If you are a medical professional, you no doubt have a hundred and one different priorities that are demanding your time and attention. It’s only natural that tax would not be one of them. However, taking the time to get your accounting and tax affairs in order is very important, particularly for medical professionals who run their own practice or facility.
Calibre Business Advisory understands the demanding nature of the medical industry. Our team of trained and experienced medical accounting professionals provides a range of services to ensure that medical practice owners are in the best position possible to meet their tax obligations and achieve long-term success.
The types of tax challenges faced by those running a medical practice are not too dissimilar to any other, in that you must meet all legal obligations as set out by the Australian Taxation Office. A medical accountant can conduct general tax compliance, including preparation of income tax returns, activity statements, and meet PAYG obligations.
They can also be of assistance should a medical business find that it is required to undergo an ATO audit or review. Typically, in this situation, the accountant will gather all the relevant information required to respond to the audit. They can also assist their client with planning for a recovery should the audit result in financial penalties.
Teams that provide medical accounting can also assist with broader circumstances that require financial input, such as an acquisition or merger.
Even though many of these situations may be common to all industries, it is still of great benefit to your business that you work with an accountant who has extensive experience in the medical sector. Such an individual will understand the challenges and opportunities of working in healthcare and will be able to make informed recommendations that take into account current industry trends for long-term success.
Calibre Business Advisory are proud to offer a wide range of tax services for medical professionals. Our highly-trained accountants have significant experience in the healthcare sector and can implement proven strategies and make informed recommendations.
Our medical accounting services include:
There are a range of reasons as to why your business might be facing an ATO tax audit, from employee pay issues to delayed reporting. While an audit is often a stressful time, with proper preparation and thorough documentation, there is every chance that you will emerge from the situation in a positive light. Calibre Business Advisory has considerable experience and assisted many of their clients through numerous tax audit cases.
Did you know that small businesses are eligible for a range of tax offsets and incentives? At Calibre Business Advisory, we take the time to understand your business and its needs and will be proactive in advising any potential available tax offsets and concessions relevant to your business. All eligible businesses, including medical practices, should certainly take advantage of this.
As a general practitioner, dentist, or other type of healthcare professional, we understand you want to focus on what you do best. Leave tax compliance to the professionals (Calibre Business Advisory) and trust that your financial affairs are in safe hands.
Tax isn’t just about making payments to the ATO. An experienced tax agent can undertake what is known as ‘tax planning’ activities — strategies designed to optimise your wealth and set you up for long-term success. Structuring your finances efficiently means that you can make the most of tax exemptions and minimise the amount of tax you have to pay. Speak to Calibre Business Advisory today to learn more.
There comes a time when you will be looking to retire or move onto other challenges. Exiting your business isn’t as simple as closing the doors. It takes considerable planning to ensure that you are doing the right thing by yourself, your employees, and your patients. Here at Calibre Business Advisory, we can assist you in managing all types of transitions in a seamless and professional manner.
There’s a range of reasons as to why you might be interested in having a medical practice valued. If it is your own facility, it can be worth knowing the value of your business for insurance purposes. In the case of other businesses, valuation is often carried out as part of the merger and acquisition process. Whatever the situation, Calibre Business Advisory can assist.
Within the medical industry, acquisitions and mergers are relatively common. Individual practices often join forces to offer their patients access to a greater range of services. However, the process of acquiring or merging with another practise should only be undertaken with an expert by your side. Calibre Business Advisory’s team of medical accounting professionals will be with you every step of this exciting journey.
If you own a medical practice and are interested in how you can optimise your business for long-term financial success, contact Calibre Business Advisory today.