Medical Consultants

Accounting and Financial Planning for Medical Consultants

Financial Advice, Accounting and Tax for Medical Consultants

We take great pride in seeing our clients progress from their medical internship to becoming a specialist. Our accounting and financial planning teams are well-versed in working with medical specialists and the multiple ways we can help you to legally reduce your tax, protect your assets and build your wealth.

As one of Queensland's most trusted firm specialising in accounting for doctors, Walshs has taken care of the finances of more than 3000 medical professionals as they move from internships and their training years through to their specialist years.

We understand the opportunities and challenges medical specialists face and can provide you with the best advice and management, as we have done for your peers so many times before. Walshs can help you legally maximise your tax returns and ensure your investments are working in your favour to make the most of your money both now and well into the future.

Our advice for specialists takes a holistic view of your financial position and goals at this point in your career and can include:

  • Transition to Private Practice
  • Opening or joining a Private Practice
  • Buying consulting rooms
  • Upgrading your home
  • Allocating surplus cash flow productively
  • Funding commercial and residential property purchases

Transitioning to Private Practice

We have supported many clients through their transition into private practice. Our experience means we will work with you to ensure you are fully educated on what the changes will mean to you. Our specialist transition to private practice advice includes:

  • The most appropriate structure you will operate under (sole trader, company, trust)
  • How you will receive income
  • Planning opportunities to reduce your tax liabilities
  • Mapping your upcoming and ongoing tax bills
  • Managing asset protection
  • Strategies to progress your Asset position
  • Debt structuring and lending advice
  • Access to wide range of professional advice (IT, Legal, Practice Management)

Our aim is to make the transition to private practice as easy and seamless as possible so you can start to enjoy the benefits of your new working arrangements. Our transition to private practice process is comprehensive and, most importantly, follows the latest ATO guidelines.

Our professional and client focused financial and tax advisers can educate you on medical practice management best practices that fit your circumstances and actively assist in arranging all aspects of your transition.

Our experienced team can advise you on:

  • The best business structure for your circumstances
  • Personal Services Income (PSI)
  • ABN & GST registration
  • Business Activity Statements (BAS) reporting requirements
  • Medical billing and revenue collection
  • Business income, expenses and service fees
  • Deductibility of business expenses
  • Bookkeeping
  • Business bank accounts and credit cards
  • PAYG Instalments and the 'tax honeymoon'
  • Superannuation
  • Employees, payroll, WorkCover and SuperStream

More than just accounting for doctors and medical consultants

At this stage of your career, tax minimisation, wealth creation, asset protection should all be in full swing. As a fully integrated financial services firm, we draw on the expertise of all our divisions to help you with a long-term wealth-building strategy tailored to your needs. This allows you to focus on your work while we take care of the rest.

We can help you with:

  • Establishing and reviewing recommended tax structures under current tax law.
  • Applying current superannuation rules so you know exactly what your deductible and non-deductible super contributions can be.
  • Evaluating retirement planning options for the investment of superannuation assets to achieve optimal long-term outcomes.
  • Accessing specialist insurance policies to provide a balanced approach to protect your assets from litigation.
  • Transitioning into private practice.

Specialist financial advice for doctors

When you work with us, you benefit from our experience of working with thousands of doctors and specialists. We can give you the best advice on finances and accounting for doctors as we deeply understand your profession and your career lifecycle.

We have drawn on this experience to develop a tried and tested roadmap that helps medical professionals achieve their financial goals throughout their career. We know what opportunities and challenges you may face at this stage of your career and our team can give you reliable advice you can trust based on our experience and the testimonials of your colleagues.

Our professional advisers will work with your personal circumstances in mind to construct optimal strategies for you. We tailor our advice around your needs at each particular stage of your life and career, including advising on salary packaging, tax, budgeting and wealth advice such buying your first or second home or investing in portfolios.

We are proud to have helped thousands of medical specialists in Queensland with their finances.

We know how busy you are

Walshs exists to make your life easier by providing the right advice and expert services.

We know how time-consuming it is to organise your tax returns, manage your financial affairs, organise home loans, or research where to allocate your capital. We make your life easier by seamlessly taking care of your finances across all of our divisions.

Our stress-free approach to financial management extends to your meetings with us. Our advisers regularly travel to regional centres throughout Queensland to make it easy to do business with us. We can accommodate your demanding schedule by coming to you or meeting virtually. Plus we regularly meet outside normal business hours to work around your practice hours or shift work.

If you have any questions about how we can get the financial side of your life organised, book a complimentary meeting at a time that suits you.

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