We understand the challenges that Medical practitioners and Dentists are facing. We also understand that most of them are interested in Assets protection and wealth management strategies rather than just having the compliance services done. Other Services that would be seen as “Value Added” from their business perspectives are –

  1. Service Trust arrangements;
  2. Practice Valuations;
  3. Developing KPI’s for practice and associates; and
  4. Practice Acquisition strategies.

Through our experience, we have gained extensive knowledge of the key factors that govern the success of a professional practice, such as leveraging, service deliveries, scheduling patients, acquiring specialist equipment and managing cash flow.

It is important to choose a good Business advisor. There are accountants who are able to prepare BAS and Tax returns at low costs. However, building up a successful business and personal wealth requires more than just tax knowledge. You need to look for someone who has vast experience in working with Doctors, has broad business knowledge and exceptional people skills etc.

No matter where you are in your career, we can always identify the opportunities to maximise your rewards.

Common Q&A

Q) What would be the best structure when starting a practice?

A) Owning a practice is the best investment for a Doctor. However, a couple of things need to be considered when setting up the business structure (e.g. tax, asset protection and succession planning etc). However, the biggest challenge is to understand and overcome the concept of Personal Exertion Income (PEI) vs General Business Income. When the income is derived mainly from the principal of the Practice, regardless of how the structure is incorporated, the residual profit must be attributed to the principal. However, when most of the income is earned by the associates, hygienists, nursing support and sale of consumables, the character of the income is more likely towards the General Business Income.

There are various types of structures that can be incorporated, including Service Trust vehicles. However, there is no “one size fits all” so it is important to consider the following factors –

  1. Individual circumstances;
  2. Asset protection and
  3. Tax effectiveness.

Q) Should I buy a practice or not?

A) Starting a business from scratch is probably the harder and more daunting option. However, it has the advantage of not having to pay up a goodwill. You would also have full control over what is happening, not be restricted by what has happened in the past, or what a business partner may decide to do. Location, staff, and premises are an open book, allowing decisions to be made autonomously.

On the other side, buying into an established practice has more certainty allowing practitioners to be more confident that their patients load will be there. This lowers the risk factors and heightens the prospects of a good income from Day one. Often the practitioner will have worked at the practice for a period of time, so they will be familiar with patient load. They may have actively contributed to the growth of the practice, which may be reflected in negotiations at a discounted buy in price. The downside to buying into an established practice is the financial outlay, and there are no guarantees of being able to get the funds back in the future.

Q) What would be my financial concerns as a Business Owner and how can you assist?

A) It depends on the stage of your life as different challenges are faced at different stages.

The younger doctors (age 24 – 40) are eager to build strong foundations for their financial future. This could include buying their first family home and even their first practice. Some of them would be married and thinking to have children during this journey.

We can assist you in the following areas –

  1. Establishing a good business structure in acquiring the business
  2. Conducting the required business valuation for the business
  3. Assisting in applying the appropriate loan products for both the Business and Family Home
  4. Incorporating the Risk management strategies such as Life or Income Protection Insurance to protect any unforeseeable events
  5. Preparing for the long term business and wealth creation strategies
  6. Exploring other Asset Protection strategies for the Business and Family
  7. Sourcing the ideal property for the Family home or other investment properties.

The middle-aged doctors (age 36 – 50) have a mega busy life with Business, Family, Mortgages and health. Most of them are thinking of either Business expansions, paying down the mortgages or funding for their child’s education.

We can assist you in the following areas –

  1. Reviewing of the existing Business Structures
  2. Conducting a needs assessment for the long term business and personal plans
  3. Reviewing of the existing loan structures and available top ups
  4. Reassessing the risk management strategies for both personal and business
  5. Considering some succession planning strategies for the Business
  6. Maximising the investment portfolios and tax effective strategies
  7. Exploring the SMSF opportunities

The older aged doctors (age 51- 65) are not far away from their retirement stage and their kids are hopefully moving out of the nests while the Business is at the mature stage. It is time to start enjoying some “Work – Life Balance”.

We can assist you in the following areas –

  1. Starting the retirement strategic planning
  2. Investing actively into your SMSF
  3. Formulating the succession planning strategies for the business – whether selling the business to a third party or to an internal management stakeholder
  4. Reviewing your existing loan structures
  5. Implementing a Family Office model if required
  6. Investing into a smaller house
  7. Building up a savings or property portfolio for the children or grandchildren

The retired doctors (age 65+) are keen to enjoy the retirement life after all these years of hard work.

