Accounting & Tax for Medical Professionals
Being in professional services is tough; let alone a professional in the medical industry. If ridiculous amounts of admin, unduly claims processes and hours and hours of CPD aren’t already enough, you have the added bonus of a complex tax and regulatory environment, coupled with the ever evolving commercial landscape in which you operate. But fear not The Empire is here to help you.
Here at Empire Accountants, not only will be ensure you are in the ATO’s good books, but we also work with you to understand your numbers and assist with building your practice into a commercially viable and sustainable business.
We can help you with the following…
Whether you are a sole practitioner starting out or a well-established medical practice, having the right structure ensures you have the following attributes:
If you are missing one of these aspects, then chances are, your business is not trading at its most optimum position and Empire Accountants can assist you with navigating through Income Tax, Capital Gains Tax (CGT), Goods and Services Tax (GST) and transfer duty considerations to allow a change in structure.
WARNING: if your current structure is a partnership of trusts, you are at risk of an audit from the ATO. This was announced by the ATO back in November 2013 (refer to taxpayer alert TA 2013/3) and if there was no commercially sound reason behind the establishment of this particular structure, then significant penalties can apply.
Australia has one of the most complex tax systems in the world. There is pretty much a tax for everything you do. But for medical practitioners, the ATO bumps up the complexity a few more notches by introducing industry specific anti-avoidance rules. Have you considered, or do you even know about the following:
At Empire Accountants, we have a dedicated medical services specialist who understands your industry back to front and will ensure your business is flying under the ATO’s audit radar! Leave it to us.
Understanding the valuation methodology for your business can go a long way to assisting you with taking steps to ensure you are maximising the value in your current practice. We can assist you with strategies to improve your bottom line and business succession planning so that you can achieve your desired sale price.
If you are looking to buy into an existing practice or are looking to expand your reach inorganically, via mergers and acquisitions, Empire Accountants can hold your hand through the process and ensure you will be paying a fair price for your investment.
It is common for medical practitioners to accumulate and build wealth quite quickly throughout the years, and a good accountant will ensure you continue to do so. But a great accountant will also consider protecting that wealth from creditors so you can continue to reap the benefits of your hard earned work and ultimately pass this wealth to the next generation. Techniques we can help you apply to achieve optimal protection include:
When you’re doing what you do best (in your case, saving lives) tax and accounting should be the least of your worries. Secure your liberation by booking a consultation and we can start your journey to building a Medical Empire today!
Click to call 07 3124 0244
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