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Taxation & Accounting

At Prism Accounting, we provide comprehensive and strategic taxation and accounting services tailored specifically for medical professionals and medical practices. Our goal is to optimise your financial position, protect your income, and minimise tax liabilities through a range of tailored solutions.

Our taxation and accounting services are scalable and adaptable to your needs, situation, and career stage. Whether you are starting your medical practice, expanding your operations, or planning for retirement, we provide flexible solutions that evolve with you.

Our services include:

Strategic Tax Planning and Minimisation

Tax is a major cost of your business, and tax planning is absolutely essential! We employ proactive strategies to minimise your tax burden while ensuring compliance with tax laws. Our expertise and deep understanding of the healthcare industry allow us to develop advanced tax planning strategies specifically tailored for medical professionals.

Some of our advanced tax planning strategies for medical professionals include optimising profit allocation, asset acquisition and depreciation planning, evaluating finance options, optimising timing for tax deductions, superannuation strategies, capital gains tax planning and making most of available concessions, exemptions and choices available under the CGT and Income tax law.

Our tax experts will analyse your unique situation, identify opportunities for tax savings, and develop effective tax planning strategies to maximise your financial outcomes.

Tax Advisory Services

Our experienced tax advisors provide personalised guidance and expert advice to help you navigate complex tax matters. We stay up-to-date with the latest tax regulations and industry-specific changes, ensuring you receive accurate and timely advice to make informed decisions.

We understand that as a doctor, your financial circumstances can change frequently, and you need timely and relevant tax advice to navigate these transitions. Whether you are setting up your own private rooms, restructuring your practice, making significant decisions about your investments or facing changes in your personal circumstances, we are committed to provide you with on-demand tax advice whenever you need it, ensuring that your tax strategies remain aligned with your evolving situation.

Tax Return Preparation

As a full service accounting firm, Prism Accounting will also take care of preparation of tax returns, financial statements and other tax compliance obligations.

Our experienced tax professionals will prepare tax returns for all entities types within your medical practice business and family investment structure, including individuals, partnerships, companies, trusts and self-managed super funds (SMSF). We will also take care of your other tax compliance obligations, including, GST, Fringe Benefits Tax (FBT) and state Payroll Tax reporting.

Our meticulous approach ensures accurate and compliant tax return submissions for each entity, optimising tax benefits and reducing the risk of audits or penalties.

Tax-Effective Business Structuring

We assist in structuring your medical practice in a tax-effective manner, considering factors such as income protection, income distributions, your business development plans and future exit strategy. By choosing the right business structure, you can optimise tax benefits, protect your assets, and enhance operational efficiency.

We analyse your unique circumstances and goals to determine the most optimal entity structure for your medical practice. Whether it’s a sole proprietorship, partnership, company, trust or a combination of multiple entities, we help you choose the entity type that aligns with your long-term objectives and offers the greatest tax advantages.

We ensure that your business structure complies with all relevant tax legislation and regulations, including profit allocation and income splitting, PSI rules and anti-avoidance provisions, reporting obligations, and ongoing compliance. By maintaining compliance, you can avoid penalties and confidently focus on achieving your business success.

Tax Due Diligence and Compliance Review

In multi-entity structures, such as those commonly found in medical practices, tax compliance can become more complex due to the interaction between different entities and the potential for issues such as Division 7A loans, unpaid trust distributions, and inappropriate income splitting. Other common compliance issues include super guarantee obligations, payroll tax, fringe benefits tax and GST.

At Prism Accounting, we can conduct detailed reviews of your medical practice’s tax compliance to ensure adherence to applicable tax laws and regulations. Our experts examine your tax returns, financial records, and supporting documentation to identify any areas of non-compliance or potential risk. We then provide recommendations and assist you in rectifying any identified issues.

We develop and help you implement tax risk mitigation strategies for your medical practice. Our team identifies potential areas of tax risk, such as aggressive tax planning, insufficient record-keeping or support documentation, inadequate or inconsistent reporting.

If you are considering a merger, acquisition, or restructuring of your medical practice, we perform tax due diligence to assess the tax risks and implications associated with the transaction.

BAS Services

We handle your Business Activity Statement (BAS) lodgment and other compliance requirements, ensuring accurate reporting of GST, PAYG withholding, and other taxation obligations.

We review your financial records and transactions to ensure proper GST treatment and compliance. Our team analyse your sales, purchases, and expenses to accurately calculate your GST liability or refund entitlement ensuring that all relevant information is accurately reported and submitted on time.

We handle your monthly or quarterly reporting and compliance associated with Pay As You Go (PAYG) Withholdings and Instalment obligations. Our accountants stay up-to-date with the latest developments and reporting requirements to help you meet your compliance obligations.

At Prism Accounting, we are committed to delivering personalised service, proactive advice, and exceptional results. Let us handle your taxation and accounting needs so that you can focus on providing quality medical care.

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Schedule your free no obligation Discovery Call with us to discuss how our tailored taxation and accounting services can support your financial success and help you achieve your goals.