The past few years have been a rollercoaster ride for medical practices in Queensland, with the ever-present uncertainty of payroll tax looming large. But the recent Liberal National Party (LNP) victory in the state election has brought a wave of relief, promising to permanently get rid of payroll tax for GPs.
Here’s a quick look at the what’s happened to get to this point:
Delivering on an election promise
True to their word, the LNP government is making good on their election promise to permanently abolish payroll tax for GPs. This landmark decision, confirmed by AMA Queensland on November 7th, 2024, marks a significant win for the medical profession. You can read more about it here.
For now, we are waiting to understand more about the exemption and how this impacts those that registered their interest for the Payroll Tax Amnesty. What we do know is the Amnesty deadline is 30 June 2025.
What can you do now?
While we wait to hear more details regarding the exemption, here are some proactive steps you can take now to make sure you are prepared:
- Watch closely for any word from Queensland Revenue in relation to the exemption. AMA Queensland will be sharing communication to its members as it becomes available.
- Seek professional advice once updates are released to ensure you understand how the exemption applies to your specific practice.
- Remain focused on your practice and your cashflow as you are coming into a period with reduced patient consultations with medical practitioners.
- Make sure you understand your exposure if you have arrangements with non-GP specialists to satisfy the exemptions.
The road to payroll tax exemption has been long and winding for Queensland GPs. But with the finish line in sight, a new era of financial clarity and stability is dawning.
We’re here to help you understand these changes. Reach out to our team for expert advice and guidance to ensure you're ready for what’s ahead.
Nicole is passionate about working with clients to assist in wealth creation and wealth accumulation strategies. Nicole takes the time to understand their goals and motivations to provide them with tailored advice. Working closely with clients to better understand their needs, she draws on years of experience to help clients achieve their goals.
