Showing posts with label medical accountants Melbourne. Show all posts

When Should Doctors Seek Personal Financial Advice?

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Many high-income doctors need personal advice to wisely manage their finances. There are three general situations when personal financial advice should be sought. See which one fits your situation:

When you have specific issues
If you are an independent doctor who has a good grasp of financial planning, you may need help from time to time to resolve complex issues. You may become interested in an investment opportunity, perhaps a tax reduction strategy for the year, or other aspects relevant to your income. Straightforward and once-off advice on the concern can be provided by an advisor.

When you want to form a comprehensive plan
If you need guidance on your overall financial situation and wish to take control once a plan is set, an accounting and financial planning professional can use his/her expertise to create a detailed financial plan for you. The expert helps you set your goals and devise ways on how to accomplish those objectives. Diversifying your investments, fulfilling your retirement plan, and accomplishing other strategies will be your responsibility.

When you need long-term guidance

If you require hands-on or ongoing advice for your financial affairs, medical accountants can assist you every step of the way. You can reach agreements as to the professional’s level or length of involvement and the certain services you need. Your accountant can also handle aspects of your tax filing, investments, income protection, etc. and keep you informed or updated throughout the partnership.

Making Small Dents to Tax Expenses

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With a marginal tax rate of up to 46.5 per cent, doctors commit a large portion of their income to tax. To deal with this, doctors use different strategies to lessen their tax burdens. The largest cuts are made by making concessional superannuation contributions, engaging in tax-friendly investment opportunities, and altering their business structure. However, there are other ways to make small dents to tax expenses.

These include:
  • 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.

The examples above are just a short sampling of deductions doctors can claim. Physicians are encouraged to consult with medical accountants in their area to learn more about tax deductions.

Doctors Need to Be Kept Safe from Diseases, Too

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Many may think that doctors are immune to getting sick. However, this is not exactly true, considering how often doctors are exposed to a variety of disease-causing organisms and other health hazards in their day-to-day work. Some medical professionals may be able to afford some sick days, but what about those who need to put in extra hours at the clinic or hospital to pay the bills? This is where income protection comes in.

Income protection policies are a popular way to assure that a person’s quality of life will be maintained while suffering from a sickness or injury. Most policies can cover a person until retirement age and the compensation that a policyholder will receive is usually dependent on the amount of salary he wants to insure. Note that income protection for doctors should ideally cover up to 65% of income in case of an illness or accident.


It sounds like a great idea and often is. A doctor cannot predict what injuries or unfortunate incidents he might encounter while out in the field, so it’s best to be prepared with a financial “plan B”. However, getting a policy can be complicated. This is because plans can differ in terms of when you can start to collect payment, how long a period it covers, and what the insurer considers as legitimate claims. Fortunately, doctors seeking to protect themselves from the vagaries of misfortune via income protection insurance can count on the services of professional financial planners.

Three Useful Marketing Tips for Your Practice

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A medical practice needs a successful marketing strategy for profit, growth, and patient retention. With the proliferation of online advertising and social media, it’s easy for physicians to lose focus when trying to market their practices. The tips below can help you develop a sound marketing plan and keep help you choose the most efficient methods.

Implement a website content marketing plan.

Website content provides a unique opportunity for physicians. As an experienced professional, the knowledge you have acquired through the years can be invaluable to the patients you serve. This means that your website’s blog can prove to be an important resource for them.

Consider both online and offline marketing opportunities.

The Internet offers plenty of great opportunities for inexpensive (even free) marketing, but traditional marketing strategies also has its own rewards. Put simply, learn to harness these two marketing options well. A diverse marketing strategy that uses both online and offline opportunities will reach a wide variety of customers.

Turn loyal patients into passionate advocates.

Your current patients may very well be your best form of advertisement. Providing consistent, high-quality medical care, along with establishing client rapport, is the best way to turn patients into walking endorsers.


Once you have these marketing strategies in place, it is important for you to monitor the results. Hiring a reliable medical accountancy firm will be of great help to you in this regard.

The Importance of Medical Accounting for Patients

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In its general term, an accounting office serves as the backbone of several industries, dealing with the finances of a company. From keeping track of cash flow to recording the company's spending history, it is all handled by the accounting department.

