Australia's leading business and tax advisory services for general practitioners, surgeons, dentists and medical professionals. Expert guidance for your financial success!
General practitioners face unique financial challenges that general business advisors simply don't understand. From complex billing systems to specific tax deductions, here's why specialist advisory matters for GPs.
GPs have access to specific deductions that other professionals cannot claim. From medical equipment to continuing professional development, we ensure you claim everything you're entitled to.
Modern GP practices generate income from various sources - consultations, procedures, aged care, after-hours work, and skin cancer treatments. We optimize tax for each stream.
High-income GPs benefit enormously from SMSF strategies. We maximize superannuation contributions and investment returns for your retirement.
Whether you're a practice owner, part-owner, or considering buying into a practice, the right structure makes a massive difference to your tax and wealth.
Build long-term wealth with investment strategies tailored to medical professionals. We help you balance current income with retirement goals.
Your hard-earned assets need protection. We implement structures that safeguard your wealth from professional and financial risks.
Comprehensive financial solutions tailored specifically for general practitioners, GP practices, and medical professionals across Australia
Strategic tax planning to minimize your tax legally throughout the year.
Self-Managed Super Fund solutions for medical professionals.
Build and protect your wealth with expert financial planning.
Strategic property investment advice for medical professionals.
Expert guidance on establishing your medical practice.
Specialized accounting for GP contractors and locums.
See how we've helped general practitioners across Australia optimize their finances and save significant amounts in tax.
Situation: Dr. Michael was operating as a sole practitioner with his spouse helping in the practice. His tax position was suboptimal and lacked asset protection.
Solution: We restructured through a family trust and company, maximized spouse contribution strategies, established SMSFs for both, and implemented a profit distribution strategy.
Result: Saved over $52,000 in annual tax while building SMSF balances and improving asset protection.
Situation: Dr. Sarah owned a medical centre with 6 GPs. Each doctor was billing separately and the overall structure was inefficient.
Solution: We consolidated the practice structure, implemented centralized accounting, optimized equipment deductions, and established group SMSF strategies.
Result: Combined tax savings of $68,000 in the first year plus $320,000 in SMSF balance growth through strategic contributions.
Situation: Dr. James had been working as a contractor GP for five years and wanted to purchase his first practice. He needed help structuring the purchase tax-effectively.
Solution: We established a company and trust structure, helped arrange practice finance, set up SMSF for retirement planning, and implemented a buyer's strategy.
Result: $38,000 annual tax reduction plus established a $165,000 SMSF balance in the first 18 months.
Situation: Dr. Lisa owned three investment properties in her personal name and wanted to purchase her practice premises. The cash flow was strained.
Solution: We restructured property ownership through a family trust and SMSF, purchased the practice premises through SMSF, and maximized depreciation claims on all properties.
Result: $82,000 in additional tax benefits over three years, improved cash flow, and practice premises owned by SMSF.
Selecting the right business and tax advisor for your GP practice is one of the most important financial decisions you'll make. Here's what to look for.
Look for advisors who specifically serve medical professionals. General business advisors may miss specific deductions available to GPs, such as medical equipment, continuing education, and contractor arrangements. Specialist GP advisors understand the unique financial landscape of general practice.
Ask for case studies and testimonials from other GP practices. Real results demonstrate capability. Look for specific savings figures and outcomes achieved for similar medical practices.
Choose an advisor who offers tax, SMSF, wealth management, property advice, and practice setup under one roof. This ensures coordinated advice and avoids the fragmentation of your financial planning.
Your advisor should understand Medicare billing, practitioner numbers, and how different billing structures affect your tax position. This includes knowledge of AHPRA, RACGP requirements, and practice accreditation.
You need timely responses, not days of waiting. Look for guaranteed response times and dedicated account managers who understand GP practice cycles.
The best GP advisors save you far more than they charge. Look for value, not just the lowest fee. Consider the return on investment rather than the upfront cost.
Building financial foundations
Establishing financial security
Building wealth actively
Maximizing and protecting wealth
General practitioners have access to specific tax deductions that general taxpayers cannot claim. Here's what your practice may be entitled to.
