St Kilda Accounting & Tax Specialists
TAX ACCOUNTANTS FOR MEDICAL PRACTITIONERS IN ST KILDA
We provide peace of mind for you and your business by delivering Taxation, Accounting and Bookkeeping services to Medical Practitioners in St Kilda and surrounding suburbs of St Kilda.
Are you a medical practitioner?
Do you need a tax accountant?
You know that accounting and taxation issues are important to get the best out of your professional medical services, but often these can end up receiving a lesser priority in the reality of your busy day and running of businesses.
We are very conscious of the fact that most doctors are not particularly fond of accounting, tax preparation, and all the associated admin of bookkeeping. These are unfortunate consequences of ‘being in business’ as a professional. We take care of your compliance obligations, so you can concentrate on running your medical practice and businesses.
Of course, we do a lot more than that, but compliance is where it starts. The next step is to plan, to see where you can improve your situation or review your structure to ensure it provides you with maximum benefits. Sometimes small but crucial changes can produce much-improved returns.
Accountants, that specialize in Medical Practitioners, are they necessary?
The team at St Kilda Tax Accountants has an absolute focus on our clients of medical professionals and their families; as such we are always up to date with the latest tax rulings that may affect your position. We are also there to give you the best accounting advice based on over a decade of experience assisting our clients of individual medical professionals and medical practices to maximise incomes and pay the appropriate amount of tax. Whether you need advice on a simple work-related expense, claim or you are considering buying a significant piece of medical equipment, we have the expertise to help you develop.
Our Accounting and Taxation division provide services including:
- Tax Returns
- BAS / GST
- Tax minimisation strategies
- Tax planning
- Accounting strategies and wealth creation
- Practice structures
- Service Trusts
Medical professionals are naturally susceptible to high tax requirements, and by employing a specialist accountant who knows the specific deductions that you can claim, you can drastically reduce the amount that you owe come tax time.
Accounting
When we became a Xero Partner firm a few years ago, we saw the potential value for our clients that we could not expect before. Most of all, the real time advice is now possible as Xero is more like collaboration platform between clients and their advisers including us.
Real-time advice means clients can get a professional advice based on the financial information Xero supplies whenever they need. Real-time advice also means the accountant can discover broader service areas that could be useful for the clients and give a right advice on time.
Bookkeeping
We have a team of Australian Accountants with over 20 years of experience dedicated to making your life easier. Our team remain in constant communication with you throughout this process.
Our goal is to show their clients that keeping on top of their financial affairs is far more accessible and enjoyable than they imagined possible. Our friendly team help our clients thoroughly understand their unique tax situation. We work flexibly with our clients to create the optimal system and approach for each circumstance.
Taxation
We are bookkeeping professionals who have been assisting customers achieve flawless accounts for many years. As specialist St Kilda bookkeepers; we are dedicated to helping small and large business resolve their accounts issues through our years of experience. Our local St Kilda bookkeepers are experts in XERO, MYOB, Reckon and QuickBooks as well as all other popular bookkeeping software.
We pride ourselves on being the bookkeeping solution providers and have become well respected and highly trusted bookkeepers in St Kilda and the surrounding suburbs. With a strong emphasis on establishing long-lasting relationships with our clients whilst also providing tailored and cost-effective solutions.
Tax Advice for Medical Practitioners
Investing in an accountant is no longer a luxury, rather it’s a critical and necessary investment. Having open communication with your accountant needs to start from the moment you meet them. Accountants are very essential when it comes to the success of your business. As such, it’s quite crucial for you to build a relationship with them and ask lots of questions to assist in the growth of your medical practice.
Errors frequently made by non-specialist accountants include:
- Netting off income and expenses that can result in incorrect GST claims. Medical practitioners face unique GST complications that others do not. It is important to employ the right people who understand how this affects your practice.
- Incorrect tax treatment of superannuation contributions paid or due to be paid, resulting in the wrong tax relief being applied.
- Allocating profits incorrectly, particularly regarding personal services income. This can affect the balances due to or from partners.
- Miscalculating superannuation contributions where there is a mix of self-employment and employment.
- Including income to which PAYG withholding has been applied in the accounts, resulting in the income being taxed twice.
- A lot of practices struggle with efficiently billing and managing cash flow. These two go hand in hand and with the right systems in place, this is made easy by accountants who know what they are doing.
- By comparing your practice performance to industry leaders both locally and nationally, a specialist accountant is able to understand better the areas that are in need of improvement.
- Specialist medical accountants should be up to date with the latest changes to medicare, with specific focus on how this will impact your finances. It is far less likely that regular accountants are going to be following these trends.
Having specialised staff at your service means that there is always a team of experts who is up to date with all of your accounts, and the industry that you work in that you can depend on.
industry specialist professionals at their fingertips such as financial planners, credit & insurance advisors and solicitors to name a few. Having this backing behind your practice means that you never have to look far for specialised service so pick up the phone and call us today.
More often than not, accountants who specialise in medical accountants will have business advisory strategies that are specific to the medical industry. By implementing something such as a step by step 5 year plan for your practice as soon as possible, you can optimise your practice in all areas. These include such as patient care, financial management, staff management and more. Regular accountants will rarely offer this holistic approach to servicing medical practitioners.
