HELPING THOSE THAT HELP OTHERS
Powers have been helping medical and dental professionals grow since 1968.
Our Accountants are specialists in their fields and work together to ensure that you receive the most comprehensive and tailored solutions.
We understand how different government regulations, as well as Taxation and Accounting matters, impact medical and dental professionals. We are well equipped to help you make the most of your unique situation.
When you work with Powers, you will have someone on your side that will truly support your goals and have the skills to help you achieve them. We are committed to ensuring you get the right advice at every stage of your business and personal life cycle.
We offer a holistic business solution:
- Tax Planning
- Self Managed Super Funds
- Business Advice
We know the medical and dental industry. By knowing what milestones you will be experiencing before you do and helping you plan, we will ensure that you achieve the best outcomes.
HOW POWERS HELP MEDICAL PROFESSIONALS
Powers have many years experience in helping doctors set up their own practice or going from being a newly graduated specialist to being invited to join an existing practice: we will help you to navigate through all of the steps, help with dealing with finance companies for the buy-in and advise on your best business structure.
No matter what issues you face when first going in business, we can help you with the correct structure (making the complex simple) and practical advice.
Starting out in private practice can be pretty daunting. Have you organised all the paper work required? Do you have a good sense of what is required? Are you set up with Health Funds yet?
If you answer ‘no’ to any of the following questions, then you may need some guidance:
- What do you need to set up a private practice?
- How do you apply for a provider number?
- How do you set up a bank account and get an ABN?
- Where do you obtain or update your professional indemnity insurance?
- How do you set your business up for online claiming?
- Cloud software such as Xero or MYOB can help you see your finances (what’s coming in, who has paid etc) from anywhere at any time.
- What software do you need for your practice?
- Have you registered with the eight main health funds?
- Have you collated your supporting material for hospital accreditations? More specifically, have you obtained referees?
- Have you submitted your hospital accreditations with the main hospitals, and various other minor hospitals?
That’s quite some list! Only once you have answer ‘yes’ to all of these questions can you get going.
If you do decide to take the jump into private practice, think about getting some support to help you ease the stress that this can cause.
For more information on how Powers is able to support your practice, click here.
These are two aspects of virtually any business, and therefore also of medical businesses.
You want your practice to grow. This will usually mean that you will face some challenges: more staff, larger rooms, setting up an additional practice, attract other doctors and so on. How do you structure or restructure your leases for maximum tax efficiency? What are other doctors paid? How reasonable is the lease you have been offered for your new rooms? Should you buy or lease? Which entity should own or lease the medical equipment? What should I pay a practice manager? …these are just some of the many questions we can provide you with answers for.
Your growth may necessitate a change of your structure, or you may have decided to join forces with another practice that is set up differently. How do you deal with that? You may have had a fall-out with one or more partners: what is the best way to rebuild your practice? Property may be held in unit trusts – or in other entities. Can you change that to better suit your circumstances? What are the consequences of the various options?
Over the course of its life any business will experience changes. We understand them and have experience with them, so we can help you effectively.
Now that you are working, it is important to think about how you are going to structure your finances. Getting it right from the start could mean you see more immediate benefits, like extra money in your pocket. Plus, you could enjoy far greater rewards all throughout your career.
Our team can help you with:
- Tax Planning
- Salary Sacrifice
- Banking, budgeting and saving
- Loans for property and cars
- Financial strategies
- Superannuation plans
Following a few simple steps can help you get the most out of your income and be more tax efficient:
- Keep all your receipts and work related documents
- Set out a budget and stick to it
- Minimise your interest costs by paying your credit card in full each month.
- Take advantage of the benefits of Salary Sacrificing
- Review your superannuation accounts and consider consolidating to reduce fees and increase benefits
- Arrange a time to meet with one of our financial specialists
Salary Sacrificing is when you use part of your income to pay for certain expenses in pre-tax dollars.
This can help you maximise your disposable income and reduce your overall tax bill, which is always a great thing!
