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Prism Accounting - Medical Accounting Specialist

Prism Accounting is a boutique Tax Advisory and Accounting firm based in Sydney providing Accounting, Tax and Business Services for Doctors, Dentists and other Medical Professionals (including Residents, VMO’s, Salaried Specialists, GPs, private practitioners and group medical practices)

We can assist you with:

  • Tax Advice
  • Practice Structuring
  • Practice Acquisition and selling
  • Annual Accounts, Tax Returns, BAS & GST Reporting 
  • Accounting Software and Cloud services
  • Cash Flow Projections & Forecasting

You need a medical accounting specialist

With large array of anti-avoidance rules, tax regulations, and continuous developments affecting medical industry, it is important to get qualified advice to avoid costly mistakes.

A specialist medical accountant is expected to:
  • Stay up to date with tax regulations, ATO rulings, court cases and developments affecting medical industry in general
  • Understand differences between various contractual arrangements that doctors may be subject to and be able to apply correct tax treatment
  • Be able to apply correct GST treatment to different sources of fee income (GST Free sales vs GST sales)
  • Understands tax treatment of certain government initiative payments payable to medical practitioners
  • Understand what specific expenses are tax deductible to doctors

Common mistakes made by generalists accountants can include:

  • Netting off service fees against gross income
  • Reporting RoPP Drawings as gross income
  • Incorrectly claiming or missing out on GST credits for service/infrastructure fees
  • Applying incorrect GST treatment to fees income
  • Not understanding super guarantee requirements applicable to certain arrangements resulting in miscalculating personal super contributions (e.g. sessional VMO payments in NSW)
  • Using incorrect business structure for medical practitioners triggering anti-avoidance provisions
  • Incorrectly using service trust agreements
  • Failing to recognise whether the practitioner is acting as a principal or as a contractor/employee for the medical practice

Free Initial Consultation

Call Us 1300 077 555 or visit our website to book a Free Initial Consultation

Address Level 35, 100 Barangaroo Avenue, One International Towers
Barangaroo NSW 2000
Tel 1300 077 555
 
Website www.prismaccounting.com.au/medical-accounting/