Economic times are tough and it is more important now than ever before to maximize your tax refund. St Kilda Tax Accountants will help you prepare the perfect return so that we can all work together in this unpredictable economy!
We are a full-service company that caters to the needs of small business owners. With us, you can rest assured knowing we have your back when it comes time for taxes and accountancy services! We offer all types or industries professional advice such as bookkeeping or financial management so contact one our experts today at St Kilda Accountants
Professional Services
The team at St Kilda Tax Accountants has a deep understanding of professional services industries, and the specific needs that come with them. They provide accounting advisory to their large clientele in order for them be able best serve these businesses.
The retail industry is a challenging place to be in today's climate. We help retailers understand their problems so that we can provide them with assistance from our team who specializes specifically at helping your business succeed no matter what obstacles come up next.
A good medical accountant should:
- Simplify and automate your practice tax, payroll and accounting functions by implementing a accounting solution that does everything for you.
- Establish companies, trusts and self-managed super funds to protect your personal and business assets from potential lawsuits.
- Implement permanent tax reduction strategies and structures to increase your personal and business cash flow.
- Tax-effectively structure practice, home and investment loans and save thousands in interest repayments each year.
- Make smarter personal investment decisions and tax-effectively grow your wealth with careful tax planning.
- Purchase your business premise through your self-managed super fund.
- Customise estate planning strategies and structures that will allow your wealth to be transferred to family members and beneficiaries tax-effectively, whilst providing asset protection.
Business Advisory
Starting, building and maintaining a successful business in today’s uncertain and rapidly changing environment requires knowledge, perseverance and the right team behind you.
Our highly skilled and results-led team can assist you to access funding, make informed strategic decisions, develop comprehensive and rolling plans at each stage of your business’ lifecycle, and identify business opportunities.
By working with you to understand your business and industry, we provide specialist knowledge and objective advice to help your business meet its full potential.
Thinking about exploring an SMSF but not sure where to start? Don't worry, our team is here for you. SMSF Solutions is a specialist division of St Kilda Accountants providing administration, compliance, accounting and taxation services for Self-Managed Superannuation Funds (SMSF).
We know exactly how it all works and we can help you create the best set up. Our services include things such as assisting in understanding the implications of having a SMS and establishing a SMSF & obtaining tax benefits among others.
Financial Advisory
Our business model is to keep our practice small and manageable, with a focus on quality clients who have life aspirations that they wish to fulfil through money, advice and planning.
Our personalised financial advice and individual wealth management, ensures that you don’t get lost amongst a bigger practice, or institution, where you can become just a number, changing financial advisors regularly with no personalised care.
Our financial advisers have worked in the practice for many years and are committed to providing advice that is just not numbers, but personalised for you to achieve your life aspirations.
Our expert accounting and taxation teams have all the advice you need.
Our accounting firms team at St Kilda Tax Accountants not only identify opportunities that can help streamline your medical practices and businesses but also assist in identifying areas where you can cut costs and save money.
Investing in a professional and licensed accountant for your medical practice is often a critical decision in moving your business forward.
Starting a business is not easy, and it's even more challenging when you're doing so on your own. That’s why St Kilda Tax Accountants offers complete tax solutions for individuals or businesses in need of guidance with their financial planning needs as well!
Our team is dedicated to servicing the needs of all types, including medical professionals. We offer friendly and industry-leading advice relating tax law compliance so you can get back on your feet with a smile!
We have a team of experts with extensive experience in servicing the manufacturing industry. We provide accounting, information technology and audit services as well regular periodic management reporting to supplement our detailed financial analysis that lies at heart astute commercial decision making processes for your company's success!
St Kilda Tax Accountants is a team of professionals who are passionate about helping small businesses succeed. Whether you own and operate one bar or an entire restaurant chain, our accountants will provide the support your business needs to be successful!
Our chartered accountants at St Kilda Tax Accountants provide ethical, innovative and proactive medical accounting services for medical professionals.
Our experience enables us to deliver expert tax advice, efficiently prepare and lodge your tax returns and focus on achieving the maximum potential tax refunds. In particular, we provide specialist tax and accounting advice on optimum medical practice structure, both for new practice owners and established medical practice clients, to enable them to accumulate wealth in the most protected and tax effective environment.
Financial services for medium-sized trade businesses? That's our thing. We specialize in ensuring your financial growth and freeing up time so that you can enjoy life, too!
We understand how important it is to have a reliable accountant for your business. That's why our team of experts has been providing professional services in the fields of finance, taxation and accounting since 1985! We offer tailored solutions designed just for you - no matter what type or size farm operation that might be on yours . Contact us today so we can get started working together soon
Our experience and relationship with franchise groups give us real-time insight into franchise systems and their performance. We provide franchises with business, taxation and accounting services. We can also act as consultants to the head franchisors in setting up cloud accounting & business and structures.
St Kilda Tax Accountants is the go-to team for estate planning and property tax services. Our specialist accountants can help you with everything from ownership issues to controlling your assets, so call us today!