At Walshs, we take great pride in seeing our clients progress through their medical career lifecycle to ultimately move into private practice. Our in-depth understanding of the medical industry means we understand how enormous, and potentially overwhelming, this decision is for you.
As one of South East Queensland's most trusted accounting 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 medical accounting team are here to share their knowledge and their networks with you to help make your transition to private practice easier.
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
Business bank accounts and credit cards
PAYG Instalments and the 'tax honeymoon'
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.
Starting your own practice - and how our specialist medical accounting team can help
Establishing your own practice can be an exciting and daunting opportunity. Our network of experts in legal, technology and practice management have assisted many clients in starting both general and specialist practices.
It's critical to establish the right business structure from the start. Each structure has its own benefits and limitations, so it is vital to choose one that meets your needs and adheres to ATO guidelines while producing tax benefits. Choosing the wrong structure can make a massive difference to your wealth and financial security. Walshs have built a great network of professionals to assist you in all areas of establishment and successful medical practice management.
The network of complimentary professionals we have built allows us to assist in all areas of practice establishment and successful ongoing operation.
To find out more about how we can support you in managing your medical practice click here.
If you have any questions about how we can help you start your private practice, book a complimentary meeting at a time that suits you.
Buying into a practice - and how our medical accounting team can help
Buying into an established practice can be a great opportunity, as the structure and systems are already in place. However, it's essential you undertake thorough research to ensure you pay the correct price and completely understand the business you are joining. Walshs can provide due diligence services to ensure your interests are protected, and you enter agreements with comfort and certainty.
Some areas where we can assist:
Due diligence on acquisition
Practice acquisition strategies
Cost review and reduction strategies
Debt structuring advice
Asset protection strategies
Coordination of review of legal contracts and agreements
Walshs Practice was established in 1991 and has grown to become one of South East Queensland's leading accounting and financial planning firms. Walshs encompasses tax and accounting services, business structuring, wealth advice, business services, superannuation and retirement planning, finance, insurance, lending and estate planning all under one roof.
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.