As a pharmacist, you are qualified and well trained to help the community with their health needs and I think you do a fantastic job at it! Being the most accessible healthcare professionals in Australia, you are taking care of the needs of patients’ day in and day out. So, when you become a business owner, how do you learn the business side of things?
Firstly, a quick disclaimer. I have been doing some valuations lately where the quality of financial reports presented to me has been on the poor side and contain several clear errors. So, to slay these dragons (yes, I am a GOT fan) I thought its best to write about it so hopefully you don’t make the same mistakes.
There is a reason why you decided to become a pharmacy owner. You had goals, dreams and aspirations. Amid running a business day to day it is often easy to forget about why you started. However, to run a profitable pharmacy you must understand why it exists and how you’re going to leverage that into success.
Rental properties are one of the ATO’s favourite areas to target when it comes to auditing tax returns. The deduction claims are what the ATO mainly focuses on so keep reading to find out common items we come across with investment rental properties and how you can stay compliant with the ATO when disclosing your rental property activities.
With another financial year coming to an end, it is a good time to stop and reflect a little on what you have achieved this year.
Personally for me it is the most innovative time of the year. I take the time to reflect on what we achieved, our successes and our failures. Nothing is ever perfect in the world. But it allows me to identify what went wrong. Then what strategies we can employ to reverse our failures and what we can do to progress towards our goals. So with this in mind, I would strongly suggest you take the time to review and reflect.