At Walshs we take great pride in seeing our client’s progress from intern, to specialists, to private practice. Our deep understanding of the medical industry means we understand the enormity of the decision to venture into private practice.

Our aim is to make the transition to private practice as easy and seamless as possible, so you can focus on what you do best. We have supported many clients in this transition meaning we have a wealth of knowledge and experience.

As medical industry specialists we understand the tax structures best suited to optimise your tax position, giving you cash flow to further build wealth and to enjoy the lifestyle you choose.

Things you need to consider when transitioning into private practice:

  • GST requirements
  • How you pay your tax
    • Pay as You Go (PAYG) instalment tax system
    • Tax honeymoon
  • Personal Services Income
  • Tax structure as a sole practitioner
    • Sole trader
    • Company
    • Family Trust
  • Tax structure as a group practice
    • Partnership
    • Associateship
    • Unit Trust
    • Partnership of Trusts
  • Establishment of a service entity
  • Medical billing and revenue collection

Walshs can also support you in the establishment and running of successful and sustainable medical practices.

When you transition into private practice we are there to support you every step of the way – whether that be locating and financing your premises, setting-up billing and IT systems, ongoing business management support and of course accounting and taxation services.

We also provide due diligence services if you are considering buying into an existing practice. By undertaking due diligence of the offer before buy-in we can ensure your interests are protected and you enter the agreement with comfort and certainty.

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