BUDGET 2023-2024
Labour Treasurer, Jim Chalmers’ has released the 2023-2024 budget, with a focus to relieve cost of living pressures, provide greater access to healthcare and more emphasis on compliance with the ATO. For community pharmacy though, the budget came with much worry and concern for the future of the industry, their patients, their businesses, and their teams.
Be your own Advocate
With 60-Day Dispensing discussions, it's more important than ever to advocate for yourself, your team, and the pharmacy industry. One of the biggest platforms available to you, outside of the four walls of your pharmacy, is social media. So, if you want to make a real impact, it's crucial to use social media as a tool to spread awareness, educate others, and share your message.
The 60 Day Disaster...
For 26 years, I have been a Chartered Accountant and advising community pharmacy owners, and I can't imagine doing anything else! Thirteen years ago, I founded Peak Strategies with a sole focus on community pharmacy, and it has been my passion ever since. I prepare almost 100 business valuations each year for pharmacies across Australia, and I have never been more concerned than I am now. The challenges facing community pharmacies are greater than ever before, and it breaks my heart to see their livelihoods threatened.
Comparing Employee vs Contractor Roles for Pharmacist Locums
The distinction between locums that are an employee versus those that are a contractor is not very clear to most pharmacy owners. And many are potentially making errors in how they are being treated. In the past few months, there has been a lot of discussion regarding the distinctions between employee and contractor following the recent High Court decisions in 2022. These distinctions are not always clear in day-to-day pharmacy life. The impacts though in any misclassification will impact the way pharmacies do their reporting such as PAYG Withholding, GST, payroll tax and Single Touch Payroll reporting. In addition to the reporting, super guarantee (SG) is another important aspect that we need to mention.