial arrangements are based on your current income, avoiding complications once you’re overseas. The Bongiorno Group’s Senior Finance Consultant Mark Bremner and Finance Manager Jack Will explain how advisors can help explore options like adjusting loan terms or switching to interest-only repayments. Proper planning reduces financial stress, allowing you to focus on the fellowship without worrying about cash flow issues. The Money Doctors is proudly brought to you by leading financial services organisation the Bongiorno Group, the preferred tax and accounting partner for the Australian Medical Association Victoria. For more information, please call 03 9863 3111 or visit https://bongiorno.com.au/ This general advice has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product Disclosure Statement before deciding to acquire the product.See omnystudio.com/listener for privacy information.

One thing lacking in a medical student’s curriculum is financial education. That’s where the Bongiorno Group has stepped in to provide students crucial financial knowledge such as salary packaging, tax management, and wealth planning. Each year, Matt Homewood and Nicolas Pereira present to graduates across different medical colleges to help young doctors starting their careers, navigate financial challenges such as buying a home and managing taxes. Common questions include maximising salary packaging and property market entry. They stress the importance of finding a trusted financial partner for long-term support. The Money Doctors is proudly brought to you by leading financial services organisation the Bongiorno Group, the preferred tax and accounting partner for the Australian Medical Association Victoria. For more information, please call 03 9863 3111 or visit https://bongiorno.com.au/ This general advice has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product Disclosure Statement before deciding to acquire the product.See omnystudio.com/listener for privacy information.

Tax residency is crucial for understanding Australian tax obligations, especially for individuals with foreign income or assets. Australian residents are taxed on worldwide income, including foreign income, with credits available for taxes paid overseas under double tax agreements. The Bongiorno Group’s Tax Manager Chantelle Turner and Director Nick Fennessy explain the four tests which assess tax residency. They include: the ordinary concepts test, which examines residency intent and ties to Australia; the domicile test, focusing on a permanent place of abode; the 183-day test, considering time spent in Australia; and the superannuation test, relevant to government employees abroad. Non-residents face higher tax rates and lose certain benefits like the capital gains discount. The Money Doctors is proudly brought to you by leading financial services organisation the Bongiorno Group, the preferred tax and accounting partner for the Australian Medical Association Victoria. For more information, please call 03 9863 3111 or visit https://bongiorno.com.au/ This general advice has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product Disclosure Statement before deciding to acquire the product.See omnystudio.com/listener for privacy information.

To address GP shortages, particularly in rural areas the Victorian Government is trialling a Single Employer Model (SEM) in 2025. Junior doctors can remain employed within the public health system while training as GPs or rural generalists, ensuring continuity of employment and entitlements like parental leave. John Ryan, Senior Workplace Relations Advisor with AMA Victoria discusses the concept with the Bongiorno Group’s Marketing & Communications Director, Anneliese Shortt. John says the trial will occur at three regional health services: Grampians Health, Mildura Base, and Bairnsdale hospitals. SEM aims to increase GP training uptake, with potential expansion statewide and nationally. The Money Doctors is proudly brought to you by leading financial services organisation the Bongiorno Group, the preferred tax and accounting partner for the Australian Medical Association Victoria. For more information, please call 03 9863 3111 or visit https://bongiorno.com.au/ This general advice has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product Disclosure Statement before deciding to acquire the product.See omnystudio.com/listener for privacy information.

Financial planning is not complete without assessing your risk cover. Ricky Caldow and Mitch McKeown continue their discussion on end-of-year planning by focusing on insurances. As life circumstances change — such as earning more, acquiring assets, and growing families — ensure income protection and life insurance reflect your current needs. Goal-setting, sharing ambitions with advisors, and staying accountable can significantly enhance financial security and personal growth. The Money Doctors is proudly brought to you by leading financial services organisation the Bongiorno Group, the preferred tax and accounting partner for the Australian Medical Association Victoria and the Australian Dental Association Victorian Branch.  For more information, please call 03 9863 3111 or visit https://bongiorno.com.au/  This general advice has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product Disclosure Statement before deciding to acquire the product.See omnystudio.com/listener for privacy information.

