MEDIQ Financial

Fortunately, certain financial companies offer income protection for doctors as a safety net for when unfortunate circumstances happen. In essence, income protection is a type of insurance which pays out a benefit while you are unable to work. Different policies exist, but many will reimburse up to 75% of your pre-illness income till the age of 65, allowing you and your family to live comfortably as you recover from your ailment. Of course, you need to carefully choose which company to work with. Thankfully, trusted companies like MEDIQ Financial Services provide a comprehensive array of financial services, like income protection policies, loans or financing, and even lawful tax deductions for doctors. With their help, you can perform your duties as a medical professional without fear of the future.
http://www.mediqfinancial.com.au/doctors-arent-supermen-why-income-protection-for-doctors-matters/

Given the nature of the work, however, minding these things is not always easy. After all, your primary concern is to provide top-notch care to your patients— not to crunch numbers. Without sound accounting, though, your beloved practice may soon go under. That’s why many doctors rely on medical accounting firms like MEDIQ Financial Services to help them keep tabs on their practice’s cash flow. These companies provide an array of accounting services, from tax return preparation, tax minimisation strategies, service trusts, and the like. With their help, doctors can know exactly how much they are earning and spending, allowing them to make better business decisions with regards to their practice. Indeed, being a private practitioner involves a fine balance between delivering excellent patient care and sustaining a successful business. Hence, sound financial planning for doctors— which includes accurate business accounting— is a must for a practice to thrive.
http://www.mediqfinancial.com.au/sound-medical-accounting-can-help-keep-a-doctors-practice-afloat/

As a medical doctor in Melbourne, it’s normal to find yourself stressed with trying to balance the performance of your profession and the management of your business─ especially since your practice is both. In this crisis, you should look into hiring reputable medical accountants from Melbourne firms like MEDIQ Financial; otherwise you might find yourself making mistakes that will warrant you a tax audit. In any case, you should be sure not to commit any of the following mistakes: Writing off personal expenses as business To avoid getting tangled into this mess, it’s best to list which is which before you file your returns. Your travel expenses, for instance, could be either depending on the nature of how you incurred them. So to keep yourself and the ATO from getting confused (and the latter from knocking on your doorstep to find out for sure), identify and classify each expenditure.
http://www.mediqfinancial.com.au/tax-fraud-and-crimes-that-medical-accountants-could-help-you-avoid/

When it comes to professions, being a doctor has got to be one of the best– even in Victoria’s most populous city, you can easily stand out amongst those being well-paid for what they do. However, being high up on the career ladder also means that you are prone to spending more than you should. For the sake of your financial wealth, here are a few helpful money tips that you might want to keep in mind: Hire an Accountant Although buying services might, on the outset, be counterintuitive to saving money, consulting firms that offer accountants for doctors from Melbourne like MEDIQ Financial can actually help you spend, save, and invest your money properly in the long run. With an accountant in check, you can efficiently manage things like your business activity statements, tax returns, and more.
http://www.mediqfinancial.com.au/accountants-for-doctors-helping-new-practitioners-spend-and-save/

"You may not realize it immediately, but your practice doubles as your own small business. Sadly, your years in medical school probably haven’t trained you how to navigate the nuances of running one. Medical accountants, like the ones from MEDIQ Financial, can help keep your financial records neat, allowing you to clearly see how well your practice is doing. These professionals can also help you find special tax deductions for doctors, increasing the amount of money you bring home."
http://www.mediqfinancial.com.au/reliable-income-protection-for-doctors-and-other-simple-financial-tips/

"A smart financial planner can also help you achieve accurate medical accounting. This is an undoubtedly nifty service to have when tax day draws near. These professionals can also help you identify substantial tax deductions, allowing you to keep even more of your hard-earned money. In terms of finances, being smart with your money is far more important than the amount that you earn. You undoubtedly have big financial goals, and a financial planner can help you achieve them. After all the hard work you’ve put into becoming a doctor, you definitely deserve that much."
http://www.mediqfinancial.com.au/proper-financial-planning-for-doctors-help-bridge-the-gap-in-wages/

"This is why it is better for doctors to contact reliable medical accountants to do their paperwork for them. Accountants like those associated with MEDIQ Financial Services can help doctors save time and money. They can also help the medical professional expand his reach and save up for his retirement years. As the Australian government is bound to tighten up everyone’s financial belts, it is important for doctors to start preparing for their golden years. Calling a medical accountant service is the first step to a stable life after hanging the doctor’s coat."
http://www.mediqfinancial.com.au/medical-accountants-in-melbourne-help-prep-doctors-for-retirement/

