Medical Practice Set-Up Checklist
Over the years we have worked with many medical professionals across many specialisations. This great level of experience means we understand the medical profession.
In this medical practice checklist, we discuss key areas you need to consider.
The structure you choose to operate from can make a massive difference to your wealth and financial security. Each structure has its own benefits and limitations, but it is important to choose a structure that meets your individual circumstances, is in accordance with ATO guidelines, while at the same time yielding any additional tax benefits.
- Is your structure compliant with ATO guidelines?
- Does your structure ensure you meet payroll tax, superannuation, WorkCover and employee leave entitlement obligations?
- Does your structure provide opportunities for tax planning?
- Does your structure provide adequate asset protection?
- Do you have the appropriate documentation in place for your structure?
- Do you have agreements in place with your business partners?
As a medical professional it is likely you will be in the higher income brackets, and therefore be expected to pay a fair share of what you earn in tax. However, there are certain tax planning strategies that can be implemented to effectively manage tax liabilities, while still ensuring you are compliant with ATO guidelines.
- Are you taking advantage of the unique tax planning opportunities available to medical professionals?
- Do you meet with your accountant at least once a year to discuss tax planning strategies?
- Is your debt structured correctly to ensure you maximise the tax deductibility of interest? Do you know the difference between good and bad debt?
- Do you have a structured plan for your superannuation and contributions?
TECHNOLOGY & SOFTWARE
With cloud technology and software available for almost every role and purpose, the facilities available to medical professionals to streamline processes and reduce costs are huge. The hardest part is working out what is most suitable for your practice.
- Do you use cloud-based accounting software?
- Are you aware of the various add-ons available for you accounting software to automate & streamline processes?
- Are you utilising your software to the fullest and have you been provided with adequate training?
- Are your automating steps with technology to improve efficiency and reduce costs?
- Is your accountant familiar with the software available to medical professionals?
THE POWER OF COLLABORATION
The life of a medical professional can be a very stressful one with competing demands on you time being at the top of the list. Efficiencies gained from having everything ‘under the one-roof’ should never be overlooked.
- Is your medical practice and associated entities accounting and taxation all done by the one team to streamline the process and reduce costs?
- Are you able to speak with your Advisor about lending, investments and insurance?
- How much time do you spend working on your business to understand how to identify efficiencies in operation, implement process improvement ideas and best practice solutions?
Having solid knowledge of the medical profession ensures an understanding of the professional life-cycle of medical professionals. The medical profession is unique and therefore to get the best advice you need to make sure you have the right people ‘on your team’. Professional understanding, technical knowledge and proven results are critical attributes you should look when selecting your team.
- Has your advisor looked after medical professionals before?
- Does your advisor have a great network of firms around them to support you in the successful operation of your practice and personal wealth growth?
- Are you fully aware of all the financial opportunities available to you as a medical professional?
Want to talk about your Medical Practice to see if you are operating at your full potential, then contact us for a coffee and a chat.