Category: Accounting & Taxation

Is there light at the end of the tunnel for medical practice owners in relation to payroll tax exposure?

March 18th, 2022

By William Ma, Director at MEDIQ Financial Running a profitable medical practice, or any business for that matter, is tough. Practice owners, who are usually the doctors in the practice too, are tasked with the responsibilities of attracting and retaining other doctors in their practice, recruitment and management of administration staff and nurses, as well […]

Your medical practice and the right business structure

January 22nd, 2019

Starting your own medical practice is an exciting but nerve-wracking time. You want to do things your way and therefore your business structure carries a lot of weight. Used properly, the benefits of a good business structure are substantial. Your structure will govern business operations, streamline operations to ensure effective and efficient practice, and it […]

The Top 5 Forgotten Tax Deductions for Doctors

May 15th, 2017

Tax time will soon be starting again, so it’s the perfect time to review individual tax-deduction strategies – especially deductions often overlooked by doctors. We surveyed our senior medical accountants and asked them “what are the top 5 forgotten deductions on individual tax returns?” – that is, deductions people can claim but often forget […]

The Pros And Cons Of Salary Packaging (From An Employer’s Perspective)

February 6th, 2017

We all know that salary packaging is popular with employees, as it allows them to reduce the amount of tax that they pay. It allows the employee to pay for expenses, such as a car, laptop, or additional superannuation expenses from their pre-tax earnings, which in turn reduces the total income that can then be […]

Tax Deductions Every Doctor Should be Claiming

December 20th, 2016

Medical professionals often incur a significant amount of work-related expenses, so it’s vital to ensure that you do keep records of all of these so that you can claim on them. To make sure that you do take advantage of all your allowable tax deductions, keep detailed records on an app or spreadsheet. Retain your […]

8 Common Financial Mistakes Doctors Make And How To Remedy Them

August 29th, 2016

Many doctors are so busy managing the patient side of their practice, they end up neglecting the financial elements of their business. Others are distrustful of financial advisors, while some are just complacent about their finances.

Do You Qualify as a Personal Services Income (PSI)? Or Are You a PSB?

March 30th, 2016

Personal Services Income (PSI) affects anyone who generates revenue from supplying their skills and labour. It’s important you understand if you’re earning PSI, because it can significantly change your tax obligations. Personal Services Business (PSB) is essentially the same thing as PSI, except that there are no changes to your tab obligations other than declaring […]

5 Tips to Keep Your Medical Practice’s Accounting Books Healthy

March 3rd, 2015

Most medical practices in Australia operate as small businesses, and that means they are exposed to the same financial challenges as other small businesses through the country. As with any small business, getting the accountancy process right is essential for ensuring the business is able to run in a sustainable manner. Accountancy can cause headaches […]

10 Tips to Help You Study Accounting

January 22nd, 2015

Studying is one of those things that come easily to some people, and to others it feels like walking up Mount Everest. And studying accounting is no different. We’ve put together these 10 tips to help you with your studies for accounting. 1. Set your intentions Studying requires deliberate intention and attention. To succeed when […]

Why Use a Specialist Medical Accountant?

November 25th, 2014

There are a great many reasons why all medical personnel should use a specialist medical accountant when it comes to dealing with your finances. These range from changes in Medicare policies that may affect you differently to those in other professions to ensuring you are receiving the correct deductions for your industry. We’ve put together […]

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