Transition to Private Practice
The transition to private practice may start with just one or two days. However even with a small amount of private work it is important to take the time to understand what these changes will mean to you in terms of the structure you will operate under, how you will receive income, and opportunities of which you can take advantage.
At Walshs we have supported many clients with this transition to ensure they have the right structure in place and are fully educated on how the change will impact them. Without appropriate advice you could find yourself operating from the wrong structure and in trouble with the ATO.
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.
Consideration needs to be given to the following:
The ‘Walshs Way’ in supporting you in the transition to private practice is extremely thorough and most importantly in accordance with ATO guidelines. As your Financial & Tax advisors, Walshs will educate you on the above as it relates to your circumstances and actively assist in arranging all aspects of your transition both now and continuing into the future. Our aim is to support you to make this transition as seamless as possible, in a cost-effective way, so you can enjoy the benefits of working in private practice.
Many practitioners are afforded the opportunity to buy into an established practice. This can be a great outcome as the structure and systems will already be in place. It is important however to undertake adequate due diligence before buying into any practice to ensure you pay the correct price and completely understand the business you are joining. At Walshs we provide due diligence services to ensure our clients’ interests are protected and they enter agreements with comfort and certainty.
Some areas where we can assist:
Starting your own Practice
Starting your own Practice can be an extremely exciting and daunting opportunity. At Walshs we have assisted many clients in starting their own practice – both General and Specialist Practice.
Establishing the right structure at the start is critical. Each structure has its own benefits and limitations, but it is important to choose a structure that meets your individual circumstances, is in accordance with ATO guidelines, while at the same time yielding any additional tax benefits. Choosing the wrong structure can make a massive difference to your wealth and financial security.
Walshs has built a great network around them to ensure we can assist in all areas of practice establishment and successful ongoing operation.
Practice Management; Legal contracts & agreements.
Purchasing Practice Premises
Owning your own medical rooms is a goal of many practitioners.
Walshs, along with our network, can assist with the following important steps:
Practice Management Consulting
Walshs, along with our network, are able to provide consulting services to ensure your practice is operating at its maximum potential. Walshs can act as your business partner to identify efficiencies in operation, implement process improvement ideas & best practice solutions and manage ongoing compliance issues.
Some areas where we can assist:
Walshs can take care of your bookkeeping and accounting needs, including the preparation of monthly management accounts. We can also go one step further and provide detailed analysis on the performance of your business including management performance, positive or adverse trends, return on assets and equity analysis and other funding decisions.
We utilise cloud-based accounting software so you are able to gain real-time information on the performance of your business. We can assist with the set-up, implementation and data migration of this accounting software. We can also provide training for you and your staff.
In addition, we can take care of your GST reporting, and prepare and lodge Business Activity Statements on your behalf.
Walshs offers an outsourced payroll service that ensures your payroll is managed efficiently and effectively.
Our payroll service offering includes: