July has finally arrived which means the new beginnings of another financial year. Our team are currently working with our pharmacy clients to prepare the annual budget for the next financial year. This part excites us as we get to review the past year’s performance to see goals our clients have achieved, review what worked and what didn’t work for the business and discuss challenges and opportunities that are occurring in the business.

Hello hello, I’m not sure about you but I feel like I have just blinked and it’s already the end of the financial year! Marcus and I have been working with our amazing team on compliance for our clients. As we complete these returns, we often get asked by clients if there is anything they can do to reduce their tax. Unfortunately, at that point in time there are no options available to reduce their tax liability. 

Last Monday, we enjoyed a public holiday here in a not-so-sunny Western Australia. Around midday, our team chat started buzzing with excitement: the Eighth Community Pharmacy Agreement (8CPA) had been signed! This agreement is a significant win for the industry, and we at Peak Strategies are eager to delve into the details as they emerge. Early feedback from clients and other pharmacists has been positive, especially after the tumultuous year marked by the 60-Day Dispensing policy and the preceding challenges of COVID.

The countdown to the end of the financial year has begun, and its high time for pharmacy owners to take charge and prepare for a stellar finish. As we inch closer to 30 June, we often receive an influx of inquiries from pharmacy owners and managers, all echoing the same question: "What must we do before the year ends?" Well, fret not, for we have the answers you seek. In this article, we'll delve into the crucial items that demand your attention as you wrap up the year. Get ready to uncover the key tasks that will ensure your pharmacy enters the new fiscal year on a strong footing. Let's dive in!