At Walshs we take great pride in seeing our client’s progress from intern, to specialist, to private practice. Our in-depth understanding of the medical industry means we understand the enormity of the decision. We have supported many clients in this transition meaning we have a wealth of knowledge and experience.
Watch Hugh Walsh discussing the 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 structure you will operate
- Personal Services Income (PSI)
- ABN & GST registration
- Business Activity Statements (BAS) reporting requirements
- Medical billing & revenue collection
- Business income, expenses and service fees
- Deductibility of business expenses
- Business bank accounts and credit cards
- PAYG Instalments and the ‘tax honeymoon’
- Employees, payroll, WorkCover and SuperStream
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:
- Due diligence on acquisition
- Practice acquisition strategies
- Cost review and reduction strategies
- Structuring advice
- Debt structuring advice
- Asset protection strategies
- Coordination of review of legal contracts and agreements
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.
The team at Walshs have built a great network around us so we can assist in all areas of practice establishment and successful ongoing operation.
Owning your own medical rooms is a goal of many practitioners.
Walshs, along with our network, can assist with the following important steps:
- Premise selection and price negotiation
- Financing – lease or buy
- Deciding on the most appropriate structure to own the premises
- Design and fit-out
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:
- Business performance and benchmarking
- Budgeting and forecasting
- Financial management and reporting
- Business management and partnering
- Operational efficiency and best practice implementation
- Compliance – ATO, ASIC and Medicare
- Succession planning and exit strategy
The Walshs Bookkeeping team is rapidly expanding to meet the needs of our clients. Our team have a wealth of experience with many years working in commercial organisations as well as being an integral part of our accounting business.
Walshs can take care of all of your bookkeeping and accounting needs. When our clients engage our bookkeeping service they gain great efficiencies & cost savings, not to mention making their life a whole lot easier with everything being under the one-roof.
Our bookkeeping service offering includes:
Preparation of monthly management accounts
BAS and IAS preparation
Data entry and processing
Reconciliations – bank, credit cards, loans and ATO accounts
Asset register maintenance
Training & ongoing support
Cloud-based accounting software (XERO, MYOB, etc.)
Software set-up, implementation & data migration
We can also go one step further and provide analysis on the performance of your business. We can utilise cloud-based accounting software (XERO, MYOB, etc.) so you are able to gain real-time information on the performance of your business.
Walshs offers an outsourced payroll service that ensures your payroll is managed efficiently and effectively.
Our payroll service offering includes:
Superannuation payments via ATO SuperStream
WorkCover registration and payments
Record of employee entitlements
Electronic payments, payslips and annual payment summaries
PAYG withholding reporting and lodgment
Year-end reconciliations and reporting
Payroll tax obligations