Are you a medical practitioner?
Do you need a tax accountant?
You know that accounting and taxation issues are important to get the best out of your professional medical services, but often these can end up receiving a lesser priority in the reality of your busy day and running of businesses.
We are very conscious of the fact that most doctors are not particularly fond of accounting, tax preparation, and all the associated admin of bookkeeping. 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 and businesses.
Of course, we do a lot more than that, but compliance is where it starts. The next step is to plan, 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.
Accountants, that specialize in Medical Practitioners, are they necessary?
The team at Berwick Tax Accountants has an absolute focus on our clients of medical professionals and their families; as such we are always up to date with the latest tax rulings that may affect your position. We are also there to give you the best accounting advice based on over a decade of experience assisting our clients of individual medical professionals and medical practices to maximise incomes and pay the appropriate amount of tax. Whether you need advice on a simple work-related expense, claim or you are considering buying a significant piece of medical equipment, we have the expertise to help you develop.
Our Accounting and Taxation division provide services including:
- Tax Returns
- BAS / GST
- Tax minimisation strategies
- Tax planning
- Accounting strategies and wealth creation
- Practice structures
- Service Trusts
Medical professionals are naturally susceptible to high tax requirements, and by employing a specialist accountant who knows the specific deductions that you can claim, you can drastically reduce the amount that you owe come tax time.
Our services include all aspects of tax accounting and planning, pre-30 June reviews, tax cost minimisation strategies, capital gains tax record keeping, BAS and IAS requirements, and cloud bookkeeping services. We will make sure you comply with all statutory requirements at both state and federal levels – it is our job, not yours, to keep up with all the legislation.
Let Berwick Tax Accountants, we take care of your XERO and MYOB bookkeeping needs while you focus on growing your business! We offer bookkeeping services for small businesses in all the major suburbs in Melbourne. We will take care of your books while you focus on making more sales for your small business. Check out our accounting solutions and see which suits your needs.
We ensure that you are structured in the most tax-effective manner so that you can be confident that you are paying the least amount of tax possible. Legally minimising the amount of tax payable is strongly dependent on having the appropriate structure in place so that you can apply the funds towards growing a sustainable business.
Tax Advice for Medical Practitioners
Investing in an accountant is no longer a luxury, rather it’s a critical and necessary investment. Having open communication with your accountant needs to start from the moment you meet them. Accountants are very essential when it comes to the success of your business. As such, it’s quite crucial for you to build a relationship with them and ask lots of questions to assist in the growth of your medical practice.
Errors frequently made by non-specialist accountants include:
- Netting off income and expenses that can result in incorrect GST claims. Medical practitioners face unique GST complications that others do not. It is important to employ the right people who understand how this affects your practice.
- Incorrect tax treatment of superannuation contributions paid or due to be paid, resulting in the wrong tax relief being applied.
- Allocating profits incorrectly, particularly regarding personal services income. This can affect the balances due to or from partners.
- Miscalculating superannuation contributions where there is a mix of self-employment and employment.
- Including income to which PAYG withholding has been applied in the accounts, resulting in the income being taxed twice.
- A lot of practices struggle with efficiently billing and managing cash flow. These two go hand in hand and with the right systems in place, this is made easy by accountants who know what they are doing.
- By comparing your practice performance to industry leaders both locally and nationally, a specialist accountant is able to understand better the areas that are in need of improvement.
- Specialist medical accountants should be up to date with the latest changes to medicare, with specific focus on how this will impact your finances. It is far less likely that regular accountants are going to be following these trends.
Having specialised staff at your service means that there is always a team of experts who is up to date with all of your accounts, and the industry that you work in that you can depend on.
industry specialist professionals at their fingertips such as financial planners, credit & insurance advisors and solicitors to name a few. Having this backing behind your practice means that you never have to look far for specialised service so pick up the phone and call us today.
More often than not, accountants who specialise in medical accountants will have business advisory strategies that are specific to the medical industry. By implementing something such as a step by step 5 year plan for your practice as soon as possible, you can optimise your practice in all areas. These include such as patient care, financial management, staff management and more. Regular accountants will rarely offer this holistic approach to servicing medical practitioners.
