Accountants for Doctors

POP Business understands that doctors don’t have the luxury of time, which is one of the key reasons doctors need accountants. Then there is the issue of recording all financial transactions, tax obligations, lodging BAS statements and bookkeeping.

All of which need proper and accurate accounting management. 

Accountants have the expertise and resources to identify opportunities to minimise the tax burden, provide financial forecasting, ensure ongoing tax compliance and provide comprehensive accounting services for doctors.

Backed by years of experience, our accountants for doctors will address your financial matters and help to:

• Provide straightforward financial planning advice (including forecasting, budgeting, meeting your financial goals)
• Establish and help maintain your business budget
• Manage company spending relative to your profit margins
• Record, summarise and analyse all financial transactions (e.g. credits and expenses, supplier payments, banking fees)
• Help you stay on top of your tax obligations (e.g. sales tax, GST)
• Provide online bookkeeping services
• Business advisory services and assist with clinic set-up.

Doctors can claim a wide variety of tax deductions that are incurred in the running of your clinic. 

Common tax deductions for doctors include:

• Work-related travel
• Hire car expenses
• Flight expenses
• Tolls and parking
• Ongoing training and education
• Medical equipment not covered by an employer
• Uniform and protective clothing
• Medical insurance
• Software and licensing fees
• Stationary and office supplies
• Equipment maintenance and repairs.

Contact us today and we can advise you on how to maximise your deductions. 

Yes, doctors can claim travel expenses. Doctors often travel for work, business or educational purposes, and these travel expenses are tax deductible if they relate to business activity.

According to the ATO, to claim a deduction for work related expenses:

• you must have spent the money yourself and weren’t reimbursed
• it must be directly related to earning your income, and
• you must have a record to prove it.

Examples:

You can claim a deduction for travel expenses if you are required to travel overnight and don’t attend your usual work location, e.g. travelling to a remote location to work at a clinic, provided the cost was incurred while carrying out your work duties. This could include meals, accommodation and incidental expenses that you incurred and your employer has not provided or reimbursed you.

Find out more about what you can claim at tax time here: https://www.ato.gov.au/uploadedFiles/Content/IND/Downloads/doctors-specialist-or-other-medical-professional.pdf