This is very true also in the medical industry. Accountants are also necessary to handle the finances of a hospital and the doctors working in it. However, there are also medical accountants that cater to patients. They help patients set their cost limits, explaining to patients the process of their treatment from a financial standpoint. In a sense, they “diagnose” the costs of certain operations, medicines and treatment needed for full transparency. This process should help the patients and their families better prepare for the incoming expenses. Medical accountants also keep track of doctors' records, looking at the history of a physician and his or her capabilities in treating a certain ailment.

Spending for medical costs do not usually come cheap. When a family member falls ill, it is not only the patient’s health that is direly affected, but most likely, the entire budget of the family as well. It is burdensome as it is, and that’s why it is imperative for patients and their families to be properly informed of the available choices they have, and the corresponding amount it will most likely cost them. It is in this principle that medical accountants specifically working to help patients are necessary.

Set Up Your SMSF with Help from Wealth Strategists

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A self-managed superannuation fund, or SMSF, is one of the nest eggs those with a keen financial sense and strong work ethic aim for. One of the chief advantages of the SMSF is that it helps expand your investment options. It will also shepherd all the money you need for your retirement. However, while SMSFs are a growing industry among Australians, some experts stress that activating one requires a lot of homework.

You can set things going by establishing a trust deed with help of a licenced accountant and wealth specialist. The deed will outline the fund’s trustees, the governing by-laws, and contribution amounts each member should turn in. Trustees should be at least 18 years old and have no prior convictions.

At the same time, you should also apply for a tax filing number and an Australian business number, plus elect for regulation with the Tax Office under the Superannuation Industry (Supervision) Act (SISA). Once the SMSF is regulated, work with your adviser in drafting its investment strategy, which will include factors such as asset risk, cash flow, potential liabilities, and returns.


Some experts claim that SMSFs should have no less than $200,000 in the kitty as there are administrative costs to consider. Running your own SMSF can be tricky especially if you are pressed for time to do so. As such, you can turn to wealth strategists to help maximise your investment potential.

Melbourne Doctors Need Accountants More than Ever

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The Australian Medical Association purports that the recent efforts to impose additional fees on patients for visiting their general practitioner could severely limit health care access for the financially disadvantaged. Dr. Steve Hambleton himself, president of AMA, reports that he feels for what might be a lack of access to the aboriginal people, pensioners, and others in similar situations.

Even healthcare professionals in Melbourne have reason to be concerned. Australia’s cultural capital has a robust medical industry suiting various disciplines. They include the Royal Victorian Eye and Ear Hospital, the St. Vincent’s Private Hospital, and the Royal Women’s Hospital, not to mention a number of cancer research centres. If you’re a medical practitioner who’s worried that the proposal may result in your services getting closer to the red, hire medical accountants in Melbourne.

Health care in Australia, for the most part is covered under Medicare, plus any private health insurance options you and your patients may seek. However, the proposal mentioned above may warrant further scrutiny between you and your accounting specialist. A closer study indicates that a $5 fee will be set on bulk-billed consultations with a GP.

The proposal, which is an offshoot of another plan presented in another administration around 20 years ago, is being touted to augment a recent insurance premium hike. However, it still needs you to sit down with skilled medical accountants to further map out how it may affect your finances as a medical practitioner.

Proper Financial Advice for Your Practice

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As a medical professional in Melbourne, you are bound to have plenty of other concerns outside of your practice. Providing exceptional health care comes with an array of contributions along with record keeping, client and health card billing, expenses, and bookkeeping. Minding all these complex details will only add to your already busy workload, so it’s best to get the support of an expert.

Medical accountants can offer guidance beyond that of the usual taxation and accounting. More than just reducing your tax burden, an accountant can assist you in streamlining operations and practice management. If you’re planning to expand your practice, a practice accountant can help determine the best loans and financing options.

With a sound financial strategy, you can realize opportunities for enhancing your medical wealth. An accountant can offer sound advice for investments for both short and long-term goals. Being exposed to inherent risks unique to your medical practice, you need the advice of a professional that knows the ins and outs of insurance policies. 


Medical accountants who are fully focused on medical practitioners and their families have updated strategies and extensive experience in the field that will surely steer your practice in the right direction. You can have effective solutions to tax or accounting difficulties and a financial methodology customized to your needs. 

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