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!

I find when it comes to marketing, everyone's first thought is to set up a strong social media presence. While it's a fantastic tool for raising awareness, pharmacies must explore other channels to connect with their community. And believe it or not, focusing on these channels can be even more crucial than social media! So, stepping away from the digital marketing strategies for this blog, I’ve highlighted below why and how you can begin to tap into generating engagement for your pharmacy at a local level!

It's astonishing to see how some buyers dismiss due diligence as a mere inconvenience and expense in the process of purchasing a business, without fully considering the risks involved. Unlike buying a house, acquiring a pharmacy entails numerous potential pitfalls, each with the potential for significant consequences. Moreover, the emotional aspect of the buyer adds another layer of complexity, as it may lead them to overlook crucial risk factors. This oversight leaves the buyer exceptionally vulnerable to unforeseen challenges.

In previous blogs I have written, I have from time to time mentioned something called Fringe Benefits. Some of you who have attended Curtin University in Perth might know Fringe Benefits as the hair salon on campus, however in the accounting world, I am referring to Fringe Benefits Tax (FBT). With the current market of finding good employees and providing benefits for them to stay or benefits made to business owners under a Company or Trust, the topic of FBT isn’t considered more frequently than it should and sometimes business owners are caught paying additional taxes before they realise it. As the FBT year has now finished for the year, I wanted to give a general overview and explore if you may have a tax obligation with the ATO that needs to be actioned now and/or what you can do to plan for the next FBT year.