"Going the superannuation fund route may result in a lighter tax liability. Bryan states that pre-tax income contributions to the super only reap a 15% rate, but a 30% tax awaits doctors reaping at least $300,000. The super itself may be convertible into a pension fund provided that the doctor retires in their 60s; any properties bought under the super up to retirement will also be tax-free. When you are getting ready for yearly duels with the Taxation Office about your numbers but have your hands full with cases, it can break you before long. Reputable accountants for doctors such as MEDIQ will take that burden off your hands."
http://www.mediqfinancial.com.au/making-sense-of-your-taxes-via-accountants-for-doctors-in-melbourne/

"When doctors get sick or injured from such work related incidents as needle stick injuries, bone dust inhalation, or even work-acquired HIV, their capacity to earn can greatly diminish. In some cases, this can render years of studies and training practically without value. Unfortunately, the nature of a doctor’s work and income is such that a regular life insurance policy may not be sufficient to cover the specific nature of their incapacitation or loss of income. What is needed is a comprehensive income protection for doctors that will give these professionals and their families adequate financial protection. Finding the right insurance policy for doctors is not an easy job, and these physicians could easily fall into the trap of settling for a standard life insurance policy. Medical finance specialists, like those at MEDIQ Financial Services, can help find excellent income protection insurance for doctors. These financial professionals have trained and laboured to identify the sp
http://www.mediqfinancial.com.au/healing-the-healers-finding-the-right-income-protection-for-doctors/

"New York Times blog columnist and editor Ron Lieber even says that among all professionals, doctors are some of the most vulnerable to the effects of financial blunders. While they may commit the same mistakes as the rest of the population, the amount of money they make can magnify the effects of these mistakes a few times over. Several factors can lead to the mismanagement of a doctor’s finances, and Lieber cites three of these. First, doctors tend to be impatient with regard to investments, given that they often start late on a flourishing career. Second, Lieber cites doctors’ trusting nature, something nurtured by the openness of the medical profession in general."
http://www.mediqfinancial.com.au/medical-accounting-providing-adept-financial-management-for-doctors/

"Doctors have to review and compare past and present policies to ensure they apply the correct coverage when billing for the services they offer. Otherwise insurance companies may refuse to cover expenses in relation to the new rules. This then can lead to financial issues on the doctors’ part, which may take considerable time and effort to unravel. Situations like this highlight the need for the services of medical accountants in Melbourne. Not only can a qualified medical accountant, like those from MEDIQ Financial Services, perform accounting tasks fundamental to the smooth operations of a practice, he can also be expected to be informed of any changes in the legal subsidy systems. This professional’s awareness of such possible changes can help him and the doctor lay down plans or strategies geared to cope with these changes. A medical accountant may be able to create multiple options to protect the medical practice from any issues with insurers and the ATO."
http://www.mediqfinancial.com.au/coping-with-the-changes-doctors-need-medical-accountants-in-melbourne/

"Large public hospitals are typically highly-organised institutions, staffed by different professionals who perform specific functions. In contrast, small to average-sized private practices are run by fewer people, sometimes no more than the doctor himself, and perhaps a nurse or an assistant. It is not often that the doctor is an accounting expert himself– something which has led to accounting woes among many practices. To address this situation, the services of accountants for doctors in Melbourne are needed. Fortunately, there are companies like MEDIQ Financial that provide accounting services for medical practices. The pros in these services can perform various related jobs, such as taxation and bookkeeping. They can even design financial strategies that can streamline the transactions in a medical office. With the help of a skilled accountant for doctors, physicians can go about their roles of keeping others healthy without having to worry about the state of their books."
http://www.mediqfinancial.com.au/skilled-accountants-for-doctors-in-melbourne-help-streamline-services/

"Common tax-deductible items may include medical supplies necessary for the medical practitioner’s professional practice (rubber gloves, precision surgical instruments and the like), office space (if the individual is self-employed), uniforms (if the individual works for an employer), continuing education (this can either be required by an employer or solely the personal choice of the individual), and travel expenses (miles travelled for official business). All of these items and services are subject to various state-specific tax laws under the Affordable Care Act (a.k.a. Obamacare). Financial issues, such as complex tax deductions for doctors, can be too confounding for the fiscally challenged or naïve, and the risks of having to confront the IRS for overlooked income declarations can be daunting. Doctors also miss out on sizeable tax refunds if they fail to itemize their deductibles. Fortunately, help is available and companies like MEDIQ, which specializes in financial management
http://www.mediqfinancial.com.au/some-important-but-commonly-overlooked-tax-deductions-for-doctors/

