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Medical Practitioners

The problems or concerns:

A lot of medical practitioners are having contracts with medical practices either as sole traders or through a business structure, such as a company. Doctors, like yourself, are usually very busy with treating and helping patients. After a long day, you just want to sit back and relax and then get ready for another busy day. Although tax filing seems to be a yearly exercise, it usually creates frustration for you during the tax season as you have to go back and try to find the necessary information. Some common questions are as follows:

  • What’s the best way to do bookkeeping rather than keeping all paper documents?
  • Should I outsource my bookkeeping so I can enjoy and relax after work?
  • How should I manage my taxes so I don’t have a big lump sum amount payable at once?
  • Is single touch payroll applicable in my case?
  • Is super stream rule applicable in my case?
  • What is personal service income?
  • Should I be buying my car under a business structure?
  • Should I set up a family trust for asset protection purpose and to save some taxes?

Although it seems logical to resolve above queries promptly to better manage the accounting and tax; you usually get too busy and this get forgotten so same issues happen year after year.

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How we help our clients:

We understand how the industry works; we would first understand your current circumstances and your objectives. We then go through below key steps with you:

  • Options to manage your day-to-day accounting and record-keeping
  • Tax budgeting and planning to better manage your cash flow
  • Ensure all required accounting or tax tasks are complied with the ATO requirements
  • Potential benefits of setting up a family trust structure and whether it’s appropriate in your case
  • Is your income PSI?
  • Have you passed PSI tests and become PSB?
  • Are anti-avoidance rules applicable in your case when income splitting occurs?

If the family trust can be of beneficial option for you. We will then address the initial set up and ongoing requirements of the structure with you so you are fully informed to make the decision.

Furthermore, if the purchase of a vehicle under the structure is one of your objectives; we will obtain further information from you as the option may suite someone but may not be suitable for you. The reason being that fringe benefit tax issues should be taken into account as well. We assist our clients to do some projections, analysis and compare different options so you know whether this option is better for you or not.

Finally, we have full suite 360 service which covers all required tasks for the whole year; you can sit back, relax and enjoy your life as we look after every aspect of taxation sides for you.

Disclaimer: the information contained above is for guidance only. It should not be relied upon without obtaining professional advice regarding your circumstances. No responsibility for loss occasioned directly or indirectly to any person acting or refraining from acting wholly or partially open or as a result of the above material can be accepted by the author of any company referred to herein.
How much could you potentially generate by focusing on your business?