Just like the business life cycle, at Sandercoe Accounting we understand that medical specialists also go through different stages of a life cycle during your career. A medical specialist in practice has a life cycle with the following phases:
- Becoming a Consultant Phase
- Starting a practice Phase
- Growing your practice Phase
- Practice Maturity Phase
- Retirement Phase
Becoming A Consultant Phase
Interns, Residents and Registrars. We understand that you need tax advice in these early stages. With the ATO ramping up audit activity surrounding work related expenses, it is important to get that right and maximise your deductions at the same time. We can offer advice on:
- Education and training expenses.
- Claiming overseas fellowship expenses.
- Working in multiple hospitals.
- Private Assisting and locum work.
Starting A Practice Phase
All your hard work has paid off and now you are a consultant. It is at this point, you enter the next phase of starting a business whether that is simply as a VMO consultant to a hospital only at this stage, sharing rooms with another consultant or thinking about going out on your own and starting a practice, we can guide you through this start up phase and offer advice and assist with:
- Applying for an ABN and other ATO registrations such as GST and PAYG Withholding.
- Discuss the different tax structures with you and help you choose which one will suit you the best for your circumstances. Not all medical specialists are the same. Structuring your practice needs careful consideration with an accountant with medical expertise. Getting this right is a critical step. We can then set up a company or trust structure if required.
- Set you up on XERO cloud accounting software so you are organised and in control of your books from the start giving you the confidence to run your own business.
- Employing staff and your employer obligations.
- Discuss all other business aspects and requirements to run a successful practice. This is where our personal experience and expertise can benefit you and your practice.
Practice Maturity Phase
The need for business and practice advice may not be as strong in this phase, however, the need for financial advice and wealth creation advice is. Running a successful practice requires you to continue to make wise financial decisions and now wise investment decisions to ensure you create as mush wealth as possible to provide for your family and a comfortable retirement lifestyle. During this phase our advice will cover:
- Maximising your superannuation contributions and setting up a Self Managed Superannuation Fund if required.
- Investing in property and other investments and negative gearing.
- Asset protection.
- Paying down and managing your debt.
- Minimising your tax through strategic tax planning.
The retirement phase, the last phase, is just as important to get right as all of the other phases are. The right advice in this retirement phase can save you a lot of (tax) money for you and your family. In the retirement phase, we can assist you and provide advice that covers:
- Selling or winding up your practice.
- Application of the CGT Small Business Concessions saving you tax.
- Practice succession planning.
- Estate planning.
- Retiring and moving from accumulation phase into retirement pension phase.
Whatever phase you are in with your practice, the team at Sandercoe Accounting have got you covered and are here to help.