Medical accountant Sydney for practices and allied health
As a medical accountant in Sydney, SMA Business Advisory supports GP practices, specialists and allied health providers with the accounting, tax and structuring decisions specific to running a medical practice, from billing reconciliation to contractor arrangements.
Understanding medical and healthcare practice finances
Running a medical practice comes with financial questions that a general small business accountant may not deal with every day. How your service trust or practice entity is structured, how Medicare and private billing income reconciles against what actually lands in the practice account, and whether contractor arrangements with visiting doctors or specialists are exposing the practice to payroll tax are all live issues for most practices.
Medical and healthcare practices tend to have layered income streams (a public hospital appointment, private rooms, procedural or on-call income) and layered structures (a practice entity, a service trust, and sometimes a separate entity holding premises or equipment). Financial statements and tax returns need to reconcile that mix properly, and BAS and IAS obligations need to account for the combination of GST-free medical services and any taxable supplies a practice or allied service might make.
Beyond compliance, most practices eventually face structuring decisions of their own: reviewing contractor and service agreements for payroll tax exposure, planning FBT treatment for vehicles or benefits provided to principals, and, for practitioners with multiple income sources, planning personal and family group tax sensibly against high marginal rates. Principals approaching retirement or considering a sale to a corporate practice group also need clarity on how goodwill and practice value are treated before they sign anything.
Structuring and compliance built around how your practice actually bills and operates
Getting practice structuring wrong, or leaving it unreviewed as the practice grows, can create tax inefficiencies or unnecessary personal exposure. It also increasingly matters for payroll tax. Revenue authorities across Australia have taken a harder look at contractor and service agreements between practices and the doctors who work through them, and getting caught out after the fact is expensive to unwind.
Manraj and his team work through your specific practice structure, billing mix and contractor arrangements rather than applying a one-size-fits-all template, backed by 15+ years of accounting and advisory experience. That means a plan built around your practice, reviewed regularly as it grows or as arrangements with practitioners change.
- Service trusts, practice entities and related structures reviewed for tax efficiency and payroll tax exposure
- Medicare, private billing and hospital-based income reconciled against what reaches the practice account
- Service and contractor agreements checked before a revenue office review does it for you
- Structuring and goodwill advice for principals approaching retirement or a corporate sale
Clear, practical advice across every stage
Our services are structured around the way business owners actually make decisions, at every stage of growth.
Business Accounting & Tax Compliance
The foundation of good compliance, handled accurately and reported on time, every time.
- Financial Statements
- Income Tax Returns
- Personal & HNW Tax
- BAS & IAS
- Payroll Tax
- FBT
- ATO Correspondence & Audit
Business Advisory
Guidance that looks well beyond this quarter, toward where your business is headed next.
Learn more about Business AdvisoryTax Advisory
Structure your business, plan your tax position and protect what you've built with confidence.
- Business Tax
- Personal and Family Groups
- Tax Planning
- Structuring & Asset Protection
- Family Group Structuring
- Trust & Estate Planning
- Wealth & Succession
Business Support Services
Dependable bookkeeping, payroll and systems support working quietly behind the scenes.
- Bookkeeping
- Payroll Processing
- Business Structure and Company Setup
- ASIC Compliance and Management
- Xero Setup and Support
- Cloud Accounting Solutions
Not sure which service you need?
Book an obligation-free consultation and we'll help you find the right starting point for your business.
Book a consultationFrequently asked questions
Answers to the questions we hear most often. If you can’t find what you’re looking for, get in touch and we’ll be happy to help.
Do you work with GPs, specialists and allied health practitioners, or just one type of practice?
We work with medical and healthcare businesses generally, including GP practices, specialist rooms and allied health providers. The specific structuring and compliance questions vary by practice type, and we tailor advice accordingly.
Can you review whether our contractor arrangements with doctors carry payroll tax risk?
Yes. This is one of the more common structuring reviews we do for medical practices, given how much scrutiny service and contractor arrangements have attracted from state revenue offices in recent years.
I bill through Medicare, privately, and occasionally through a hospital. Can you help make sense of how that all reconciles?
Yes, reconciling multiple income streams against what actually reaches the practice bank account is a routine part of the financial statement and tax return work we do for practices with mixed billing arrangements.
I'm a specialist about to join an existing practice as an associate or partner. What should I have reviewed first?
Before signing on, it’s worth having your proposed structure, whether that’s a service agreement, a partnership interest or a separate practice entity, reviewed so you understand the tax and liability position you’re taking on.
Do you handle FBT for vehicles and other benefits provided to doctors in the practice?
Yes, FBT is a common area of oversight for practices that provide cars, parking or other benefits to principals or senior staff, and we can review your current treatment or set it up correctly from the start.
We're thinking about selling the practice or bringing in a corporate buyer. Can you help with that process?
We can help you think through the tax and structuring implications of a sale or corporate rollup, including how the practice’s structure affects what you keep. For the transaction itself, you’ll also need a solicitor experienced in practice sales, and we’re glad to work alongside them.
News, guides and practical advice
Considered guidance on the issues that matter most to business owners and family groups.
Fringe Benefits: Guide & How to Calculate
A clear, plain-English explanation of fringe benefits tax and how it is actually calculated for your business.
Read articleATO Audits: What You Need to Know
An overview of what prompts an ATO audit in the first place, and the practical steps to take if you are contacted.
Read articleSmall Business Structuring: An Accountant’s Guide
Considered guidance on choosing the right business structure from day one, before costly problems set in.
Read articleRequest a consultation
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