Comprehensive financial solutions for medical practices. Expert tax accounting, practice setup, SMSF, wealth management for doctors, dentists & surgeons.
Running a medical practice involves unique financial challenges that general accountants simply don't understand. From complex income structures to specific deductions, here's why specialist accounting matters.
Medical practices generate income from various sources - consultations, procedures, hospital work, and Medicare. We optimize tax for each stream.
Medical professionals have access to specific deductions that general taxpayers cannot claim. We ensure you claim everything you're entitled to.
High-income medical professionals benefit enormously from SMSF strategies. We maximize superannuation contributions and investment returns.
Doctors make ideal property investors. We structure purchases for maximum tax benefits and long-term wealth building.
Whether starting a practice or buying into one, entity structure makes a massive difference to your tax outcomes and asset protection.
Your hard-earned assets need protection. We implement structures that safeguard your wealth from professional and financial risks.
Comprehensive financial solutions tailored specifically for medical practices, doctors, dentists, surgeons, and healthcare 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 services for dental practices.
See how we've helped medical practices across Australia optimize their finances and save significant amounts in tax.
Situation: Dr. James operated across three hospital locations plus two private rooms. His general accountant was treating him as a simple salary earner.
Solution: We restructured his income through a company and trust structure, optimized profit distribution between entities, implemented salary sacrifice strategies, and established SMSFs for both partners.
Result: Saved over $52,000 in annual tax while increasing superannuation contributions by $18,000 and improving asset protection.
Situation: Dr. Michael purchased an existing dental practice with three chairs. The previous structure wasn't tax-efficient and lacked asset protection.
Solution: We restructured through a holding company, maximized equipment deductions under instant asset write-off, established SMSFs for both partners, and implemented a profit distribution strategy.
Result: Combined tax savings of $78,000 in the first two years plus $220,000 in SMSF balance growth through strategic contributions.
Situation: Four GPs formed a partnership to purchase a medical centre. They were unsure about the optimal structure and missing deductions.
Solution: We implemented a company and trust structure, optimized profit distribution, set up salary packaging arrangements, and identified missed deductions from prior years.
Result: $45,000 annual tax reduction plus $12,000 in retrospective deductions claimed. Improved asset protection for all partners.
Situation: Dr. Lisa owned seven investment properties in her personal name. The tax efficiency was poor and cash flow was strained.
Solution: We restructured property ownership through a family trust and SMSF, maximized depreciation claims on all properties, and implemented a negative gearing strategy.
Result: $95,000 in additional tax benefits over three years plus significantly improved cash flow and diversified asset ownership.
Selecting the right accountant for your medical practice is one of the most important financial decisions you'll make. Here's what to look for.
Look for accountants who exclusively or primarily serve medical professionals. General accountants may miss specific deductions and tax strategies available to doctors, dentists, and healthcare practitioners. Specialist medical accountants understand the unique financial landscape of healthcare.
Ask for case studies and testimonials from other medical practices. Real results demonstrate capability. Look for specific savings figures and outcomes achieved for similar practices.
Choose an accountant 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.
You need timely responses, not days of waiting. Look for guaranteed response times and dedicated account managers who understand your practice. Medical practices have tight deadlines.
Industry awards and professional memberships demonstrate excellence and commitment to the medical accounting niche. Look for CPA or CA qualifications with healthcare specialization.
The best medical practice accountants 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
Medical professionals 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
Medical college memberships, journal subscriptions, professional associations
Medical malpractice insurance premiums, professional liability coverage
Conferences, courses, training materials, medical education
Stethoscopes, diagnostic equipment, surgical tools, clinical equipment
Portion of home office costs, internet, phone, utilities for telehealth
Laptops, tablets, software for medical records, IT equipment
Scrubs, lab coats with embroidered name/logo, protective clothing
Travel between hospitals, clinics, private rooms, multiple practice locations
Flights, accommodation, transport for medical conferences
Logbook method or actual costs for work-related travel
Temporary accommodation when working away from home base
Courses directly related to your medical specialty
Medical textbooks, professional publications, reference materials
Medical databases, UpToDate, clinical guidelines, research access
Research equipment, publication costs, conference presentations
Establishing a medical 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. Common options include sole trader, partnership, company, and trust - or a combination. Most medical 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.
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 Medicare, private health funds, and professional bodies relevant to your specialty.
As a high-income earner, establishing an SMSF early can significantly impact your long-term wealth. Medical professionals 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.
Medical practice owners face professional liability risks. Proper asset protection structures (trusts, family trusts, SMSFs) can safeguard your personal assets from business liabilities. This should be set up from day one - it's much harder to protect assets after a problem arises.
Medical practices require significant equipment investment. 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.
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.
Arranging salary sacrifice through your company or trust can maximize superannuation contributions while reducing tax. This is particularly effective for specialists and practice owners with high taxable incomes.
SMSFs can invest in property (with restrictions). This can include commercial premises for your practice or investment properties. The rent goes back to your super, building wealth tax-effectively.
SMSFs allow direct control over investments including shares, bonds, property, and cash. This flexibility enables tax-effective strategies not available through retail super funds.
Property investment is a powerful wealth-building strategy for doctors. Here's how to maximize your returns.
As a high-income earner, negative gearing can be highly effective. The losses from your investment property (interest, maintenance, depreciation) offset your taxable income, reducing your overall tax bill. This is particularly valuable during the early years of property ownership.
New properties and even established properties have significant depreciation deductions available. A quantity surveyor's report can identify thousands of dollars in deductions each year - and these are non-cash deductions that reduce tax without affecting cash flow.
Holding property in your personal name is often not the most tax-efficient approach. Consider owning properties through a family trust, SMSF, or company structure. Each has different tax implications and asset protection benefits. Your accountant can recommend the optimal structure.
Many doctors choose to purchase their practice premises. This can provide both business stability and investment returns. The rent paid by your practice goes to your SMSF or investment entity, building wealth while simplifying your business arrangements.
Join 4,800+ doctors and medical practices across Australia who trust Doctor's Tax for their financial success.
No obligation • Initial consultation available • Serving medical practices Australia-wide