AHPRA registration, specialist recognition fees, medical board fees
RACGP memberships, journal subscriptions, professional associations
Medical malpractice insurance premiums, professional liability coverage
Conferences, courses, training materials, medical education
Stethoscopes, otoscopes, ECG machines, diagnostic tools
Diagnostic equipment, surgical instruments, treatment tables
Portion of home office costs, internet, phone for administration
Medical software, computers, tablets, billing systems
Medical uniforms, lab coats, protective clothing with logo
Car expenses for home visits, nursing home visits, after-hours
Travel between medical practices, hospitals, nursing homes
Flights, accommodation, transport for medical conferences
Logbook method or actual costs for work-related travel
Parking at hospitals, medical centres, patient homes
Courses directly related to your medical specialty
Medical textbooks, professional publications, reference materials
Medical databases, clinical guidelines, research access
Fellowship fees, specialist training, RACGP membership
Establishing a general practice is a significant undertaking. Here's a comprehensive guide to the financial and structural considerations.
The structure you choose affects your tax, asset protection, and operational flexibility. Most GP practices benefit from a company and trust structure which provides tax optimization and asset protection. A specialist medical accountant can recommend the best structure for your specific situation, considering factors like number of practitioners, ownership arrangements, and long-term goals. Common structures include sole trader, partnership, company, trust, or a combination thereof.
You'll need to register your business name, obtain an ABN, register for GST (if turnover exceeds $75,000), and set up the appropriate tax registrations. Your accountant can handle all of this for you. Additionally, you'll need to register with relevant medical boards, Medicare, and professional associations like the RACGP.
As a high-income earner, establishing an SMSF early can significantly impact your long-term wealth. GPs can make concessional contributions up to $27,500 annually, plus catch-up contributions if you have unused caps. Consider setting up your SMSF before or shortly after starting your practice to maximize tax-deductible contributions and investment returns.
GP practices require significant equipment investment including examination tables, diagnostic equipment, and IT systems. Consider instant asset write-off opportunities, equipment financing options, and lease versus buy decisions. Your accountant can help structure these purchases for maximum tax efficiency. Don't forget about practice fit-out costs, which can also be claimed over time.
If you plan to have associate GPs working in your practice, proper structuring is essential. Consider percentage versus fixed sessional arrangements, equipment leasing, and optimal contractor structures. A specialist accountant can help negotiate favourable arrangements that benefit both practice owners and contractors while ensuring tax compliance.
Setting up correctly with Medicare is crucial for GP practices. This includes obtaining your provider number, understanding billing arrangements (bulk billing vs private), setting up practice management software, and establishing systems for claiming. Your advisor should understand Medicare Online, Telehealth, and DVA claiming requirements.
Self-Managed Super Funds are particularly powerful for high-income medical professionals. Here's how to maximize their benefit.
You can contribute up to $27,500 annually as tax-deductible contributions. These reduce your taxable income while building retirement wealth. As a high-income earner, you may also be able to claim additional contributions above the cap through division 293 tax considerations.
Arranging salary sacrifice through your company or trust can maximize superannuation contributions while reducing tax. This is particularly effective for practice owners and high-income specialists who want to optimize their retirement savings.
SMSFs can invest in property (with restrictions). This can include commercial premises for your GP practice or investment properties. The rent goes back to your super, building wealth tax-effectively within your SMSF structure.
SMSFs allow direct control over investments including shares, bonds, property, and cash. This flexibility enables tax-effective strategies not available through retail super funds, including direct property ownership.
Once you retire and commence a pension from your SMSF, all investment earnings become tax-free. This makes SMSF particularly powerful for doctors planning retirement, especially when combined with strategies to maximize the pension phase.
If you haven't used your full concessional contribution cap in previous years, you can carry forward the unused amount for up to five years. This is particularly valuable for GPs who may have had lower-income years during training.
Join general practitioners across Australia who trust Doctor's Tax for their financial success.
No obligation • Initial consultation available • Serving GPs Australia-wide