Your transition to private practice - and how our specialist medical accounting team can help
The transition to private practice may begin with just one or two days of work. However, it's vital you take the time to understand what this change will mean to your circumstances, the structure you will operate under, how you will receive income, and the opportunities to take.
Without appropriate advice or medical practice management, you could find yourself operating from the wrong business structure, paying unnecessary costs, or potentially in breach of ATO rules.
We aim to make the shift to private practice cost-effective and as 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
When your needs are outside our in-house capabilities, we can introduce you to experts that we know and trust who specialise in their fields including legal, IT and virtual practice management.
Find out more about how we can help.
If you have any questions about how we can help you transition to private practice, book a complimentary meeting at a time that suits you.
