The federal government is investing large sums of money to encourage businesses to think positive and keep their eyes on the big picture. We are very lucky to live in a country that has the resources and economy to be able to negotiate something such as the Coronavirus outbreak with such strength.

The economies and share markets of the world have a 100 year track record of cycling through good times and bad. Sometimes we aren’t sure how long the bad times will go on. But in this case, everyone knows that we will emerge from the Coronavirus shutdowns within a relatively short timeframe and the need for dental and medical treatment will remain. Not only will people still have teeth, but their will be a build up of demand for dental treatment, orthodontics, restorations, surgeries and cosmetic treatments. So we are asking ourselves, what am I doing to make the most of this situation? Am I focussing on what I do have rather than what I don’t have? Am I focusing on the opportunities rather than the problems?

Most practices have taxable profits accrued for the 2019/20 financial year that will lead to tax being payable once the company tax return is lodged. Further, the very generous government cash flow assistance and Jobkeeper packages will support business in the next 3 months. This makes the government’s $150,000 instant asset write off very appealing for dentists that are looking forward to growth over the next 2 years. Investing in your practice now might pay off greatly when the patients return later in the year, and you can be proudly stimulating the Australian economy whilst you are at it.

If you are planning to expand or renovate your surgery in the next two years, it’s a great time to do it now. Please ring us for a conversation and some good old fashioned, honest advice.