• Mitchell Walmsley

What Can A Medical And Dental Accountant Help You With?

You may wonder what a specialist medical and dental accountant can assist you with? How are they different from a traditional accountant?

Let’s explore this in more detail.

Tax Planning And Advice For Medical And Dental Professionals

Obviously, the main reason you engage an accountant, is to complete your tax return in an efficient and professional manner. You may think this is no reason to specifically look for a specialist medical and dental accountant.

However, the problem is that a traditional accountant may not be dealing with doctors and dentists like yourself every day, which means they have less experience in this area and may miss certain tax planning opportunities, or incorrectly apply certain legislation.

Given our expertise in this area we often see major problems when new clients come and see us.

Not only do we provide specialist tax planning and advice for medical professionals, we also provide the following services:

  1. Medical and Dental Business advice

  2. Accounting System implementation, to streamline your bookkeeping and payroll

  3. Advice on other relevant taxes, e.g. Payroll tax, stamp duty, GST

  4. Small Business Capital Gains Tax advice and concessions

  5. Financial and finance structuring tax advice

Asset Protection For Medical And Dental Professionals

No matter the stage of your career or practice, it is important to consider not only the taxation consequences but also the asset protection features of the structure, ownership and financing of your assets. This can include the practice itself, or other investments such as shares and property (including the practice rooms). We are able to provide proactive advice to ensure you are maximising your tax and asset protection benefits.

Independent Contractor Agreements For Medical And Dental Professionals

It is normal practice when engaging other professionals to provide professional services that they be engaged as an independent contractor. Normally this agreement will specify the calculation of payment (i.e. a % of fees invoiced), as well as tax obligations (GST, PAYG and other taxes). It is critical that these agreements are properly drafted, which we as medical and dental accountants can assist you with.

Use Of Service Trusts For Medical And Dental Professionals

The ATO has very strict guidelines on the use of service trusts that medical and dental professionals use to supply staff, equipment, premises and administration services to their practice. In particular, the ATO’s concerns are around the commerciality of the fee paid to the service entity. We can structure the service fee to meet the specific guidelines for medical and dental professionals.

In summary, you can see that there are tremendous benefits in engaging a medical and dental accountant. We are Perth’s specialists.

Feel free to contact Mitchell, our director, via Mitchell@affluenceca.com.au to book your obligation-free consultation.

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