"Conversely, there are expenses that may be work-related but cannot be claimed, such as daily accommodation and meals, work-to-home travels, and debt repayment through HECS-HELP or other loan schemes. Some expenses, especially tools or assets like desks and computers may be subject to value depreciation or reduction, which can be computed by expert medical accountants for tax deductions, as well. Calculating tax deductions from your business expenses can be rather complex. Declared income, offsets against personal health insurance, superannuation, and other issues, also play into doctors’ comprehensive audits. How these factor into annual financial planning for doctors can be analyzed and simplified by consulting with chartered accountants and financial planning advisers, such as MEDIQ. With medical accounting as its specialty, MEDIQ offers doctors a range of financial services, including accounting and tax planning solutions, to help protect their clients’ business and make life le
http://www.mediqfinancial.com.au/dissecting-tax-deduction-concerns-with-medical-accounting-experts/

"Fortunately, medical accountants from Melbourne firms like MEDIQ Medical Financial Services can help you keep track of your money so you can focus on treating patients instead. Aside from the accounting services mentioned above, they can also do expense claim and controls, government or employer record keeping, and process your payments for BAS, GST, PAYG and superannuation contributions. They provide tax minimisation strategies too, so you won’t have to pay more taxes than you absolutely have to. When you operate a private practice, you are the captain of the ship. Unfortunately, the financial mistakes that doctors commit are like holes that will slowly but surely sink the vessel. Medical accountants help you keep track of where your money goes to maximize your practice’s profitability and as well as your income."
http://www.mediqfinancial.com.au/medical-accountants-can-help-doctors-run-a-financially-tight-ship/

"For doctors, this is good news. Who knows about the human vulnerability towards sickness and death better than they do? Surely, doctors – being the humans they are – are equally susceptible to illnesses like their patients. As with other types of insurances, there are policies and processes that can make income protection for doctors complicated to claim. Here’s where reliable financial advisers come in. They may be able to assist in and educate you about strategies in approaching the risks and issues that you may encounter upon claiming the insurance. The truly competent advisers are those who display efficiency and professionalism from years of dealing with people from your industry."
http://www.mediqfinancial.com.au/your-income-is-insured-the-need-for-income-protection-for-doctors/

"Medical accounting is a type of accounting practice that specifically caters to individuals and businesses in the medical field. It is a booming industry that thrives on medical practitioners’ or medical practice operators’ reliance on external accounting services. Jane Porter of the Entrepreneur gives some tips on how to find the competent accountants most suitable for your needs. She emphasises that one must make sure that the accountants or the medical financial service company “understands your type of business.” This ensures that not only do they have a clear sense of the practice; they also know the services needed to survive the unpredictable industry and economic climates."
http://www.mediqfinancial.com.au/how-to-know-the-right-people-to-trust-your-medical-accounting-with/

"The reminder comes with new research from the ATO that suggests that small businesses agree that paying goods and services tax is important and is the right thing to do. The same research found that around two thirds of businesses would report anyone they knew evading paying tax to the ATO. It also found that majority of businesses didn’t think that tweaking numbers on their business activity statements would help them financially. As a significant segment of the small business sector, it wouldn’t be incorrect to assume that a large portion of doctors feel the same way about paying their taxes as the ATO’s research suggests. It is in this regard that hiring a professional medical accountant from a respected firm, like MEDIQ Financial, is important to any upright doctor’s business."
http://www.mediqfinancial.com.au/medical-accountants-in-melbourne-promote-tax-fairness-for-doctors/

"The move made by the newly sworn minister is sure to give some breathing room for medical professionals and accountants for doctors in Melbourne who are working hard to effectively meet the harsh requirements of the ATO. Doctors working beyond the walls of a hospital, like other self-employed professionals, have a lot of financial issues to handle. They have to handle taxation, retirement savings, and income management all by themselves. Such tasks can become daunting for a professional who deals with the lives of his/her patients."
http://www.mediqfinancial.com.au/accountants-for-doctors-in-melbourne-can-help-doctors-maximize-funds/

