News
The shifting space of pharmacy
By now you will have started receiving your PBS reimbursement minus the on-line fee. Most of you will not have felt the decrease because the opportunity of substituting generics in the dispensary continues to support the net profit.
Unfair Dismissal Claims Under Fair Work
The referral by the States of their industrial relations powers to the Commonwealth, earlier this year, means for pharmacy that the employer/employee relationship in most if not all cases is governed by the Commonwealth Fair Work Act 2009 and the Pharmacy Industrial Award 2010.
Information Technology - Hardware - Making the Right Decision
The role of Information Technology (IT) in the operation of Community Pharmacy during the last decade has moved from "important" to "central".
What do new Cars and Pharmacy Franchises have in common?
When I recently raised this question with a colleague, he initially looked at me strangely and wondered whether I had "lost my marbles". I re-assured him that I was fine and that my question was indeed a serious one.
Tax is an outcome - plan for it!
Following on from my last article when I was referring to the current trading conditions, it is apparent that the economy and general trading conditions in pharmacy are not as buoyant as previous years. Add to this the announced cuts to income in the 5th Agreement and the future reductions in income flowing from the WADP mechanism and I think it would be fair to say that we live in interesting times.
What is a Right of Entry document & why can it cause problems in the sale of a retail Pharmacy business?
Most Retail Pharmacies in Australia have the right to occupy and operate from the leased premises pursuant to a Lease document. When a purchaser enters into a contract to purchase a retail pharmacy business they are required to either accept an assignment of an existing lease or negotiate and sign a new Lease with the Landlord.
Beware the sting in the recovery
For many retailers, 2009 was a difficult year, with deep discounting and sluggish or patchy sales. Yet pharmacists performed better than most, enjoying better growth than just about everyone else, with the exception of takeaway food shops and liquor stores. Better still, conditions look set to improve in 2010, although the recovery could hold a few hidden surprises for the unwary.
Methasoft - Treatment Management System
The Methasoft™ solution is a complete suite of software and hardware designed to provide pharmacists with a safe, quick and efficient turnkey dispensing package.
Were you on the “Net” this Christmas?
How was your Christmas 2009 trade? For many clients I have spoken to it has been flat and some are down about 5% to 10% on same month last year. The main reasons of course are the recent consecutive interest rate rises and no Federal Government funding this year for the general public compared to last December. Nevertheless the greater public are still spending.
Business Ownership Succession Strategies
Whenever speaking to a pharmacist who is either already in, or about to join, a pharmacy partnership, I always ask whether they have thought about their business succession strategy. For the reader who is in a pharmacy partnership, a key question to consider is “what is going to happen if you die at your dispensary”.
How Important is My Lease to the Sale of My Pharmacy?
Nearly all Pharmacy businesses operate under a Lease and throughout Australia those Leases are predominately if not always Retail Shop Leases which are governed by various State based legislative Retail Shop Lease Acts.
Investment options outside the Pharmacy
Pharmacists looking to achieve investment goals sooner during the new financial year should take advantage of opportunities for Self Managed Super Fund (SMSF) investment outside the Pharmacy. Accelerating your wealth sooner by making the most of changes to Australia’s superannuation laws is a good first step.
Structuring - still worth it?
With the top marginal rate of individual tax starting at $180,000 of income you have to ask whether structuring your pharmacy into a company or trust (depending on which State the pharmacy operates in) it still worth it?
Methasoft Methadone Dispensing System
Health administrations nationally are increasingly seeking to integrate recovering addiction patients back into the community. Retail Pharmacy can and does play an important role in addiction care programs that provide treatment and support in achieving better outcomes for individuals involved in opiate substitution therapy.
Pharmacy Location Rule Changes
The Minister for Health and Ageing has amended the National Health (Australian Community Pharmacy Authority Rules) Determination (“The Rules”). The Determination was made in February and came into effect on the 17th March 2009 and applies to all applications made to the Australian Community Pharmacy Authority (“ACPA”) on or after that date.
Keeping your pharmacy financially healthy
It is always difficult in times of uncertainty, with volumes of negative news and headlines, not to question how things impact your business. However, as a Pharmacy owner you’re not alone, particularly when it comes to keeping your pharmacy financially healthy.
Budget for it
Ever set off to travel somewhere and did not know where you were going? Have an idea of where you are heading but no clue on how to get there – unless you look at the map.
Survive and Thrive in Turbulent Times
2009 has started with disturbing news of higher unemployment, brought on by the turbulence in the financial markets and downturns in sectors like tourism, construction, and the motor trade.
2009 - What does the year hold for pharmacy?
The unprecedented collapse of world financial markets along with the destruction of a lot of personal wealth certainly took the wind out of the sails of many in 2008! Continual stories of pending doom and gloom paint a less than positive picture for 2009.
Tax Effective Wills
A will is only part of Estate Planning. One wants to organise their affairs in a way to minimise cost, tax and stamp duties so as to maximise the Estate. As assets may be held in various entities, one must consider what will happen to these assets and entities when one dies.