Because you are in the medical field, you may be able to Salary Package many expenses. Here are just a few of the possibilities:
- Daily living expenses
- Credit cards
Financing a purchase
Getting what you need, when you need it.
Whether you need money for your first home, an investment property or a car, we can help. Our qualified finance specialists can discuss a loan structure to suit your needs. Plus, we can show you how to manage your debt efficiently to ensure your options for future investments are always open.
We provide all the services you would expect from a Chartered Accounting Firm and have solutions tailored specifically to the medical profession:
- Preparation of Annual Financial Statements and Income Tax Returns for Doctors, Medical Practices, Dentists and their entities
- Preparation of monthly/quarterly/annual BAS returns
- Corporate Secretarial – all the ASIC related administration
Powers can work with you as closely and as regularly as required. We firmly believe in the power of relationships and you are more than just clients to us. That is why we offer much more than just a service. We can offer you solutions to the issues you are facing and help you move to where you want to be.
An increasing number of doctors and practices also leave their bookkeeping to us. With cloud based systems such as Xero we can handle your bookkeeping no matter where your practice is located, and you have always access to the figures.
All of our solutions are tailor-made to meet your requirements. Whatever you decide upon, we are ready to help and ensure that your business matters are handled smoothly.
Medical Accounting Solutions
- Preparation of monthly, quarterly and annual financial statements for companies, trusts, partnerships and sole traders
- Self Managed Superannuation Funds compliance
- Self Managed Superannuation Funds financial statements
- Auditing Services including client representation for ATO, OSR and Workers Compensation Audits
Medical Bookkeeping and Business Solutions
- Monthly or Quarterly Bookkeeping
- Cloud Bookkeeping
- Bank Link Service
- Software set up and training
- Database Management
- Data Storage
- Administrative Support
- Web Design
- App Development
- Other computer software support
You know it, your peers know it, but no-one ever admits to it.
You didn’t study for all those years to become a Medical or Dental professional to be burdened by the mundane tasks of running your own private practice. You’re probably wishing you had more time to spend with your family, doing something you love or earning more money working.
Through our specialist division, CloudForce, we can shoulder the burden of the mundane tasks associated with running your practice and give you back free time to spend as you chose. We call this Free the Day.
Free Your Day!
We have found that doctors who are burdened with mundane tasks:
- Are stressed by overcomplicated BAS, tax and other requirements
- Do not have accurate snapshots to illustrate current financial positions
- Do not spend enough time looking at how they can grow their practice
- Cannot catch up on the pile of overdue account
- Dedicate too much valuable time turning around their accounts
- Do not have the time to update their system with new accounts
- Have Practice Managers who are overloaded
- Feel uncomfortable chasing up patients for payment or discuss money and fees
To find out how we can shoulder the burden for you, click here.
If you’re considering setting up your own private practice, and need some help getting organised, click here to see the services we offer.
Tax planning is much more than simply finding tax deductions. Powers believe that Tax Planning is as much about using Foresight as it is about using Hindsight.
What does that mean?
Our approach is to discuss with you where you are, where you are going to and how you intend to get there. We try to understand your attitude towards business, employment, risk and many more matters. It is essential to look to the future and to be aware what your future business and tax issues might be.
That doesn’t mean you need to get lost in unnecessary complexity: in fact, we make the complex simple.
We will tell you what to expect, so you can make an informed decision that suits your circumstances. Most doctors are a lot better off seeing patients than fighting the ATO in court!
- Business Activity Statements (BAS)
- Goods and Services Tax (GST)
- Personal Income Tax Returns
- Business Income Tax Returns
- Self Managed Superannuation Fund Income Tax Returns
- Self Managed Superannuation Fund Taxation Advice
- Personal and Business Taxation Advice
- Capital Gains Tax (CGT)
- Fringe Benefits Tax (FBT)
- PAYG Withholding
- Land Tax
- Payroll Tax