"Medical financial service providers allow you to create a contingency plan in the unfortunate event that disallows you from providing for your family. Entrusting your income protection claims to financial advisers with services that are dedicated to medical professionals is different from typical workers’ compensation claims. Because they have a deep understanding of your line of work, they can represent you better so you can receive rightful compensation for your financial protection. More importantly, you can take advantage of their services in your other financial endeavours. Whether it be your investment portfolio, personal expenses, or particular tax deductions for doctors, their specialisation in the medical field allows for customized services that suit your income stream. In turn, you will not have to deal with unexpected financial setbacks, knowing that somebody is working to strengthen your financial capabilities."
http://www.mediqfinancial.com.au/avoid-financial-setbacks-with-reliable-income-protection-for-doctors/

"You have already invested time, effort, and money into your private practice. As much as possible, you should try to keep it sustainable for the benefit of your patients, especially since most Australians rely on their family doctors for up to four generations. If you are having trouble with your medical accounting obligations, consider hiring a medical financial services provider such as MEDIQ so you focus on treating your patients. By turning to experienced financial advisers who specialise in the medical field, you can explore options that will work for you as a medical practitioner. You can manage your financial well-being as a doctor and as a sole proprietor of your practice successfully with the help of seasoned professionals. As a result, you can manage your private wealth better, specifically your loans, investments, and insurance strategies."
http://www.mediqfinancial.com.au/manage-medical-accounting-effectively-to-sustain-your-private-practice/

"Healthcare professionals in Melbourne, Victoria, have reason to be concerned. Australia’s cultural capital has a robust medical industry, which suits various disciplines. Healthcare institutions include the Royal Victorian Eye and Ear Hospital; St Vincent’s Private Hospital; and the Royal Women’s Hospital—plus a number of cancer research centres. Whether this proposal is approved by the federal government or not, medical practitioners should continue to rely on the services of trusted medical accountants in Melbourne, like the chartered accountants of MEDIQ Financial. These chartered accountants can meet their clients’ accounting and bookkeeping needs; expense claims and controls; patient and Medicare billing; and government/employer record keeping. They can also assist their clients with their PAYG, BAS, GST, and Superannuation contributions."
http://www.mediqfinancial.com.au/medical-accountants-in-melbourne-assist-with-accounting-and-taxation/

"Scientists are also looking into developing bionic devices to help treat Parkinson’s disease and epilepsy, among other conditions that involve tremors. Moreover, they are working on a “bionic spinal cord” that can have paraplegics controlling robotic arms in five years. Even if a number of the studies are expected to be completed within the decade, none of the treatments, vaccines, and technologies can be expected to be available in the near future for all medical facilities and hospitals, much less private practices. Availability might be influenced by factors as simple as distribution, or by ones as decisive as cost. Nonetheless, having all these cutting-edge resources should not remain a pipe dream for both patients and medical practitioners alike."
http://www.mediqfinancial.com.au/accountants-for-doctors-more-needed-in-the-face-of-medical-advances/

• Claiming a deduction on the expenses to launder lab coats and uniforms, as covered under Taxation Ruling TR 98/5. Doctors may provide written documentation of their actual laundry expenses, or use the Commissioner’s estimate, which pegs the price of washing work clothes at one dollar per wash, if the work clothes are laundered on their own, or 50 cents per wash, if the work clothes are laundered with private clothing.
• Claiming a deduction on the purchase of lab coats and uniforms, as covered under Taxation Ruling TR 97/12. Lab coats and uniforms are deductible if they are not capital in nature (such as the initial purchase of judges’ ceremonial robes), private or domestic in nature, or incurred in earning tax-exempt income.
• Claiming a deduction on the purchase of low-cost work-related items amounting to $100 or less, such as prescription pads, notepads, etc., as covered in Law Administration Practice Statement PS LA 2003/8.

• Supplies. Items necessary for medical practice are taxable, provided that they are not reimbursable by the employer (if individual is not self-employed).

• Communication. Local phone line service costs are not taxable unless they’re used for official business-related calls.

• Uniforms. If the individual is required to wear a uniform, both the cost and upkeep can also be considered taxable under specific employer terms. These are taxable if they are either required by the employer, or not adaptable to ordinary street clothes.

• Continuing education. These are deductible if the employer requires it in order for the individual to keep his job or rate of pay, or if the education maintains/improves the individual’s skill set as a medical professional.

• Auto travel. Expenses for official business travels are also deductible (this excludes commuting expenses since these are considered personal expenses). Business miles should be documented in a record book, indicating the date, purpose of trip, venue, and odometer reading.