As 2024 draws to a close, now's the time to think about getting your financial house in order for 2025 and beyond. Ricky Caldow and Mitch McKeown, Directors at the Bongiorno Group, highlight the importance of reviewing your financial performance, focusing on expenses, tax, cash flow, and investments. Cashflow analysis — or budgeting — is key to wealth creation. Planning for tax efficiency, understanding loan structures, and reducing non-deductible debt are essential strategies for improving financial health. Engage professionals for tax and financial advice, ensuring that your financial decisions are aligned with long-term wealth creation goals, rather than just immediate concerns. The Money Doctors is proudly brought to you by leading financial services organisation the Bongiorno Group, the preferred tax and accounting partner for the Australian Medical Association Victoria and the Australian Dental Association Victorian Branch. For more information, please call 03 9863 3111 or visit https://bongiorno.com.au/ This general advice has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product Disclosure Statement before deciding to acquire the product.See omnystudio.com/listener for privacy information.

The 2025 enterprise bargaining process for public health doctors in Victoria will begin in mid-2025, with preparations starting early in the year to ensure completion by the end of 2025.  Key challenges include engaging doctors to actively participate and ensuring strong representation through AMA and/or ASMOV membership. Non-members often lack a voice, impacting outcomes, according to AMA Victoria's Senior Workplace Relations Advisor John Ryan. He joins the Bongiorno Group's Anneliese Shortt to examine the critical issues involve addressing unresolved matters from a pending ministerial review and advocating for pay increases. The Money Doctors is proudly brought to you by leading financial services organisation the Bongiorno Group, the preferred tax and accounting partner for the Australian Medical Association Victoria and the Australian Dental Association Victorian Branch. For more information, please call 03 9863 3111 or visit https://bongiorno.com.au/  This general advice has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product Disclosure Statement before deciding to acquire the product.See omnystudio.com/listener for privacy information.

Recent changes to payroll tax laws have brought increased scrutiny to medical practices, especially regarding payments to contractor GPs. Historically, many practices assumed exemptions due to their structure. However, judicial rulings, like the Optical Superstore case, and a stricter Victorian State Revenue Office (SRO) interpretation have clarified and enforced obligations. Victoria announced temporary relief for retrospective liabilities and partial exemptions for fully bulk-billed services starting 1 July 2025. Practices now face challenges navigating these rules, especially for non-bulk-billed services. The AMA Victoria has been advocating for clarity and fairness, but practices must act quickly, seek professional advice, and prepare for these changes. State Taxation Further Amendment Bill 2024 (https://www.legislation.vic.gov.au/bills/state-taxation-further-amendment-bill-2024)  passed the Victorian Parliament on Thursday 28 November, 2024. Lewis Horton, Senior Policy Adviser with AMA Victoria, discusses the ramifications with Jim Tsirtsakis, Director at the Bongiorno Group, The Money Doctors is proudly brought to you by leading financial services organisation the Bongiorno Group, the preferred tax and accounting partner for the Australian Medical Association Victoria and the Australian Dental Association Victorian Branch. For more information, please call 03 9863 3111 or visit https://bongiorno.com.au/  This general advice has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product Disclosure Statement before deciding to acquire the product.See omnystudio.com/listener for privacy information.

Understanding insurance claims is crucial, as many medical professionals are unaware of their eligibility for benefits like income protection, trauma cover, and total and permanent disablement (TPD) insurance. That's according to the Bongiorno Group's Insurance Client Relationship Manager Helen Lloyd and Risk Adviser Tom Will. Professional guidance, they say, ensures claims are handled efficiently and payouts are managed effectively, offering financial relief and peace of mind during challenging times. The Money Doctors is proudly brought to you by leading financial services organisation the Bongiorno Group, the preferred tax and accounting partner for the Australian Medical Association Victoria and the Australian Dental Association Victorian Branch. For more information, please call 03 9863 3111 or visit https://bongiorno.com.au/  This general advice has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product Disclosure Statement before deciding to acquire the product.See omnystudio.com/listener for privacy information.

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 protection and tax planning opportunities. However, they are not suitable for everyone, especially when negative gearing applies. Despite their advantages, trusts are costly to set up and maintain, making them best suited for specific situations. The Money Doctors is proudly brought to you by leading financial services organisation the Bongiorno Group, the preferred tax and accounting partner for the Australian Medical Association Victoria and the Australian Dental Association Victorian Branch. For more information, please call 03 9863 3111 or visit https://bongiorno.com.au/  This general advice has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product Disclosure Statement before deciding to acquire the product.See omnystudio.com/listener for privacy information.

