For doctors and practice owners
Know where you stand, and what to do next.
As your income grows, you move into contracting or private practice, or you consider buying into a practice, the way you earn and hold income may need to change.
Verity Advisory helps Brisbane doctors and practice owners with tax planning, contractor arrangements, structure reviews and compliance, while considering the effect on cashflow, borrowing and future plans.
You may have started as a PAYG employee with tax withheld for you. Each move after that changes what you need to manage, and the answer isn't always a new entity. Sometimes the most useful advice is knowing what to leave alone.
Tax withheld through payroll. Salary packaging, deductions and a first investment.
An ABN, GST registration where required, personal services income rules, PAYG instalments and record keeping.
Investments, larger borrowing and whether your current arrangements still suit you.
Buy-in structure, how income and distributions flow, practitioner arrangements, payroll tax and financing.
Expansion, sale, capital gains and any small business concessions you may be eligible for.
Moving from employment into contracting, locum work or private practice.
What changes when no one withholds tax for you, and how to set up so the first year doesn't bring a surprise bill.
Income has grown, or a sole trader, company or trust is already in place.
Whether your current arrangements still suit how you earn income and what you own, considering the tax rules that apply, running costs and what a change would trigger.
Throughout the year, not just in June.
Plan for income tax, instalments and other obligations so you know how much cash is genuinely available after tax.
Before buying into, establishing, expanding or leaving a practice.
The tax and structuring effects of ownership arrangements, how business income is received and what happens on exit, considered alongside the finance involved. See our practice buy-in advice page.
For practice owners.
Business tax returns, BAS, and a review of practitioner arrangements, GST treatment and payroll tax where applicable, including available exemptions and their limits. Bookkeeping and management reporting are part of our medical practice accounting service.
Not necessarily.
If most of your income comes from your own clinical work, it is likely to be personal services income. Where the personal services income rules apply, income earned through a company, partnership or trust is attributed back to you, so the structure doesn't change how that income is taxed. Other integrity rules can apply as well.
A structure can still make sense for running a practice business, holding investments or family circumstances. That's a separate question from how your clinical income is taxed, and it's worth answering before you set one up.
A structure that reduces tax may not give the best overall result. It can change how lenders assess your income, how easily you can access funds, what administration costs and how much flexibility you have later. Verity coordinates tax advice with lending and financial planning, each provided separately and under its own licensing arrangements.
Lenders may assess income differently depending on how you're paid, your structure and your financial statements. Tax and lending plans should be considered together.
Talk to us before you borrowSuper contributions, investment ownership and insurance all interact with how your income is earned and taxed.
Financial adviceOwnership structure affects distributions, practice tax obligations and what happens when you sell.
Medical practice accountingWe review your income arrangements, existing entities, tax obligations and the decisions in front of you.
We set out the tax considerations, compare practical alternatives and explain the costs, risks and trade-offs.
What needs attention now, what can wait and what implementation or ongoing support makes sense.
Scope and fees are agreed before any paid engagement starts. Verity Advisory is a Registered Tax Agent, led by Tommy Li CA.
Useful points are moving into contracting, starting private practice, a significant change in income, buying investments, considering practice ownership or preparing for major borrowing.
Yes. Lenders may assess income differently depending on your employment arrangements, structure, financial statements and tax returns. If significant borrowing is planned, tax and lending should be considered together.
Not always. Contracting changes how you're paid, what you can claim and what you must manage yourself, such as GST registration where required, PAYG instalments and your own super. Whether it leaves you better off depends on the terms of the arrangement, not the label.
The proposed ownership structure, expected income and distributions, financing, tax liabilities, capital gains implications and how you would exit. These are best addressed before you sign anything binding.
Yes. We prepare individual, company and trust tax returns, and use them as a starting point for a review when circumstances have changed.
If your income arrangements have changed, your business interests are growing or a big decision is coming up, it may be time to check
whether your tax arrangements still suit you.
We start with a conversation and tell you what kind of engagement, if any, would help.
Or call us on 1300 173 103.
We help doctors look at their tax, borrowing and financial consequences together before making important decisions, rather than having to work out how the pieces fit together themselves.
If you'd like to talk through a decision you're considering, get in touch.