---
title: Medical Practice Accounting & Tax | Verity Advisory
description: Medical practice accounting and tax advice for GP practice owners. Understand profit, cashflow, practitioner arrangements and reporting before major decisions.
---

[Skip to content](http://www.verityadvisory.com.au/what-we-do/medical-accounting#main)

[![Verity Advisory](https://8127383.fs1.hubspotusercontent-na1.net/hub/8127383/hubfs/Brand%20Logo%20etc/2.png?width=120&height=48&name=2.png)](http://www.verityadvisory.com.au/?hsLang=en-au)

☰ Menu

Who We Help

[GP Contractors](http://www.verityadvisory.com.au/doctors/gp-contractors/?hsLang=en-au) [Practice Buy-ins](http://www.verityadvisory.com.au/doctors/practice-buy-in-advice/?hsLang=en-au) [Dentists](http://www.verityadvisory.com.au/dentists/?hsLang=en-au)

Services

[Tax Advice & Structure Reviews](http://www.verityadvisory.com.au/what-we-do/tax-advice/?hsLang=en-au) [Medical Practice Accounting](http://www.verityadvisory.com.au/what-we-do/medical-accounting/?hsLang=en-au) [Financial Advice](http://www.verityadvisory.com.au/what-we-do/financial-advice/?hsLang=en-au)

[Insights](http://www.verityadvisory.com.au/insights/?hsLang=en-au)

[About](http://www.verityadvisory.com.au/about/?hsLang=en-au)

[Contact](http://www.verityadvisory.com.au/contact/?hsLang=en-au)

[Client portal](https://clients.karbonhq.com/us2/21yyHN8dJMd6/login)[Doctor Financial Scorecard](https://doctor-financial-scorecard.scoreapp.com/)

Accounting and tax for GP practice owners

# Medical practice accounting that makes the numbers useful

The practice is busy, but is it producing the profit and cash you expected? We help medical practice owners get reliable accounts, understand tax obligations and make decisions about staffing, facilities and growth with clearer financial information.

[Discuss your practice's accounting](https://meetings.hubspot.com/verityadvisory/15-min-phone-call)[Considering a practice buy-in?](http://www.verityadvisory.com.au/doctors/practice-buy-in-advice/?hsLang=en-au)

Brisbane-based tax and accounting advice for medical practices.

What practice owners need to know

## When the practice is busy but the numbers aren't clear

More patients or more doctors don't automatically mean more cash. Useful accounting should explain what's happening in the practice and flag issues while there's still time to respond.

The practice reports a profit. Why is cash tight?Patient receipts, practitioner payments, GST, PAYG, staff costs, tax, drawings and loan repayments happen on different timetables. We help reconcile reported profit with money actually available.

Are additional doctors improving profitability?More billings can bring higher service-fee income, but also extra rooms, staffing, equipment, administration and other costs. Evaluate the contribution after those costs—not turnover alone.

Are our practitioner arrangements correctly treated?How patient fees flow, who pays whom, and the actual contract terms can affect GST and Queensland payroll tax. An accounting review may identify matters needing specific tax or legal advice.

Will the next tax bill catch us off guard?Business cash may include amounts needed for tax and other commitments. Accurate records, BAS and tax planning help owners see obligations before deciding what can be distributed or reinvested.

Can we afford another room, clinician or location?Before expanding, understand sustainable earnings, working capital, debt obligations and what happens if anticipated activity takes longer to arrive.

**Queensland payroll tax:** Wages paid by qualifying medical practices (other than hospitals) to eligible GPs are exempt from 1 December 2024. This does not automatically cover payments to other health practitioners. Relevant contracts and the facts of each arrangement still matter. [Queensland Revenue Office guidance](https://qro.qld.gov.au/payroll-tax/exemptions/wages/).

