At Wealthmed, we create services that are simple to use while being detailed enough to meet compliance obligations with the ATO. In this blog post, we will discuss three key areas we can assist you if you are planning on locum sole trading.
Tax Perspective
Becoming a locum sole trader is a big change – you need to manage your own future tax liabilities, as tax is no longer deducted at the source. A key feature of our service is helping you manage your tax obligations along the way. This involves estimating your future tax bills and instalments so that you can plan effectively for these. More importantly, we give you the information you need to make decisions that will help you legally and logically reduce your tax bills going forward.
Finance
While working as a locum sole trader, it can be difficult to obtain finance as the banks will want to see tax returns showing your sole trader income for two years. Fortunately, we are an accredited accountant with several banks which allows us to use projected income to avoid waiting two years.
GST on expenses
Without the right advice, you may be missing out on GST claims you are entitled to. Many people do not realise they can claim GST back on expenses relating to their private work and are also unaware they can apportion the expense for GST purposes if it also relates partly to their locum activities.
How we can assist you
We have put together a locum sole trader package were we take care of the paperwork in a streamlined and efficient manner, while you are working as a locum or GP. This service includes preparation of quarterly business activity statements, annual business income schedule, annual tax return and tax planning advice. We know your time is valuable, so to ensure you make the most of your time, we link your bank accounts to an all-electronic system for record-keeping. We will also, wherever possible, liaise with your GP practise or locum payer to receive documents directly from them to save you time.
Above all, by working with Wealthmed you are utilising a wealth of experience with a firm that provides integrated financial services incorporating financial advisers, financial planners, accountants and property advisers.
As specialists in the medical and allied health field, we welcome you to come and speak with us about what we can do for you and how we can ensure that your transition to private work runs smoothly and that your ongoing needs are managed correctly.
If you are on the locum sole trader journey click here to book in a 15-minute quick chat with us.