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 avoiding potential probate delays. In this first of two-part episode, they focus on business trusts, which can hold the assets and generate income for a business, such as a GP practice, by charging service or management fees. The Money Doctors is proudly brought to you by leading financial services organisation the Bongiorno Group, the preferred tax and accounting partner for the Australian Medical Association Victoria and the Australian Dental Association Victorian Branch. For more information, please call 03 9863 3111 or visit https://bongiorno.com.au/  This general advice has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product Disclosure Statement before deciding to acquire the product.See omnystudio.com/listener for privacy information.

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 incurred the expense); proof (keep detailed receipts or invoices); and relevance (deductions must be directly related to your current employment). Consulting a tax professional can maximise your deductions and ensure compliance with tax regulations, ultimately reducing your taxable income. MORE INFORMATION The Money Doctors is proudly brought to you by leading financial services organisation the Bongiorno Group, the preferred tax and accounting partner for the Australian Medical Association Victoria and the Australian Dental Association Victorian Branch. For more information, please call 03 9863 3111 or visit https://bongiorno.com.au/ This general advice has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product Disclosure Statement before deciding to acquire the product.See omnystudio.com/listener for privacy information.

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 everyone's unique financial situation. Younger people, often less financially literate, are particularly vulnerable. While discussing finances and money-saving tips is beneficial, licensed professionals should be the go-to source for tailored advice. MORE INFORMATION The Money Doctors is proudly brought to you by leading financial services organisation the Bongiorno Group, the preferred tax and accounting partner for the Australian Medical Association Victoria and the Australian Dental Association Victorian Branch. For more information, please call 03 9863 3111 or visit https://bongiorno.com.au/ This general advice has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product Disclosure Statement before deciding to acquire the product.See omnystudio.com/listener for privacy information.

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 financial services organisation the Bongiorno Group, the preferred tax and accounting partner for the Australian Medical Association Victoria and the Australian Dental Association Victorian Branch. For more information, please call 03 9863 3111 or visit https://bongiorno.com.au/ This general advice has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product Disclosure Statement before deciding to acquire the product.See omnystudio.com/listener for privacy information.

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. Fundamentally, it ensures that premiums are fairly set based on risk, protects insurers from excessive losses, and provides policyholders with clarity on what their insurance covers and excludes. This helps maintain a balanced and sustainable insurance system. MORE INFORMATION The Money Doctors is proudly brought to you by leading financial services organisation the Bongiorno Group, the preferred tax and accounting partner for the Australian Medical Association Victoria and the Australian Dental Association Victorian Branch. For more information, please call 03 9863 3111 or visit https://bongiorno.com.au/ This general advice has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product Disclosure Statement before deciding to acquire the product.See omnystudio.com/listener for privacy information.

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 investment strategy that considers risk, liquidity, diversification, and insurance. Seeking financial advice, they insist, is critical to ensure the SMSF aligns with your long-term retirement goals and complies with legal requirements. MORE INFORMATION The Money Doctors is proudly brought to you by leading financial services organisation the Bongiorno Group, the preferred tax and accounting partner for the Australian Medical Association Victoria and the Australian Dental Association Victorian Branch. For more information, please call 03 9863 3111 or visit https://bongiorno.com.au/ This general advice has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product Disclosure Statement before deciding to acquire the product.See omnystudio.com/listener for privacy information.

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 names and handling compliance. Equally, the responsibilities of employing staff, managing superannuation, and meeting regulatory requirements like tax reporting are key considerations. By planning the endgame, whether selling the business or growing it, structuring the company properly from the outset helps avoid costly mistakes in the future. The Money Doctors is proudly brought to you by leading financial services organisation the Bongiorno Group, the preferred tax and accounting partner for the Australian Medical Association Victoria and the Australian Dental Association Victorian Branch. For more information, please call 03 9863 3111 or visit https://bongiorno.com.au/ This general advice has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product Disclosure Statement before deciding to acquire the product.See omnystudio.com/listener for privacy information.

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 documentation, business registration, and commercial leases. The Money Doctors is proudly brought to you by leading financial services organisation the Bongiorno Group, the preferred tax and accounting partner for the Australian Medical Association Victoria and the Australian Dental Association Victorian Branch. For more information, please call 03 9863 3111 or visit https://bongiorno.com.au/ This general advice has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product Disclosure Statement before deciding to acquire the product.See omnystudio.com/listener for privacy information.

