T: +61-7-3221 5677 - Enquiries: enquiries@walshs.com.au - Mortgage Broking: lending@walshs.com.au

Walshs

Accounting & Taxation for your Medical Practice - a set-up checklist

One of Queensland’s leading financial planning, accounting and lending firms for medical and private clients. Providing accounting, mortgage broking and strategic financial planning advice.

T: 61-7-3221 5677
Email: enquiries@walshs.com.au

Walshs
Level 24/10 Eagle Street, Brisbane QLD 4000

Open in Google Maps
  • Medical Clients
  • Private Clients
BOOK A MEETING

Walshs Insights

Accounting & Taxation for your Medical Practice - a set-up checklist
Monday, 02 September 2019 / Published in Articles, Walshs Blog

Accounting & Taxation for your Medical Practice – a set-up checklist

Establishing your own medical practice can be an exciting and daunting opportunity. Our professional, reliable and client focused specialist medical accounting team can help. We work with you alongside our network of experts in legal, technology and practice management that have assisted many clients in starting both general and specialist medical practices.

As one of South East Queensland’s most trusted firms specialising in medical practice management, Walshs has supported more than 500 medical professionals through the transition to private practice. This means we have a wealth of knowledge and experience, as well as vast networks and connections with other providers specialising in medical practice management. Our professional and supportive team are here to share their knowledge and their networks with you to help make your transition to private practice easier.

If you are considering setting up your own medical practice, ensuring you are receiving the right accounting advice is vital. Get in touch with us now for a free consultation.

In the meantime, let’s look at a few of the considerations you need to make as you set up your medical practice.

Structure

The structure you operate from can make a massive difference to your wealth and financial security. Each structure has its own benefits and limitations, but it is important to choose a structure that meets your individual circumstances, is in accordance with ATO guidelines, while at the same time yielding any additional tax benefits.

  • Is your structure compliant with ATO guidelines?
  • Does your structure ensure you meet payroll tax, superannuation, WorkCover and employee leave entitlement obligations?
  • Does your structure provide opportunities for tax planning?
  • Does your structure provide adequate asset protection?
  • Do you have the appropriate documentation in place for your structure?
  • Do you have agreements in place with your business partners?

Tax Planning

As a medical professional it is likely you will pay your fair share of tax throughout your career. However there are certain tax planning strategies that can be implemented to effectively manage tax liabilities, while still ensuring you are compliant with ATO guidelines.

  • Are you taking advantage of the unique tax planning opportunities available to medical professionals?
  • Do you meet with your accountant at least once a year to discuss tax planning strategies?
  • Is your debt structured correctly to ensure you maximise the tax deductibility of interest?
  • Do you have a structured plan for superannuation and contributions?

Technology & Software

In this day and age there is an abundance of technology and software available to medical professionals to streamline processes and reduce costs. The hardest part might be disseminating it all and working out what is most suitable for your practice.

  • Do you use cloud-based accounting software?
  • Are you aware of the various plug-ins available to your accounting software to automate & streamline processes?
  • Are you getting the most out of your software and have you been provided with adequate training?
  • Are your processes automated through technology to improve efficiency and reduce costs?
  • Is your accountant familiar with the software available to medical professionals and do they have strong relationships with the providers?

The Power of Collaboration

The life of a medical professional can be a very stressful one with competing demands on time. A topic of conversation that invariably arises when meeting with our clients is that of not having enough hours in the day to achieve the many tasks on the to do list. To that end, synergies gained from having everything ‘under the one-roof’ should never be overlooked.

  • Is your medical practice bookkeeping, accounting and taxation all done by the one team to streamline the process and reduce costs?
  • Are you able to speak with your Adviser about lending, investments and insurance*
  • How much time do you spend working on your business to understand how to identify efficiencies in operation, implement process improvement ideas and best practice solutions?

Industry Experts

Having a deep understanding of the medical industry ensures an understanding of the professional life-cycle of a doctor. The medical profession is unique and therefore to get the best advice you need to make sure you have the right people ‘on your team’.  Industry understanding, technical knowledge and proven results are critical attributes you should look when selecting your team.