## Accounting support matched to your practice

A single GP contractor and a multi-doctor practice need different levels of accounting and management information. We discuss the work your practice needs and agree responsibilities, deliverables, reporting frequency and fees in writing before services begin.

| Indicative service level | Main purpose | Reporting and discussion |
| --- | --- | --- |
| **Gold** | Get the annual accounts and tax position organised | Annual financial and tax review where included in the engagement |
| **Platinum** | Understand practice performance during the year | Quarterly reporting and review options, subject to agreed scope |
| **Diamond** | Keep closer oversight of a larger or more complex practice | Monthly reporting and review options, subject to agreed scope and capacity |

**These are indicative service levels, not fixed packages or an offer that all listed services are included.** We confirm the actual scope and fee for each engagement. Bookkeeping, BAS, payroll, annual financial statements, business and individual tax returns, tax planning and meeting frequency are specified separately as applicable. The division of responsibilities between your team, bookkeeper and Verity is agreed upfront.

## From tax compliance to better decisions

For a medical practice, reliable bookkeeping and timely accounts are the starting point. Useful discussions then include profitability, cash conversion, practitioner economics, upcoming tax obligations and whether proposed growth can be funded sustainably.

We can discuss where deeper modelling, a [Tax Structure Review](http://www.verityadvisory.com.au/what-we-do/tax-advice/?hsLang=en-au), lending assessment or [practice transaction advice](http://www.verityadvisory.com.au/doctors/practice-buy-in-advice/?hsLang=en-au) may be appropriate. These are separately scoped when required.

Connected decisions

## Where accounting meets your next decision

Practice accounting supports better choices, but not every question is solved by bookkeeping or a tax return.

[I'm a GP contractorGet your service agreement, tax instalments, GST and borrowing questions into order.GP contractor advice →](http://www.verityadvisory.com.au/doctors/gp-contractors/?hsLang=en-au)[My tax structure needs reviewingExamine existing entities and how income flows before making changes.Tax structure reviews →](http://www.verityadvisory.com.au/what-we-do/tax-advice/?hsLang=en-au)[I'm considering practice ownershipTest sustainable business profit, acquisition price, tax and funding before committing.Practice buy-in advice →](http://www.verityadvisory.com.au/doctors/practice-buy-in-advice/?hsLang=en-au)[I need a personal financial planConnect practice income to household debt, super, investments and family protection.Financial advice →](http://www.verityadvisory.com.au/what-we-do/financial-advice/?hsLang=en-au)

Verity's tax and accounting work, personal financial advice and credit assistance are provided under the relevant separate engagements and regulatory arrangements.

## Questions medical practice owners ask

Why does the practice show a profit but have little cash?

Accounting profit differs from cash in the bank. Unpaid invoices, timing of patient receipts, tax, practitioner and staff payments, equipment purchases, loan principal repayments and drawings may explain the gap. We examine the records and commitments rather than relying on the profit figure alone.

What should a practice owner review each month?

Useful measures depend on the practice model but may include service-fee revenue or other practice income, staffing and premises costs, profitability, cash, debts, upcoming tax and major commitments. A monthly review is not necessary for every practice; frequency should reflect the decisions you need to make.

Do all your accounting packages include bookkeeping and BAS?

Not automatically. We agree which bookkeeping, BAS, annual accounts, returns and advisory services are included, who does the underlying record keeping and when reports or meetings will be delivered. The service levels shown above are indicative, not fixed inclusions.

Can you provide quarterly or monthly management reporting?

We can discuss quarterly or monthly reporting for practices that need more frequent financial oversight, subject to the scope, information available and delivery arrangements agreed in advance. Reporting can be tailored to relevant practice measures.

Can you review GST and payroll tax for GP service arrangements?

Yes, where included in the engagement. The tax treatment depends on the actual contracts and how patient fees, practitioner payments and service fees flow. Queensland has a GP-specific payroll tax exemption, but its application and the treatment of other practitioners need to be considered on the facts.

Can you help us decide whether to add another doctor or site?

