The Different Structures Available For Your Medical Practice
The structure of practices can vary significantly according to needs. Each structure has different advantages and disadvantages covering the level of autonomy, risk, responsibility and cost. Therefore, each one will need to be reviewed [...]
Single Touch Payroll will change the way you report your tax and super
This text is from an email dispatched by the Australian Tax Office on 6-March 2019. Single Touch Payroll (STP) is a new way for employers to report tax and super information to the ATO. [...]
Starting a Medical Practice
Starting a practice is probably one of the most significant professional decisions a doctor will undertake during their professional life. “Starting a practice” or to “Buy into an existing practice” is a common goal for many doctors and health professionals.
Setting up a medical practice: should you practice solo or in a group
Practitioners need to decide whether to practice with other doctors or on their own. Choosing to work with other co-owners could have numerous benefits including:Sharing of expenses;Sharing workload, both medical and administrative;Knowledge sharing and intellectual advancement;Learning from one another’s work experience;Attracting more patients due to each doctor’s credentials and specialties, for example, employing a female doctor could attract a specific demographic of patients who may have not come to the clinic otherwise if only male doctors practiced there; andBeing able to offer patients a versatile set of skillsThese benefits, however, are very minimal if the co-owners of a practice do not work together or more importantly do not completely trust each other as business partners. Partners or associates may be held liable for another co-owner’s actions under some legal structures; therefore an ultimate level of trust and confidence in the legal structure selected is imperative.
5 Things to Consider before Hiring for your Medical Practice
Staff are easy to hire but not so easy to fire. Therefore, much thought should go into your practice before another staff member is hired. Staff salaries are usually responsible for a large percentage of your expenses. Here's a list of alternatives we recommend you consider before hiring.
Buying an Established Medical Practice
Buying a practice should be the best investment for a GP. A mark of a good practice is a demonstrable ability to produce an above average return for its owners. Prospective buyers will be prepared to pay a premium over the value of the practice's tangible assets to receive that above average rate of return.
Budgeting for your medical practice success
Budgeting is the basis for all business success. It helps with both planning and control of the finances of the medical practice.
Single Touch Payroll – will you be ready for 1 July 2019?
Single Touch Payroll (STP) is the new streamlined system for the ATO to receive payroll and superannuation data from employers. Those employing less than 20 staff will need to comply from 1 July 2019.
Investing in the Next 100 Years
Successful investors know successful investing occurs over decades and across generations. With the height, stability and longevity of a doctor’s income comes the opportunity to plan for the next generation.