Are you already operating or considering starting a business as a sole trader? Berwick Tax Accountants can help as we are a 'one-stop-shop' for accounting services and tax advice for sole traders and small businesses.
Providing accounting, tax and business advisory to professional services industries comes naturally to Berwick Tax Accountants. We have a large clientele of professional services clients who seek advice and knowledge specific to their industry.
A good medical accountant should:
- Simplify and automate your practice tax, payroll and accounting functions by implementing a accounting solution that does everything for you.
- Establish companies, trusts and self-managed super funds to protect your personal and business assets from potential lawsuits.
- Implement permanent tax reduction strategies and structures to increase your personal and business cash flow.
- Tax-effectively structure practice, home and investment loans and save thousands in interest repayments each year.
- Make smarter personal investment decisions and tax-effectively grow your wealth with careful tax planning.
- Purchase your business premise through your self-managed super fund.
- Customise estate planning strategies and structures that will allow your wealth to be transferred to family members and beneficiaries tax-effectively, whilst providing asset protection.
Building and maintaining a successful business in today’s rapidly changing environment is a balancing act. Sustaining year on year growth, while keeping up to date with commercial and legislative compliance and managing the challenges of daily business operations, places huge demands on business owners and directors.
Our specialist advisors work with you in a role to help you plan and implement contemporary business practices that will allow you to keep a close eye on the detail while not losing sight of the big picture.
Our Self Managed Super administration service can help you achieve the benefits of an SMSF by taking care of the administration and compliance of your SMSF, creating free time for you to focus on the critical job of managing the investments of your fund.
With a self-managed super fund, you are in charge of your super and where it is invested, plus you manage those investments yourself.
At Berwick Tax Accountants we provides comprehensive financial advice to our clients with an enthusiastic and proactive approach. Our strong team of experienced professionals will work with you towards identifying valuable solutions on how best to achieve your goals. Berwick Tax Accountants is a Melbourne based Chartered Accounting firm offering timely and cost-effective services to both individuals and businesses. We consist of a team of accountants and business consultants dedicated to providing the highest quality accounting, taxation, bookkeeping, and business advisory services.
Our expert accounting and taxation teams have all the advice you need.
Our accounting firms team at Berwick Tax Accountants not only identify opportunities that can help streamline your medical practices and businesses but also assist in identifying areas where you can cut costs and save money.
Investing in a professional and licensed accountant for your medical practice is often a critical decision in moving your business forward.
Since its inception, Berwick Tax Accountants has been at the forefront of tax and accounting, providing a broad range of services to local businesses in Melbourne. We offer Individual Tax Returns, Business Taxation and Accounting, Financial Planning, Self Managed Superannuation Funds, and Bookkeeping services.
We have extensive experience in servicing the manufacturing industry, including the provision of accounting, information technology, and audit services, and regular periodic management reporting. Supplemented with more detailed financial analysis, this lies at the heart of astute commercial decision making.
Our chartered accountants at Berwick Tax Accountants provide ethical, innovative and proactive medical accounting services for medical professionals.
Our experience enables us to deliver expert tax advice, efficiently prepare and lodge your tax returns and focus on achieving the maximum potential tax refunds. In particular, we provide specialist tax and accounting advice on optimum medical practice structure, both for new practice owners and established medical practice clients, to enable them to accumulate wealth in the most protected and tax effective environment.
We understand what farmers require to effectively manage the finances of their farming operations. We have been a leading provider of business and financial advice, taxation, and accounting services to Primary Producers and the rural sector for more than 30 years. Enquire today to find out how we can help you with your farm.
Our experience and relationship with franchise groups give us real-time insight into franchise systems and their performance. We provide franchises with business, taxation and accounting services. We can also act as consultants to the head franchisors in setting up cloud accounting & business and structures.
At Berwick Tax Accountants, our specialist property tax accountants in Melbourne are renowned for their property tax accounting services for property investors. Our property tax accounting and tax advice extend to the various estate planning factors including ownership and control of assets.