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 protection policies generally cover up to 70% of your income, which is subject to tax. Policy costs vary based on age, health, and occupation, with premiums generally not exceeding 10% of annual income. Structuring income protection within or outside superannuation has tax benefits, but personal circumstances should guide decisions. The Money Doctors is proudly brought to you by leading financial services organisation the Bongiorno Group, the preferred tax and accounting partner for the Australian Medical Association Victoria and the Australian Dental Association Victorian Branch. For more information, please call 03 9863 3111 or visit https://bongiorno.com.au/ This general advice has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product Disclosure Statement before deciding to acquire the product.See omnystudio.com/listener for privacy information.

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 with Adam McCann, Director at Adelaide-based Bartons – part of the Bongiorno National Network – the increasing role AI will have in the medical profession. MORE INFORMATION 'Expert guidance on governance of the evolving AI technology', Australian Institute of Company Directors: https://www.aicd.com.au/innovative-technology/digital-business/artificial-intelligence/expert-guidance-on-governance-of-the-evolving-ai-technology.htm Digital Human Assistants https://www.digitalhumanassistants.io/ Bartons https://www.bartons.com.au/ The Money Doctors is proudly brought to you by leading financial services organisation the Bongiorno Group, the preferred tax and accounting partner for the Australian Medical Association Victoria and the Australian Dental Association Victorian Branch. For more information, please call 03 9863 3111 or visit https://bongiorno.com.au/ This general advice has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product Disclosure Statement before deciding to acquire the product.See omnystudio.com/listener for privacy information.

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 homeownership. The Money Doctors is proudly brought to you by leading financial services organisation the Bongiorno Group, the preferred tax and accounting partner for the Australian Medical Association Victoria and the Australian Dental Association Victorian Branch. For more information, please call 03 9863 3111 or visit https://bongiorno.com.au/ This general advice has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product Disclosure Statement before deciding to acquire the product.See omnystudio.com/listener for privacy information.

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 services organisation the Bongiorno Group, the preferred tax and accounting partner for the Australian Medical Association Victoria and the Australian Dental Association Victorian Branch. For more information, please call 03 9863 3111 or visit https://bongiorno.com.au/ This general advice has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product Disclosure Statement before deciding to acquire the product.See omnystudio.com/listener for privacy information.

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 all legal, financial, and structural aspects are addressed effectively. The Money Doctors is proudly brought to you by leading financial services organisation the Bongiorno Group, the preferred tax and accounting partner for the Australian Medical Association Victoria and the Australian Dental Association Victorian Branch. For more information, please call 03 9863 3111 or visit https://bongiorno.com.au/ This general advice has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product Disclosure Statement before deciding to acquire the product.See omnystudio.com/listener for privacy information.

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 depreciation. They also highlight how positive vs negative gearing affects tax outcomes. The Money Doctors is proudly brought to you by leading financial services organisation the Bongiorno Group, the preferred tax and accounting partner for the Australian Medical Association Victoria and the Australian Dental Association Victorian Branch. For more information, please call 03 9863 3111 or visit https://bongiorno.com.au/ This general advice has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product Disclosure Statement before deciding to acquire the product.See omnystudio.com/listener for privacy information.

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. The Money Doctors is proudly brought to you by leading financial services organisation the Bongiorno Group, the preferred tax and accounting partner for the Australian Medical Association Victoria and the Australian Dental Association Victorian Branch. For more information, please call 03 9863 3111 or visit https://bongiorno.com.au/ This general advice has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product Disclosure Statement before deciding to acquire the product.See omnystudio.com/listener for privacy information.

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 return is completed accurately. The Money Doctors is proudly brought to you by leading financial services organisation the Bongiorno Group, the preferred tax and accounting partner for the Australian Medical Association Victoria and the Australian Dental Association Victorian Branch. For more information, please call 03 9863 3111 or visit https://bongiorno.com.au/ This general advice has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product Disclosure Statement before deciding to acquire the product.See omnystudio.com/listener for privacy information.