  • Has your accountant looked after over 2,000 doctors over the past 30 years?
  • Does your accountant have a great network of firms around them to support you in the successful operation of your practice?
  • Do you fully understand all the financial opportunities available to you as a medical professional?

Our experienced medical accounting team at Walshs can advise you on all of these items, and more.

If you want further insights on how to elevate your medical practice and maximise success, please contact Hugh Walsh, Partner;
T 07 3221 5677   E hugh@walshs.com.au

*All financial planning services provided by representatives of Walshs Financial Planning. AFSL 432636.  All lending advice is provided by representatives of Walshs under Credit Licence ACL459119.

  • Tweet
Tagged under: accounting for medical practice

What you can read next

Accounting & Taxation for your Medical Practice - a set-up checklist
I am newly self-employed, should I make super contributions?
Accounting & Taxation for your Medical Practice - a set-up checklist
Tax Strategies for your Business in 2021
Accounting & Taxation for your Medical Practice - a set-up checklist
Natural Disasters, Tax Records, and the ATO

Recent Posts

  • Brisbane home with map showing Brisbane location

    Where should you invest in Brisbane? Top property insights for smart buyers

    At Walshs, we’re all about helping you make sma...
  • Australian Orthopaedic Association regional Alliance Partnership with Walshs in Queensland Announcement

    Walshs is Proud to Support AOA Queensland as a Regional Alliance Partner

    Walshs has strengthened ties with the Australia...
  • 2 women and a man in a blue suit in a tax meeting - they are happy and smiling

    Maximise, strategise, save! Tax Planning that pays in 2025

    Gone are the days of setting a tax strategy at ...
  • Accounting for Doctors

    Accounting for doctors in 2025 and beyond

    Accounting for doctors in 2025 has evolved far ...
  • Australian Man voting

    Election 2025: What the LNP, Labor and Greens have planned for your wallet

    (UPDATED 28 April 2025) As the Australian feder...

Contact

  • PHONE: 61-7-3221 5677
  • FACSIMILE: 61-7-3221 5744
  • EMAIL: enquiries@walshs.com.au
  • MORTGAGE BROKING: lending@walshs.com.au

Location

  • OFFICE: Level 24/10 Eagle Street, Brisbane QLD 4000
  • POSTAL ADDRESS: GPO Box 12, Brisbane QLD 4001
Accounting & Taxation for your Medical Practice - a set-up checklist

Connect with us

MAKE AN ENQUIRY OR BOOK A MEETING HERE
Accounting & Taxation for your Medical Practice - a set-up checklist
Accounting & Taxation for your Medical Practice - a set-up checklist
Accounting & Taxation for your Medical Practice - a set-up checklist
Accounting & Taxation for your Medical Practice - a set-up checklist
Accounting & Taxation for your Medical Practice - a set-up checklist
Accounting & Taxation for your Medical Practice - a set-up checklist
Accounting & Taxation for your Medical Practice - a set-up checklist
All advice on this site is general in nature and does not take into account your personal circumstances. Please do not hesitate to contact one of our adviser accountants or financial planning advisers if you have a query that is specific to your circumstances.
ABN 11 248 978 295 Walshs Financial Planning Pty Ltd AFSL 432636 ABN 82 122 293 912 Corporate Authorised Representative No. 463774 of Walshs Finance Australian Credit Licence 459119

Liability limited by a scheme approved under Professional Standards Legislation.
  • Privacy Policy
  • Financial Services Guide
  • Credit Guide
  • Complaints Policy
TOP
lending-15-min-ph

If the time you would like is not available, please contact our office on 07 3221 5677.

Make a booking with Darole Evans

If the time you would like is not available, please contact our office on 07 3221 5677.

GET IN TOUCH

If you would like a Walshs adviser to contact you or to receive marketing material from Walshs and/or be advised of upcoming seminars and events please provide your contact details.
[contact-form-7 id=”18018″ title=”Contact form 1″]

Book 15 minute lending call

If the time you would like is not available, please contact our office on<br>07 3221 5677.