GP’s and Doctors- Who is doing their Health Check?

GP’s are close to our heart. They spend years studying to get there, got us through covid and don’t get us started on trying to give patients good care while juggling time pressures of bulk billing. Some of our family members are doctors so we have been keeping our finger on the pulse in this space for years.

This is where we think the accounting industry is letting you down. Working in a clinic requires our GPs to be independent contractors in most cases. Registering for GST and requiring quarterly Business Activity Statements to be lodged. As most health care services are GST free, most income does not require GST to be remitted to the ATO, however the BAS still need to be lodged to claim back the GST on clinic/service fees.

We have found that most doctors aren’t given training on the best way to do this. Complex excel spreadsheets & wading through Mygov to try and lodge your BAS, while also being time poor is never a good mix. Not knowing what to claim, and also being burdened with extra ATO record keeping requirements means that thousands of dollars of extra tax is being paid by doctors unnessarily every year. Also being responsible for their own superannuation requirements means that some doctors are slipping through the cracks when planning for their retirement.

Doubling down on this is the fact that most accountants see doctors and think of $ signs. They try to charge doctors like they are a full on business and they think they can afford it. They only offer services that are way over the top and try to take advantage of not having an alternative solution other than doing it themselves.

Good accounting doesn’t have to be expensive….

That’s where we come in! We have come up with GP specific services that are all inclusive and give you the chance to pick which services you require. All of our packages come with a Xero accounting package, that saves you time as well as keeps up with all ATO record keeping requirements.

It allows us to see your data live, so that we can make sure you know and are claiming exactly what you should be, and reduces the time it takes to meet your tax obligations. This allows us to focus our time on having value adding conversations and making sure that everything is set up to build your wealth and understand where you are financially.

With our packages allowing flexibility from you doing your own BAS, all the way to us handling everything, we think we have been able to provide a cost effective solution that more than pays for itself.

For a video meeting to run you through our packages and how they would apply to your specific situation, please click the following link to book a time: