As a leading medical financial planning firm, of course we advocate for appropriate billing structures, but of course we know and respect the unwritten rule of not charging colleagues. However, this unwritten rule is quite traditional and we are seeing it being challenged in a modern practice. It’s not for everyone, especially in the face
If you’re considering a move into private practice, the process can certainly be a daunting prospect. There are many decisions to make, including the navigation of any financial pitfalls and long term planning to ensure financial success. Whether it’s starting with the right business structure, finding funding to establish your rooms, or protecting your growing
Self-Managed Superannuation Funds (SMSFs) have become a popular investment vehicle in Australia, offering individuals greater control over their retirement savings. One intriguing avenue for SMSF investment is purchasing medical rooms. Not only does this provide a stable income stream, but it also allows healthcare professionals to secure their own practice premises. In this blog, we
Ensuring business success requires careful planning, strategic thinking, and effective execution. Here are some key tips that can help you increase your chances of success: Top tips: Develop a clear business plan: A comprehensive business plan outlines your goals, target market, marketing strategy, financial projections, and other key aspects of your business. Understand your market:
As a newly self-employed doctor, there are a significant number of considerations that need to be worked through, for example; registering for GST, managing practice obligations, managing tax liabilities and finding new patients. Often, growing wealth at this time can be difficult or become a low priority. When moving into private practice, you become self-employed
The Ruling On the 22nd of December, the QLD Office of State Revenue (QRO) issued a Public Ruling (Payroll Tax Ruling PTAQ000.6.1), which specifically deals with the application of payroll tax to medical centres. A link to this ruling can be found here. The intent of the ruling was to provide further guidance on the
If you’re considering a move into private practice, the process can certainly be a daunting prospect. There are many decisions to make, including the navigation of any financial pitfalls and long term planning to ensure financial success. Whether it’s starting with the right business structure, finding funding to establish your rooms, or protecting your growing
Are you considering establishing your own private practice? There are a number of general and professional factors to cover to ensure you get it right. Julian Muldoon, Director and Founding Partner of 1Group Property Advisory provides us with some key considerations to think about when it comes to this big decision. There’s an incredibly important
If you are considering taking the plunge into the world of medical practice ownership, knowing where to start can be the biggest challenge. Whether you are looking to buy in, take over or start a medical practice from scratch, Walshs specialises in the medical accounting and financial planning space and can help you make sense
