When Radiologist Doctor D gave me her tax records to complete her return, she was concerned she was not doing her Business Activity Statements (BAS) correctly. We knew straight away there could be a big issue as we know that typically Radiologists receive Rights of Private Practice (RoPP) Income and pay infrastructure charges on very confusing statements issued by the hospitals. The GST Recovery amount can be also be claimed incorrectly.
After a full review of Doctor D’s BAS returns, her RoPP hospital statements and tax invoices we discovered that each BAS from the last 3 years did in fact need amending and was able to get GST refunded back to her in an amount of $56,000. With some training on completing Business Activity Statements and guidance from us on how to interpret the hospital statements, Doctor D now lodges her BAS returns correctly and now pays less tax overall.
The Lessons Learnt:
- If you feel your BAS may not be correct, question your accountant and get it reviewed it could save you thousands of dollars.
- Use an accountant that has medical profession specialist experience and in particular an accountant that has radiologist experience, this could also save you thousands of dollars.
Contact us now to review your BAS and tax position.