Private Practice | Wealthmed Australia

Call us: 1300 887 137

info@wealthmed.com.au

Private Practitioners

Your goal is to build a successful practice. We provide you with the right advice to lay the foundation.

You need qualified and experienced advisers who can help you achieve the next steps. You may be joining an existing practice as an independent practitioner, or working as a contractor or employee. Alternatively, you might be purchasing or establishing a practice, or you might have an interest in expanding a practice. We can explain the different tax treatments of each of these options, and also assist with your business structure, financing needs, and succession planning.

Transition to Private Practice

Transitioning to private practice may start gradually. Even with a small amount of private work, it is critical to get the structure that you’ll be operating under right the first time. We will help you map out how you receive income, and set you up with the correct tax structure to avoid any future issues with the ATO.

Our aim is to ensure that the transition to private practice is easy and seamless and that the foundations for you to operate are in place to allow you to do what you do best.

Amongst all the things to consider, here are some at the top:

Structure (sole trader/company)
Personal Services Income
ABN & GST registration
Business Activity Statements (BAS)
Medical Billing
Deductible business expenses
Bookkeeping
Superannuation

Starting Your Own Practice

Starting your own Practice can be an extremely exciting opportunity, and there are lots of considerations. We have assisted many clients wanting to start their own practice.

Establishing the right structure in the beginning is essential. Each structure has its own benefits and limitations, but it is important to choose a structure that meets your individual circumstances, is in accordance with ATO guidelines. We work with a view to yield any additional tax benefits. Choosing the wrong structure can make a massive difference to your wealth and financial security.

Business Management Services

We can act as your partner to identify inefficiencies in operations, implement improvements and manage ongoing compliance issues. The beauty of engaging us is that at any time you can pick up the phone and get some assistance.

We can assist in the following ways:

Budgeting and forecasting
Financial management and reporting
Compliance – ATO and ASIC
Best practice implementation
Practice expansion, structure and finance
Succession planning and exit strategy

Buying into a Practice

The opportunity to buy into an established practice can be a great outcome as systems and structure will already be in place. We can assist you in undertaking adequate due diligence to ensure that you completely understand the business you may buy into.

We can assist with:

Due diligence on acquisition
Practice acquisition strategy
Structure advice
Debt restructure advice
Asset protection and insurances

Purchase of Practice Premises

Owning your own practice rooms may be something you’ve imagined. We can help you navigate these important steps:

Premises selection and price
Financing options
Ownership structure
Design and fit out

Bookkeeping and payroll

We use Xero for our practice management software which includes reconciliation and reporting functions as well as a payroll management function. We will provide training and assistance to you where needed.

Book your complimentary appointment

Book with us

Contact Us

Wealthmed HQ

We know you are busy professionals, and we try to accommodate all appointment requests. We even offer Skype appointments where needed.

Postal Address

PO Box 5666
Marcoochydore BC Qld 4558

Office Address

Ground Floor, 11 Eccles Blvd
Cnr Florey Blvd + Shine Court,
Birtinya Qld 4575

Wealthmed Australia Pty Ltd

ABN 61 164 523 120
Phone: 1300 887 137