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 permanent residency.DAVID'S FREE CONSULTATIONTo discuss your specific visa situation and receive personalised guidance, contact David on 03 9863 3188 The Money Doctors is proudly brought to you by leading financial services organisation the Bongiorno Group, the preferred tax and accounting partner for the Australian Medical Association Victoria and the Australian Dental Association Victorian Branch. For more information, please call 03 9863 3111 or visit https://bongiorno.com.au/  This general advice has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product disclosure Statement before deciding to acquire the product.See omnystudio.com/listener for privacy information.

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 financial matters is crucial. Obtaining advice early on can prevent costly mistakes and complications later. The Money Doctors is proudly brought to you by leading financial services organisation the Bongiorno Group, the preferred tax and accounting partner for the Australian Medical Association Victoria and the Australian Dental Association Victorian Branch. For more information, please call 03 9863 3111 or visit https://bongiorno.com.au/ This general advice has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product Disclosure Statement before deciding to acquire the product.See omnystudio.com/listener for privacy information.

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 loss statements. The Money Doctors is proudly brought to you by leading financial services organisation the Bongiorno Group, the preferred tax and accounting partner for the Australian Medical Association Victoria and the Australian Dental Association Victorian Branch. For more information, please call 03 9863 3111 or visit https://bongiorno.com.au/ This general advice has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product Disclosure Statement before deciding to acquire the product.See omnystudio.com/listener for privacy information.

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 includes considering medical expenses, fixed costs like mortgage and education, and how it complements other insurance policies. The Money Doctors is proudly brought to you by leading financial services organisation the Bongiorno Group, the preferred tax and accounting partner for the Australian Medical Association Victoria and the Australian Dental Association Victorian Branch. For more information, please call 03 9863 3111 or visit https://bongiorno.com.au/ This general advice has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product Disclosure Statement before deciding to acquire the product.See omnystudio.com/listener for privacy information.

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 regulatory requirements, ensuring safer and more effective investment strategies.   The Money Doctors is proudly brought to you by leading financial services organisation the Bongiorno Group, the preferred tax and accounting partner for the Australian Medical Association Victoria and the Australian Dental Association Victorian Branch. For more information, please call 03 9863 3111 or visit https://bongiorno.com.au/ This general advice has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product Disclosure Statement before deciding to acquire the product.See omnystudio.com/listener for privacy information.

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 financial returns. In fact, some ESG funds have shown higher performance compared to their non-ESG counterparts, indicating that ethical investing can also be financially rewarding.   The Money Doctors is proudly brought to you by leading financial services organisation the Bongiorno Group, the preferred tax and accounting partner for the Australian Medical Association Victoria and the Australian Dental Association Victorian Branch. For more information, please call 03 9863 3111 or visit https://bongiorno.com.au/ This general advice has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product Disclosure Statement before deciding to acquire the product.See omnystudio.com/listener for privacy information.

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. Salary packaging, in particular, often leads to unexpected tax payables due to the difference between taxable income and adjusted taxable income. The Money Doctors is proudly brought to you by leading financial services organisation the Bongiorno Group, the preferred tax and accounting partner for the Australian Medical Association Victoria and the Australian Dental Association Victorian Branch. For more information, please call 03 9863 3111 or visit https://bongiorno.com.au/ This general advice has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product Disclosure Statement before deciding to acquire the product.See omnystudio.com/listener for privacy information.

The Bongiorno Group's Directors, Ricky Caldow and Mitch McKeown, continue with their line-by-line rundown of what you can and can't claim in your tax return. In part 2, they cover conferences, donations, superannuation, and one of the more confusing items: “other”.   The Money Doctors is proudly brought to you by leading financial services organisation the Bongiorno Group, the preferred tax and accounting partner for the Australian Medical Association Victoria and the Australian Dental Association Victorian Branch.  For more information, please call 03 9863 3111 or visit https://bongiorno.com.au/ This general advice has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product Disclosure Statement before deciding to acquire the product.See omnystudio.com/listener for privacy information.

Tax time is fast approaching, and the perennial question asked of accountants around the country is: “What deductions am I entitled to?” The Bongiorno Group's Directors, Ricky Caldow and Mitch McKeown, go through each item, line-by-line, specifically addressing deductions of medical professionals. In this first of two episodes, Ricky and Mitch focus on work-related travel, clothing, and self-education.   The Money Doctors is proudly brought to you by leading financial services organisation the Bongiorno Group, the preferred tax and accounting partner for the Australian Medical Association Victoria and the Australian Dental Association Victorian Branch.  For more information, please call 03 9863 3111 or visit https://bongiorno.com.au/ This general advice has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product Disclosure Statement before deciding to acquire the product.See omnystudio.com/listener for privacy information.

