Pilot Chartered Accountants

As medical professionals, it is essential to have your accounting, structuring and asset protection set up correctly from the start. Protecting your assets and wealth throughout your career will benefit you now and in the future.

 Structuring should be considered at various stages of your medical career, including:

• Setting up your business – structuring this correctly at the beginning will benefit you in the long-term;
• Buying assets – always be vigilant as to whose name they are purchased under and consider each asset purchase as a separate transaction;
• Planning for retirement – review your overall asset holdings and wealth accumulation in determining income levels and asset security.

As well as asset protection, there are also tax and wealth accumulation benefits to ensuring your structures are set up correctly from the outset of your medical career journey.

Accounting and tax planning for medical professionals can be complex, requiring the right advice to ensure your financial affairs are up to date and compliant, as well as being tax effective. Considerations in this regard include the following:

• Staying up to date on your tax responsibilities – this ensures positive compliance history with the Australian Taxation Office (ATO);
• Claiming the right deductions – doctors and other medical professionals are able to claim a number of deductions as employed doctors, or as medical business owners. The right advice for claiming all available deductions will ensure tax minimisation;
• Saving for tax & managing cash flow – many established medical professionals operate under an ABN. It is important to be aware there is no tax withheld on income earned using an ABN. The tax is paid when the income tax return is lodged, or by way of quarterly PAYG instalments. The ATO expects medical business operators to make a provision for any upcoming tax liabilities. Although the tax system is ever changing, the ATO will not accept ignorance as an excuse;
• Budgeting – Taxpayers in business are expected to budget for their tax liabilities, as well as everyday expenses, to ensure your cash flow is adequate to meet any tax liabilities and remain compliant.

Future Mapping your business and life goals

Having a clear roadmap for your future will help achieve your financial goals and desired outcomes for your life and your medical business. Pilot works through an individualised ‘future mapping’ approach to guide their medical clients, setting out a practical roadmap for success. Read more about our future mapping process to learn how this can empower you to achieve your business and lifestyle outcomes.

Private Practice Planning, Implementation and Management

Pilot Partners can help you implement your roadmap, to take your medical practice to the next level. Through the provision of the full range of services for private practice planning, implementation and management, our Medical services team can assist with a bespoke solution to meet your needs.

Business growth and exit planning

Whether you’re expanding your medical business, or looking to develop a plan for your successful exit or retirement, Pilot can assist to help maximise your business value and help you prepare and achieve a business exit result that meets your business, family and personal objectives.