“ We care for your financial health ”


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02 9460 9277

  Level 10, South Tower
1-5 Railway St
CHATSWOOD NSW 2067

  PO Box 5344
CHATSWOOD NSW 2057
  (02) 9460 9277
  (02) 9460 9377
  rebecca@medicalaccounting.com.au

  Mon- Fri   9am - 5pm
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Accounting Services

“Our aim is to assist our clients to achieve peace of mind and greater success by providing them with high quality, personalised taxation, business and financial services.”
We are very conscious of the fact that most doctors are not particularly fond of accounting, tax preparation, and all the associated admin. These are unfortunate consequences of ‘being in business’ as a professional. We take care of your compliance obligations, so you can concentrate on running your medical practice.

Of course, we do a lot more than that, but compliance is where it starts. Next step is to plan for the future, to see where you can improve your situation or review your structure to ensure it provides you with maximum benefits. Sometimes small but crucial changes can produce much improved returns.
  • Accounting
    We provide all services you would expect from a public accounting firm, but tailored specifically to the medical profession.

    1. Preparation of Annual Financial Statements and Income Tax Returns for doctors, Medical Practices and their entities.
    2. Preparation of monthly/quarterly BAS
    3. Bookkeeping
    4. Corporate Secretarial – all the ASIC related administration

    Depending on your situation, we can work with you as closely and as regularly as required. Some doctors are quite hands on financially, whilst many others prefer to leave all administration chores to us.

    A little more than half of our clients prefer to leave the BAS preparation and lodgement to us. Not because it is too hard – it mostly isn’t – but because for many doctors their time is better utilised seeing patients or enjoying time off….

    An increasing number of doctors and practices also leave their bookkeeping to us. With cloud based systems such as Xero we can handle your bookkeeping no matter where your practice is located, and you have always access to the figures (if you want to).

    Whatever your choice (and it is always YOUR choice), we are ready to assist and ensure your compliance matters are handled smoothly.
  • Tax Planning
    Tax planning is much more than simply finding tax deductions. Agreed, you should claim all deductions that are legitimately claimable, but that is neither where it begins nor where it ends.

    Our approach is to discuss with you where you are, where you are going to and how. We try to understand your attitude towards business, employment, risk and many more such matters. Obviously, a first year RMO will have much less complex issues to deal with than the owner of one or more medical centres. Yet without having regard to the future, and being aware what the future business and tax issues might be, you can’t have a plan and any tax ‘planning’ remains ad hoc and incomplete.

    That doesn’t mean you need to get lost in unnecessary complexity: in fact we cut through the hype (and there is a lot of that!) and will show you how to keep things simple, yet flexible and effective.

    Our approach to tax planning is that we will do whatever we legally can to reduce your tax burden, but that due regard needs to be given to the trade-offs: is a lot of complexity for a small tax gain worth the effort, costs and possibly risks? We will tell you what to expect, so you can make an informed decision that suits your circumstances. Most doctors are a lot better off seeing patients than fighting the ATO in court…..

    And just for the record: we do not engage in nor support illegal tax minimisation schemes or fraudulent activities.
  • Business Advice
    For most doctors the time will come that, like it or not, they will have to be ‘in business’. We have many years experience in assisting doctors with a (relatively) smooth transition from being employed to becoming a ‘sole trader’, or setting up their own practice. Business advice to doctors is our core business. You may be a recently graduated specialist who is invited to join an existing practice: we’ll help you to navigate through the sometimes opaque web of unit and other trusts involved, help with dealing with finance companies for the buy in, advise on your best structure in conjunction with your new ‘partners’.

    Or you may wish to set up your own practice: we have assisted many doctors doing just that, and this experience is at your service.

    No matter the complexity or simplicity a doctor faces when first going in business, we can help you with the correct structure (and keep it as simple as possible) and practical advice.
  • Reconstruction & Growth
    These are two aspects of virtually any business, and therefore also of medical businesses.

    Growth. Hopefully your practice will grow. In many cases that means that you will face some challenges: more staff, larger rooms, buying your own rooms, setting up an additional practice, attract other doctors and so on. How do you structure or restructure your leases for maximum tax efficiency? What are other doctors paid? How reasonable is the lease you have been offered for your new rooms? Should you buy or lease? Which entity should own or lease the medical equipment? What should I pay a practice manager………these are just some of the many questions we can help you with.

    Reconstruction. Your growth may necessitate a change of your structure, or you may have decided to join forces with another practice that is set up differently. How do you deal with that? You may have had a fall-out with one or more partners: what is the best way to rebuild your practice? Property may be held in unit trusts – or in other entities. Can you change that to better suit your circumstances? What are the consequences of the various options?

    Over the course of its life any business will experience changes. We understand them and have experience with most of them, so we can help you effectively.
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