The medical profession has special rules when it comes to taxes and business. Whether you subcontract to a dental clinic or run your general practice clinic our professionals are there to guide you through the financial side of the business. Ensure your business is growing with our experts who have had vast experience helping medical professionals.
Medical services are GST free if they provide a service which a Medicare benefit is payable and if any other service supplied by or on behalf of a medical practitioner is generally accepted in the Medical profession as being necessary to treat the recipient which could be an individual or a business. Non-GST free services are generally cosmetic in nature which have different treatments.
Structuring of the Medical business is critical for asset protection of business and personal assets. It is imperative to speak to your Accountant regarding ways to minimise risk within the practice and to form a structure which is scalable.
Division 293 are issues we come across within the Medical profession for high net worth individuals earning above the $250,000 threshold which may trigger 15% tax consequences.
Talk to one of our expert consultants in relation to your medical queries.
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