Higher Education Contribution Scheme (HECS) and Higher Education Loan Program (HELP) were designed to provide cheap loans for tertiary students to fund their education, the indexation of which has been traditionally linked to the consumer price index (CPI). However, the indexation in recent times has spiked significantly, alarming both students and government. To address this, new legislation effective from June 1, 2023, ties indexation to the lower of CPI or Wage Price Index (WPI), ensuring HELP debts do not outpace wage growth. To explain the measures and what it means to students with HELP or HECS debts is the Bongiorno Group's Ada Bataski, Tax Supervisor and Mitch McKeown, Director.   The Money Doctors is proudly brought to you by leading financial services organisation the Bongiorno Group, the preferred tax and accounting partner for the Australian Medical Association Victoria and the Australian Dental Association Victorian Branch.  For more information, please call 03 9863 3111 or visit https://bongiorno.com.au/ This general advice has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product Disclosure Statement before deciding to acquire the product.See omnystudio.com/listener for privacy information.

This year's federal budget was delivered by Treasurer Jim Chalmers, whose government is cognisant of cost-of-living pressures and keeping inflation in check. Nick Fennessy, Director at the Bongiorno Group, describes the budget as relatively harmless, with a surplus lower than the previous year. He outlines some of the announcements, including tax cuts, modification of tax thresholds, energy bill relief, and modest super changes.   The Money Doctors is proudly brought to you by leading financial services organisation the Bongiorno Group, the preferred tax and accounting partner for the Australian Medical Association Victoria and the Australian Dental Association Victorian Branch. For more information, please call 03 9863 3111 or visit https://bongiorno.com.au/ This general advice has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product Disclosure Statement before deciding to acquire the product.See omnystudio.com/listener for privacy information.

Variable and fixed-interest loans have their advantages and disadvantages, and what works depends on your particular circumstances. In this episode, the Bongiorno Group's Senior Finance Consultant Mark Bremner and Finance Manager Jack Will discuss the implications of each, as well as the rationale behind splitting the two.   The Money Doctors is proudly brought to you by leading financial services organisation the Bongiorno Group, the preferred tax and accounting partner for the Australian Medical Association Victoria and the Australian Dental Association Victorian Branch. For more information, please call 03 9863 3111 or visit https://bongiorno.com.au/  This general advice has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product disclosure Statement before deciding to acquire the product.See omnystudio.com/listener for privacy information.

Depending on your circumstances, it might be worth opting for a stepped, level or hybrid insurance premium structure. First, it's important to understand what stepped and level premiums mean. The Bongiorno Group's Head of Risk Advisory Services, Yanish Geerdharry, discusses the difference between the two with Client Relationship Manager, Tom Will. A combination of stepped and level premiums can offer flexibility and coverage customisation. The Money Doctors is proudly brought to you by leading financial services organisation the Bongiorno Group, the preferred tax and accounting partner for the Australian Medical Association Victoria and the Australian Dental Association Victorian Branch. For more information, please call 03 9863 3111 or visit https://bongiorno.com.au/  This general advice has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product disclosure Statement before deciding to acquire the product.See omnystudio.com/listener for privacy information.

With changes to marginal tax rate thresholds and rates, there may be increased benefits in maximising tax-deductible expenses and strategies before the end of the financial year. The Bongiorno Group's Director Sarah Thorburn and Financial Advisor Jessica Weaver discuss a range of super-related strategies, including assessing available caps and potential tax implications, such as Division 293 tax for high earners.Contributing to a spouse's super can be beneficial, they say, especially if one spouse has maxed out their contributions cap. Individuals earning under a certain threshold may be eligible for government co-contributions to their super, providing an opportunity to boost super savings with additional funds from the government.    The Money Doctors is proudly brought to you by leading financial services organisation the Bongiorno Group, the preferred tax and accounting partner for the Australian Medical Association Victoria and the Australian Dental Association Victorian Branch.  For more information, please call 03 9863 3111 or visit https://bongiorno.com.au/   This general advice has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product disclosure Statement before deciding to acquire the product.See omnystudio.com/listener for privacy information.