We can use the practice's financial records to examine the expected contribution, additional costs, working capital and effect on cashflow. Detailed forecasts, valuations, finance or transaction advice are scoped separately when needed.

What if we already have a bookkeeper?

You may be able to keep your current bookkeeper. We first clarify responsibilities for transaction coding, reconciliations, BAS, accounts and management reporting, and identify any gaps or duplication.

Do you work with practices outside Brisbane?

Yes. Verity is based in Bowen Hills and can work with practice owners elsewhere in Australia remotely, subject to the services and engagement requirements.

## Do you have enough clarity over your practice finances?

Whether the concern is cashflow, practitioner arrangements, reporting or a decision to expand, we'll discuss what the practice needs and define the scope before any engagement begins.

[Discuss your practice's accounting](https://meetings.hubspot.com/verityadvisory/15-min-phone-call)

## Tell us what is happening in your practice

Maybe profits and cash don't seem to match, costs have increased or you're considering another clinician or site. Tell us the decision or concern you want to address.

We can discuss the relevant financial records, what support may be useful and how a proposed engagement would be scoped and priced.

[1300 173 103](tel:1300173103)[info@verityadvisory.com.au](mailto:info@verityadvisory.com.au)Suite 10, 39 Jeays St, Bowen Hills QLD 4006[Book a 15-minute discovery call →](https://meetings.hubspot.com/verityadvisory/15-min-phone-call)

VERITY ADVISORY

Financial guidance for doctors.

Suite 10, 39 Jeays St, Bowen Hills QLD 4006

Explore [About](http://www.verityadvisory.com.au/about/?hsLang=en-au) [Tax advice](http://www.verityadvisory.com.au/what-we-do/tax-advice/?hsLang=en-au) [Medical practice accounting](http://www.verityadvisory.com.au/what-we-do/medical-accounting/?hsLang=en-au) [Financial planning](http://www.verityadvisory.com.au/what-we-do/financial-advice/?hsLang=en-au) [Insights](http://www.verityadvisory.com.au/insights/?hsLang=en-au)

Who we help [GP contractors & locums](http://www.verityadvisory.com.au/doctors/gp-contractors/?hsLang=en-au) [Practice buy-ins & owners](http://www.verityadvisory.com.au/doctors/practice-buy-in-advice/?hsLang=en-au) [Dentists](http://www.verityadvisory.com.au/doctors/dentists/?hsLang=en-au)

Contact [1300 173 103](tel:1300173103) [info@verityadvisory.com.au](mailto:info@verityadvisory.com.au) [LinkedIn](https://www.linkedin.com/in/tommylica/) [Google reviews](https://g.page/r/CYh1GySJj-nIEBM/review) [Client portal](https://clients.karbonhq.com/us2/21yyHN8dJMd6/login)

Get new insights by email

Practical articles on tax and financial decisions for doctors.

[Subscribe](http://www.verityadvisory.com.au/insights/#subscribe)

Verity Advisory is a [Registered Tax Agent](https://myprofile.tpb.gov.au/public-register/practitioner/?ran=26093041) with the Tax Practitioners Board (TPB).

Verity Finance Pty Ltd t/as Verity Financial Advice (ABN 13646391639) is a Corporate Authorised Representative No.1296510 of Advice Practice Alliance Pty Ltd AFSL 552467.

For information about our tax practitioner obligations, financial services disclosures and Financial Services Guide, see [Website Disclosure Information](http://www.verityadvisory.com.au/disclosures/?hsLang=en-au).

The information on this website is general information only and is not intended to be a recommendation. We strongly recommend you seek advice from your financial adviser as to whether this information is appropriate to your needs, financial situation and investment objectives. Whilst every care has been taken in the preparation of this website, Verity Finance Pty Ltd, its related entities, directors, authors, consultants, editors and any persons involved in the construction of this website, expressly disclaim all and any form of liability to any person in respect of this website and any consequences arising from its use by any person in reliance upon the whole or any part of this website.

