Many medical practice owners only review their finances at tax time. By then, it’s often too late to fix cash flow issues and rising business costs.  Regularly reviewing your financial reports helps you: • Identify problems early before they become costly • Understand where your money is really going • Plan for growth, staffing and equipment purchases • Stay compliant and avoid unexpected tax or cash flow shocks  A common misconception is that as long as the bank balance look

At Rise Accountants, we work closely with GP clinics and medical professionals across Brisbane, helping them set up business structures and build sustainable practices from the ground up.  This guide below outlines the things you need to know before opening a GP clinic in Australia.    1. Choose the right business structure   One of the first and most important decisions is how your GP clinic will be structured.  Common structures include:  Company  Trust (often with a corpor

1. Tax Planning and Flexibility   Sole Trader   Income is taxed at individual tax rates.  If your consulting income is high, you may find yourself in the upper tax brackets.  Simpler tax filings, but fewer planning tools.  Company   Income is taxed at the company tax rate (currently lower than the top individual brackets).  You can pay yourself through wages or dividends.  Offers more options for structured cash flow planning.    2. Personal Liability   Sole Trader   You and

Many dental practice owners focus solely on patient numbers or revenue without looking deeper into what is driving success. The right KPIs give you a clearer picture of your business health. They help you identify what is working, where you can improve and how to plan for growth. Without tracking these numbers, you might miss warning signs that could affect your profitability or patient satisfaction.    1. Patient Retention Rate   Your current patients are your most asset. Tr

Running a medical clinic is not just about patient care. To grow and stay financially strong, you need to understand how the business is performing. That’s where KPIs (key performance indicators) come in.  Many practice owners rely on gut feel, the bank balance or basic reports. But without tracking the right numbers, it’s easy to miss red flags or miss out on opportunities to improve. With the right KPIs, you can manage your team better, make smarter decisions, and build a c

Choosing the right software is a game-changer for General Practitioners. It improves workflow, reduces admin time, supports Medicare compliance, and enhances patient care. On the other hand, using the wrong system can lead to delays, billing issues, and unhappy patients.  Many General Practitioners feel unsure about which system fits best, especially when starting out or upgrading. This blog gives you a clear starting point.  Top 3 Common Practice Management Softwares for Gen

As a medical professional, you're often juggling clinical duties, continuing education, and the day-to-day demands of running or working...

If you’re a doctor working as a contractor, sole trader, or through a company or trust, you may be earning what the ATO calls Personal...

Many medical professionals underestimate the complexity of their financial situation. Whether you're a general practitioner, a surgeon,...

Tax time can be overwhelming, especially for medical professionals balancing patient care and business admin. GPs often miss out...

As a General Practitioner (GP), a significant portion of your income likely comes from Medicare billings, but how that revenue is treated for tax purposes can be confusing. Many GPs assume that because Medicare sets the fees, the tax process is simplified. Unfortunately, that’s not the case.  Misunderstanding how Medicare earnings are taxed can lead to:  Unexpected tax bills  Inaccurate BAS or PAYG instalments  Problems with practice structure or contractor arrangements  How

Running a dental practice means juggling clinical work, compliance, payroll, equipment, and often a mountain of expenses....

Charging GST (or not) affects your pricing and your business obligations. If you incorrectly charge GST or fail to charge it when...

Many GPs mistakenly believe that GST doesn’t apply to them because most medical services are GST free. While it’s true that most health services are exempt, this doesn’t automatically mean you don’t need to register.  By understanding how GST works for medical professionals, you can take better control of your business finances and avoid common ATO mistakes.  Understanding GST for Medical Services   What Is GST?   GST is a 10% tax added to most goods and services sold or con

If you're running a dental practice or working as a self employed dentist, understanding your GST obligations is important. Getting it right means:  Staying compliant with the ATO  Avoiding unnecessary fines or penalties  Ensuring you're not missing out on legitimate tax credits  Many dentists assume their services are entirely GST free but that's only partly true. Some services do attract GST, and crossing the $75,000 threshold in income, could mean you're legally required t

Misunderstandings about what travel is deductible can lead to either overclaiming, which risks ATO audits or underclaiming, which means not getting the best tax outcome.   What Kind of Travel is Tax Deductible?   Not all travel is deductible according to the ATO. Here's how it breaks down:  Tax-Deductible Travel   Driving from one client to another during your workday  Travelling from a clinic to a client's home or another location  Travel between multiple workplaces on the s

If you're a psychologist or allied health professional who rents out a therapy room, especially if you're subletting from a larger practice, then the short answer is yes, but with conditions.  Correctly claiming rent on your tax return can reduce your taxable income, which will help save money on tax and stay compliant with the ATO. If you don’t do it correctly, you could trigger audits or penalties. Many practitioners are unsure of how subletting arrangements affect their de

GST classification is not just a formality. It directly affects your pricing, invoicing and reporting obligations.  A common misconception is that all massage services provided by physios are GST free, but that is not always the case. Whether you’re a solo practitioner or run a multidisciplinary clinic, knowing how to distinguish between GST free and taxable services helps you:  Stay compliant with ATO regulations  Maximise legitimate deductions  Avoid penalties or back payme