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.
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”.
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?
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.
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.
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.
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. We are currently operating in unprecedented economic times and so the journey of the next twelve months is
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.
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. What do I think? I am taking a positive view and
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. The good news for the pharmacy sector is that consumers will still need to meet their health needs. Also, reduced interest rates will provide opportunities for