Tax Planning and Tax Returns for GPs and Doctors

 

At Mount Martha Accountants one of the things we specialise in is Tax Planning and Tax Returns for Medical Professionals and Practices. We can assist you to arrange your financial affairs in a legal manner that will allow you to take advantage of eligible tax deductions and exemptions.

We have dedicated hundreds of hours researching current and new tax laws, as well as communicating with the Australian Tax Office and regulators within the medical industry, so you can trust that our knowledge is up-to-date. In one recent major change in the taxation of medical professionals we were 2-3 years ahead of the ATO’s interpretation of the law with our interpretation being supported by the courts in after the ATO attempted to enforce their version of the law. (and failed!) 

With the rising operational costs and high marginal tax rates facing Medical and Health Professionals and Practices, it is vital to set up the proper Tax Planning and secure the best possible tax return. Although Tax Planning can be complex in nature, it primarily aims to minimise taxable income receipts and maximise tax deductible expenses.

 

There are multiple Tax Planning strategies that may apply to you. These include:
  • Tax deductible Superannuation contributions
  • Proper use of business structures like Companies and Family Trusts
  • Salary Sacrifice
  • Reducing your capital gains tax liability
  • Claiming work-related expenses, such as uniform and cleaning costs, self-education expenses and work-related travel costs.
  • Income protection insurance

Please contact Alan Maddick the Practice Owner using our contact feature HERE or you are welcome to call Alan direct on 0411 551 838.