We can assist you in the following areas –

  1. Accelerating your retirement planning and converting it into practice
  2. Ensuring a constant and tax effective passive income stream
  3. Planning for your estate

We understand the challenges that Medical practitioners and Dentists are facing. We also understand that most of them are interested in Assets protection and wealth management strategies rather than just having the compliance services done. Other Services that would be seen as “Value Added” from their business perspectives are –

  1. Service Trust arrangements;
  2. Practice Valuations;
  3. Developing KPI’s for practice and associates; and
  4. Practice Acquisition strategies.

Through our experience, we have gained extensive knowledge of the key factors that govern the success of a professional practice, such as leveraging, service deliveries, scheduling patients, acquiring specialist equipment and managing cash flow.

It is important to choose a good Business advisor. There are accountants who are able to prepare BAS and Tax returns at low costs. However, building up a successful business and personal wealth requires more than just tax knowledge. You need to look for someone who has vast experience in working with Doctors, has board business knowledge and exceptional people skills etc.

No matter where you are in your career, we can always identify the opportunities to maximise your rewards.

Common Q&A

Q) What would be the best structure when starting a practice?

A) Owning a practice is the best investment for a Doctor. However, a couple of things need to be considered when setting up the business structure (e.g. tax, asset protection and succession planning etc). However, the biggest challenge is to understand and overcome the concept of Personal Exertion Income (PEI) vs General Business Income. When the income is derived mainly from the principal of the Practice, regardless of how the structure is incorporated, the residual profit must be attributed to the principal. However, when most of the income is earned by the associates, hygienists, nursing support and sale of consumables, the character of the income is more likely towards the General Business Income.

There are various types of structures that can be incorporated, including Service Trust vehicles. However, there is no “one size fits all” so it is important to consider the following factors –

  1. Individual circumstances;
  2. Asset protection and
  3. Tax effectiveness.

Q) Should I buy a practice or not?

A) Starting a business from scratch is probably the harder and more daunting option. However, it has the advantage of not having to pay up a goodwill. You would also have full control over what is happening, not be restricted by what has happened in the past, or what a business partner may decide to do. Location, staff, and premises are an open book, allowing decisions to be made autonomously.

On the other side, buying into an established practice has more certainty allowing practitioners to be more confident that their patients load will be there. This lowers the risk factors and heightens the prospects of a good income from Day one. Often the practitioner will have worked at the practice for a period of time, so they will be familiar with patient load. They may have actively contributed to the growth of the practice, which may be reflected in negotiations at a discounted buy in price. The downside to buying into an established practice is the financial outlay, and there are no guarantees of being able to get the funds back in the future.

Q) What would be my financial concerns as a Business Owner and how can you assist?

A) It depends on the stage of your life as different challenges are faced at different stages.

The younger doctors (age 24 – 40) are eager to build strong foundations for their financial future. This could include buying their first family home and even their first practice. Some of them would be married and thinking to have children during this journey.

We can assist you in the following areas –

  1. Establishing a good business structure in acquiring the business
  2. Conducting the required business valuation for the business
  3. Assisting in applying the appropriate loan products for both the Business and Family Home
  4. Incorporating the Risk management strategies such as Life or Income Protection Insurance to protect any unforeseeable events
  5. Preparing for the long term business and wealth creation strategies
  6. Exploring other Asset Protection strategies for the Business and Family
  7. Sourcing the ideal property for the Family home or other investment properties.

The middle-aged doctors (age 36 – 50) have a mega busy life with Business, Family, Mortgages and health. Most of them are thinking of either Business expansions, paying down the mortgages or funding for their child’s education.

We can assist you in the following areas –

  1. Reviewing of the existing Business Structures
  2. Conducting a needs assessment for the long term business and personal plans
  3. Reviewing of the existing loan structures and available top ups
  4. Reassessing the risk management strategies for both personal and business
  5. Considering some succession planning strategies for the Business
  6. Maximising the investment portfolios and tax effective strategies
  7. Exploring the SMSF opportunities

The older aged doctors (age 51- 65) are not far away from their retirement stage and their kids are hopefully moving out of the nests while the Business is at the mature stage. It is time to start enjoying some “Work – Life Balance”.

We can assist you in the following areas –

  1. Starting the retirement strategic planning
  2. Investing actively into your SMSF
  3. Formulating the succession planning strategies for the business – whether selling the business to a third party or to an internal management stakeholder
  4. Reviewing your existing loan structures
  5. Implementing a Family Office model if required
  6. Investing into a smaller house
  7. Building up a savings or property portfolio for the children or grandchildren

The retired doctors (age 65+) are keen to enjoy the retirement life after all these years of hard work.

We can assist you in the following areas –

  1. Accelerating your retirement planning and converting it into practice
  2. Ensuring a constant and tax effective passive income stream
  3. Planning for your estate

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