Blog

When the Australian Government’s Department of Health named the ‘complexities in funding, governance and reporting arrangements’ as one of the major inherent challenges in the Australian health care system*, they were not wrong.

We see health professionals at different stages of their careers facing a variety of financial and accounting challenges. Whether you are just starting out, or you are about to retire from the medical profession, you can benefit from tailored guidance and support.

Starting out

1. Preparing your individual tax return and making sure you are claiming the right expenses.
2. Making a financial plan to pay off any debt, costs associated with improving career prospects, or other new tax challenges.
3. Choosing the right superannuation options for you.

Established career

4. Financial planning for investment and asset acquisition.
5. Mortgage or other loan planning and advice, with tax implications considered.
6. Preparing to start a business or enter a partnership with other health professionals.

Starting your own business

7. Assistance in acquiring a share in business premises or entering into a medical practice arrangement.
8. Advice on the ideal tax structure to acquire a building or enter a practice.
9. Tax compliance, keeping financial statements in order and managing cashflow.
10. Advice on how to correctly set up and manage a service entity.

Building your healthcare business

11. Accounting and bookkeeping services to support a growing client base.
12. Guidance on understanding your service entity or partnership arrangement and its effectiveness.
13. Compliance services for the service entity vehicles and family tax returns.
14. Reviewing your long-term financial strategic plan.
15. More complex tailored tax planning including advice on restructuring, introducing new partners, exiting arrangements or other challenges.
16. Financial planning to map out a strategy to retirement.
17. Ensuring maximised contributions to superannuation are part of the plan.

Ready to retire

18. Assistance in projections for potential exit opportunities from a tax and financial planning perspective to aid an easy transition out of the business.
19. Planning for retirement to ensure a continued income for you and your family.
20. Planning for leaving an inheritance or legacy for the next generation.

As a health professional there are decisions that need to be made to help in minimising tax throughout your career. CountPlus One can ask the right questions to help achieve this, as we understand the triggers.

No matter what milestone you have reached in your professional career, CountPlus One can help you make long-term decisions early on and work to a strategic plan to reach your goals. Get in touch to talk to our friendly team about yours.

Written by Margaret Munetsi

* Systemic National Challenges in Health Care, Australian Government Department of Health.