How to start Medical practice? Medical Accountant Geelong

November 18, 2019 Admin0

Accountant for Medical professionals and Medical Practices in Geelong

Step 1> The right location can ensure easy success for medical practice

The first step in how to start a medical or Dental practice is location of your practice. Practices that are centrally located, in emerging suburbs or within close proximity to shopping centers can maximize your exposure, increase your popularity and provide incentives to your clientele like easy parking or accessibility via public transport.

Once you have your eye on your ideal location you must then check your current work contract for any restrictions that may prevent you from working in your preferred location, these include: area restriction, DWS, monitaoirum etc.

If you plan to buy or build your own commercial and business property for practice, then plan for it accordingly, but make sure you get the right advise before you begin.

Once you decided on the area, the next step is to acquiring it quickly to avoid disappointment. [time is money]

Step 2> on how to start medical practice.

Hiring the right staff members will make your life easier

A good practice manager will make your workload easier as they will help you ensure the practice runs smoothly and they will have the knowledge and know how to assist with the registration process, Medicare requirements as well as the right computer and software and other necessities.

Further considerations

Step 3> on how to start medical practice.

Once you decided on the above 2 steps, it is the time to decide on the right billing structure for your patients, is it private, bulk billing or mixed billing?

How many chairs, council permits, how many supporting staff members do you need?. If you buy an existing business, the above requirements have already been met.

Consider the structure of your practice, a few recommendations are as follows:

Sole trader-> independent, ultimate liability on the owner, easy to run, less setting up cost, Tax rate would be higher up to 45 to 48% depend on your income.
Trust ->Highly tax efficient, can reduce tax bracket 30 to 33% if set up properly.
Company-> Limited liability, Fixed tax rate 28.5%, set up is more expensive than the above 2 and to comply with Corporation act and ASIC.

Step 4- Structure

Accountant for Medical practice & medical professionals

Once you have decided the structure, you have laid the foundation of your business, now you are ready to go and build up your profitable medical practice business.

Fair Tax Medical Medical Accountant Geelong, can help you out with all the above steps. If you are planning on buy an existing practice, we can negotiate with the vendor, help you complete a due diligence check and can go through all legal formality through our solicitor, assess the sale price and profitability, check all financial and other documentation on your behalf.

Our medical Accountant team can help you with the day to day administration that is involved in a medical practice, including the pay run for staff and doctors, daily book keeping and all other financial processes. Fair Tax Medical Accountant Geelong is the resource you need to help you with the finance required for buying the existing business and working capital requirements to start the practice, we have everything you need to help you run this business venture. Now, what are you waiting for?

Call us today for a 30 minutes free consultation how to start a medical practice?. Fair Tax medical Accountant, on 03 5241 2982

Tax Solutions for Doctors, Nurses, Medical Professionals and Practices-Medical Accountant Geelong

When it comes to looking after your tax responsibilities, we find that no two industries are the same. If you work in a specialised field, such as the medical sector, you may need to seek specialised advice to ensure that you are getting the best from your tax situation. Fair Tax Accountant is focused on providing expert Tax Returns for Medical Professionals we work with Doctors, Nurses and others in the medical practice to achieve high quality tax results.

For many medical professionals, it is likely that your tax benefits and eligible deductions will be wide, varied and more complicated than a standard return. There are several tax allowances that may apply to you, such as various deductions, salary packaging, professional registration and higher studies fees. It is important that you have an Accountant who not only understands the tax implications of your medical industry, but also one who can assist you to maximize your refund and provide flexible appointment options to fit your schedule.

At Fair Tax Medical Accountants Geelong & Belmont, are a well-established firm, specializing in a range of accounting, taxation and other business services for Doctors, Nurses, Dentists and other medical professionals. Our highly experienced medical accountant team can help with,medical practice purchase and Sale assistance, new business structure and set up, complete tax reporting, compliance, and monthly or quarterly activity statements,bookkeeping service plus any business-related services.

General Practice — **How to start a medical practice? Medical Accountant Geelong**

Medical Accountant-How to start a medical practice?

Medical Accountant Geelong Service Include:

Business Tax

Personal Tax

BAS and GST Returns

Tax Minimisation

Tax Planning and Advice

Medical practice start up advise

Business advise & Book Keeping

Accounting and business set up

Medical Accountant Geelong

Flexible Appointment Options at Medical Accountant Geelong

We understand that you may have a busy or demanding schedule, so we offer flexible appointment options. Our specialised Medical Accountant in Geelong and Belmont for Medical professional and Medical Practice can meet with you at your office or organise an after-hours appointment time. Please contact us to discuss your needs.

Our Medical accountant team in Geelong provide service across Belmont, Highton, Grovedale and Waurn Ponds area and offers Very affordable rate with committed and passionate helping hand to businesses across Geelong. We can provide a range of solutions to simplify your Bookkeeping, Accounting and Taxation requirements.

Learn more about our Specialist medical accountant, including the Tax Planning, Accounting,bookkeeping and Business solutions call Fair Tax Accountant Geelong.

Accountants Geelong