© 2026 Verity Advisory. Liability limited by a Scheme approved under Professional Standards Legislation.

[Privacy Policy](http://www.verityadvisory.com.au/privacy-policy/?hsLang=en-au) [Terms & Conditions](http://www.verityadvisory.com.au/terms-of-use/?hsLang=en-au)

```json
{
  "@context" : "https://schema.org",
  "@type" : "Service",
  "areaServed" : "Brisbane",
  "name" : "Medical practice accounting",
  "provider" : {
    "@type" : "AccountingService",
    "name" : "Verity Advisory",
    "url" : "https://www.verityadvisory.com.au/"
  },
  "serviceType" : "Accounting"
}
```

```json
{
  "@context" : "https://schema.org",
  "@type" : "FAQPage",
  "mainEntity" : [ {
    "@type" : "Question",
    "acceptedAnswer" : {
      "@type" : "Answer",
      "text" : "Accounting profit differs from cash in the bank. Unpaid invoices, timing of patient receipts, tax, practitioner and staff payments, equipment purchases, loan principal repayments and drawings may explain the gap. We examine the records and commitments rather than relying on the profit figure alone."
    },
    "name" : "Why does the practice show a profit but have little cash?"
  }, {
    "@type" : "Question",
    "acceptedAnswer" : {
      "@type" : "Answer",
      "text" : "Useful measures depend on the practice model but may include service-fee revenue or other practice income, staffing and premises costs, profitability, cash, debts, upcoming tax and major commitments. A monthly review is not necessary for every practice; frequency should reflect the decisions you need to make."
    },
    "name" : "What should a practice owner review each month?"
  }, {
    "@type" : "Question",
    "acceptedAnswer" : {
      "@type" : "Answer",
      "text" : "Not automatically. We agree which bookkeeping, BAS, annual accounts, returns and advisory services are included, who does the underlying record keeping and when reports or meetings will be delivered. The service levels shown above are indicative, not fixed inclusions."
    },
    "name" : "Do all your accounting packages include bookkeeping and BAS?"
  }, {
    "@type" : "Question",
    "acceptedAnswer" : {
      "@type" : "Answer",
      "text" : "We can discuss quarterly or monthly reporting for practices that need more frequent financial oversight, subject to the scope, information available and delivery arrangements agreed in advance. Reporting can be tailored to relevant practice measures."
    },
    "name" : "Can you provide quarterly or monthly management reporting?"
  }, {
    "@type" : "Question",
    "acceptedAnswer" : {
      "@type" : "Answer",
      "text" : "Yes, where included in the engagement. The tax treatment depends on the actual contracts and how patient fees, practitioner payments and service fees flow. Queensland has a GP-specific payroll tax exemption, but its application and the treatment of other practitioners need to be considered on the facts."
    },
    "name" : "Can you review GST and payroll tax for GP service arrangements?"
  }, {
    "@type" : "Question",
    "acceptedAnswer" : {
      "@type" : "Answer",
      "text" : "We can use the practice's financial records to examine the expected contribution, additional costs, working capital and effect on cashflow. Detailed forecasts, valuations, finance or transaction advice are scoped separately when needed."
    },
    "name" : "Can you help us decide whether to add another doctor or site?"
  }, {
    "@type" : "Question",
    "acceptedAnswer" : {
      "@type" : "Answer",
      "text" : "You may be able to keep your current bookkeeper. We first clarify responsibilities for transaction coding, reconciliations, BAS, accounts and management reporting, and identify any gaps or duplication."
    },
    "name" : "What if we already have a bookkeeper?"
  }, {
    "@type" : "Question",
    "acceptedAnswer" : {
      "@type" : "Answer",
      "text" : "Yes. Verity is based in Bowen Hills and can work with practice owners elsewhere in Australia remotely, subject to the services and engagement requirements."
    },
    "name" : "Do you work with practices outside Brisbane?"
  } ]
}
```