Why Is It Important for Doctors and Medical Practitioners to Use a Specialised Tax Accountant?

tax account explaining investment options to a doctor

Specialised tax accountants help doctors and medical practitioners perform tax accounting duties and prepare quarterly and annual tax provisions. They help doctors and medical practitioners minimise their tax and position them to grow real wealth.
However, many doctors and medical practitioners do not know about the services of specialised tax accountants since they spend more time taking care of their patients and saving lives.

Doctors and medical practitioners need to hire accountants, so read on to learn why it is important for doctors and medical practitioners to use a specialised tax accountant:

Billing and Cash Flow Efficiency

  • It is difficult for many doctors and medical practitioners to deal with billing and manage the cash flow of their medical practices. Medical practices need a good system in place to handle billing and cash flow.
  • Instead of spending countless hours handling billing and cash flow, hire a specialised tax accountant. Hiring specialised tax accountants improves billing and cash flow efficiency since they know what they are doing.

Related post: How a tax account can help grow your business?

Industry-Standard Comparisons

  • You need to do what industry leaders are doing if you want to grow your medical practice. That is why it is essential to compare the performance of your medical practice to industry leaders.
  • Have a specialised tax accountant compare your performance to industry leaders to know the areas you need to improve on. Improving on these areas can help you grow your medical practice.

Tax-Effective Wealth Creation

  • You not only started your own medical practice to help patients. You also started it to build wealth. Hire a specialised tax account to maximise your earnings and reduce your tax bill at the end of the financial year.
  • Your accountant can even use investment bonds, income splitting, family trusts, negative gearing, superannuation, and more to secure your financial future.

Related post: How a Tax Accountant Can Help Minimise Your Small Business Tax Bill

GST Claims

Almost all professionals do not face unique GST complications. Unfortunately, doctors and medical practitioners face these complications. The GST complications can affect your medical practice.
Hire a specialised tax accountant since they understand GST complications and they know how these complications can affect your medical practice. In addition, having the right accountant can help you make GST claims.

If you are looking for tailored tax advice for your medical practice in Perth, Western Australia, then contact Griffiths Advisory. We can help you minimise your tax and position you to grow real wealth. And we can help you with tax accounting, bookkeeping, negative gearing, business structure, and more.

Phil Griffiths

Phil Griffiths

Bachelor of Commerce
Certified Practising Accountant
Diploma in Financial Planning
Professional Certificate in SMSF
Approved SMSF Auditor

Phil has been managing director of Griffiths Advisory since it began 29 years ago. With a wealth of experience in taxation, business advisory, superannuation, negative gearing, and wealth creation.

Phil enjoys a healthy active lifestyle which includes surfing, cycling and snowboarding, as well as spending quality time with his wife and two children.

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