Medical Practitioner Tax Advice

Investing in an accountant is no longer a luxury, rather it’s a critical and necessary investment. Having open communication with your accountant needs to start from the moment you meet them. Accountants are very essential when it comes to the success of your business. As such, it’s quite crucial for you to build a relationship with them and ask lots of questions to assist in the growth of your medical practice.

You know that accounting and taxation issues are essential to get the best out of your professional medical services. However, often these can end up receiving a lesser priority in the reality of your busy day and running of businesses.

We are very conscious of the fact that most doctors do not particularly enjoy accounting, tax preparation, and all the associated admin of bookkeeping. These are unfortunate consequences of ‘being in business’ as a professional. We take care of your compliance obligations, so you can concentrate on running your medical practice and businesses.

Of course, we do a lot more than that, but compliance is where it starts. The next step is to plan, to see where you can improve your situation or review your structure to ensure it provides you with maximum benefits. Sometimes small but crucial changes can produce much-improved returns.

Our Accounting and Taxation division provide services including:

Tax Returns
BAS / GST
Tax planning
Accounting strategies and wealth creation
Practice structures
Service Trusts

Medical professionals are naturally susceptible to high tax requirements, and by employing a specialist accountant who knows the specific deductions that you can claim.

A medical accountant should:

Simplify and automate your practice tax, payroll and accounting functions by implementing an accounting solution that does everything for you.
Establish companies, trusts and self-managed super funds to protect your personal and business assets from potential lawsuits.
Implement medical practitioner tax reduction strategies and structures to increase your personal and business cash flow.
Tax-effectively structure practice, home and investment loans and save in interest repayments each year.
Make smarter personal investment decisions and tax-effectively grow your wealth with careful tax planning.
Customise estate planning strategies and structures that will allow your wealth to be transferred to family members and beneficiaries tax-effectively, whilst providing asset protection.

Errors frequently made by non-specialist accountants include:

Medical practitioners face unique GST complications that others do not. It is crucial to employ the right people who understand how this affects your practice.
Misallocating profits, particularly regarding personal services income. This can affect the balances due to or from partners.
Including income to which PAYG withholding has been applied in the accounts, resulting in the income being taxed twice.
Many practices struggle with efficiently billing and managing cash flow. These two go hand in hand, and with the right systems in place, this is made easy by accountants who know what they are doing.
By comparing your practice performance to industry leaders both locally and nationally, a specialist accountant can understand better the areas that need improvement.
Specialist medical accountants should be up to date with the latest changes to Medicare, with a specific focus on how this will impact your finances. It is far less likely that regular accountants are going to be following these trends.

Our expert accounting and taxation teams have all the advice you need.

Our accounting firms team not only identify opportunities that can help streamline your medical practices and businesses but also assist in identifying areas where you can cut costs and save money.

Investing in a professional and licensed accountant for your medical practice is often a critical decision in moving your business forward.

Our experience enables us to deliver expert tax advice, efficiently prepare and lodge your tax returns and focus on achieving the maximum potential tax refunds. In particular, we provided specialist tax and accounting advice on optimum medical practice structure, both for new practice owners and established medical practice clients, to enable them to accumulate wealth in the most protected and tax-effective environment.