When most people think
about the difficulties of being a doctor, they think of elaborate surgeries or
complicated differential diagnoses. What many of these doctors fail to consider
though when difficulties come to mind are their finances. Some doctors may be
able to read medical textbooks from cover to cover, but when it comes to tax minimisation
strategies or tax returns, they come up short.
Unlike most people,
Aussie doctors are self-employed. This means these physicians do not have the
luxury of having an accounting staff deduct their taxes from their earnings.
While obtaining a full income might sound like a dream come true to most of
these health practitioners, having to compute incomes and deductibles to file
taxes is no walk in the park.
As such, it is important
for doctors to manage their accounts properly to ensure they are paying the
right amount of taxes every year. One misstep can lead to an unwarranted audit
and an unwanted visit from the Australian Tax Office. In a worst-case scenario,
a physician can even be charged with tax fraud.
Fortunately, such a grim
scenario can be avoided by hiring a trusted medical accounting service. These
accounting experts specialize in the needs of medical professionals in
particular, allowing the latter to stay focused on their duties and
responsibilities as doctors. Whether for your personal or your practice’s
accounting needs, do not hesitate to enquire an experienced medical accountant
about concerns you may have.
