Accountants for Medical Professionals

Maximising Tax Benefits:

While it may seem like an added cost, hiring an accountant can save you money in two ways:

Efficiency - Free up your time and reduce stress by letting our experts handle your tax returns and accounting matters, allowing you to focus on your practice.

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Tax Expertise - Our Accountants understand tax laws and the district regulations of the medical industry in detail, ensuring you are complying with the ATO while minimising the money sent to the ATO.

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Superannuation Support:

If you have staff or are paying your own superannuation is best to ensure that you are informed of all the super rules and obligations, so that you can report correctly to keep out of trouble with the ATO. Help keep you and the practice on top of your super obligations.

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Other Accounting and Tax Compliance Services:

Tax Returns - Tax can be complex, especially for high-income earners like many doctors and medical professionals. Our Accountants stay updated with changes in government legislation, ensuring we get the best tax deductions for your specialised medical industry.

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Bookkeeping - For medical professionals, helping keep the practice's bookkeeping up to date and accurate, our Accountants & bookkeepers make this process easy and stress free. From helping setup automations to save everyone’s time to checking the financial data so that we can make the right financial decisions, we can handle it all or provide guidance for in-house admin & bookkeeping.

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Budget and Cashflow Forecasting - Let us help calculate the profit margins, forecast expenditures, make sure you are putting the right money aside for tax, and plan for future financial growth.

 

Business Advisory - Our business advisors review the financial data, with a background understanding of your personal life and goals to develop plans to propel your business toward success your way. We can help build strategic business plans together, including pricing calculations, business growth strategies and strategies to help get your 3 business freedoms (Mind, Time & Financial). Whether you seek to elevate your business or cash flow, we can assist.

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Common tax deductions for medical professional:

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• Motor Vehicle expenses

• Travel & accommodation

• Tolls, parking, taxis & Ubers

• Uniform, Protective Clothing & Laundry

• Phone & Internet costs

• Tools & equipment

• Self-Education expenses (Courses, workshops & training)

• Books, Journals & reference materials

• Registrations, memberships & Professional Insurances

• Technology costs (computer, laptops, headphones, software, etc.)

• Stationery

• Home office expenses

• Donations to Deductible gift recipients

• Income protection insurance

 

Partner with Rise Accountants Today - Don't let financial complexities hinder your medical practice's success. Contact us at Rise Accountants to help you today.