Medical

For over three decades Abbotts have been helping their medical practitioner and medical specialist clients successfully navigate the Australian taxation system.

Be they salaried or service contracted general practitioners (GPs), locums, specialists, consultants, dentists, optometrists or other allied health professionals - we understand your complex financial needs, and utilise our expert knowledge in taxation and financial services to provide peace of mind for our clients who seek exceptional outcomes to their professional and lifestyle goals.

Medical KPI Guide Book

Looking to gain a deeper understanding of the financial comings-and-goings of your medical practice? Click the button below to find how to make the most of the data your practice makes with the use of KPIs.

DOWNLOAD NOW!

We have considerable skill and experience in extracting substantial positive value for the financial outcomes of our clients in the medical profession. We provide guidance and assistance in the creation and management of their wealth building and preservation strategies through our consultants at Abbotts Wealth Management.

Unfortunately running your own business is inherently risky and to a great degree risk is unavoidable. But a desire to minimise risks to your personal assets is perfectly understandable. We here at Abbotts understand those concerns and and look to minimise our clients business risks with considered business structuring and planning.

We offer the following tailored services for the medical industry, including:

Taxation

Taxation laws are as complex and detailed as any law in our land and you are entitled to seek out a thorough understanding of those laws to ensure your affairs are managed in a way that attracts no more tax than you are legally obliged to pay. The devil, as they say, is in the detail and we are very good at understanding the details of taxation law.

Wealth Management

We are in business to serve our clients first and foremost and any strategy or product recommended is chosen as it is in our client’s best interest, not because it pays any commission or incentives. Our team is transparent and open, working collectively with our clients to develop strategies and recommendations to help them achieve their lifestyle and financial objectives at a reasonable and fair cost.

Finance Broking

Debt comes in many forms and from many sources. Our role is to consider the forms and sources of debt that best suit your financial needs and act as a negotiator and facilitator for you to build a sound relationship with a suitable financier. We can assist you to establish your debt based financial needs, to restructure your debt or to retire your debt according to where you are in your financial cycle of life.

Advisory & Business Services

We provide tailored reporting and commentary (incl. budgeting, forecasting, trend analysis and benchmarking) to present and manage our client's unique business goals. You want to know what is happening to your patient levels and which doctor can make the largest improvement - you should be provided every means to track this and make the correct decision for your businesses future.

Business Systems Integration

Does your patient booking system integrate with your accounting software? Do you have some practitioners being paid through payroll, with others taking a percentage fee from billings as externally contracted service providers? When software systems are not integrated, you generally have multiple overlapping databases and can not easily view your business performance from a single source of truth. Having access to accurate, real time data is important in making timely informed business decisions.

Bookkeeping

Your accounting systems need to reflect the needs of your business which may be a simple electronic cash book through to dynamic integrated software systems and cloud-based solutions. Abbotts can assist you in selecting and establishing accounting systems that integrate to your medical software products to streamline the gathering of accounting information without having to sacrifice clinical-based features.

HR & Payroll

Abbotts knows just like you how important an employee can be to both the productivity of a company, and its perception to others in the community. As our practice motto states - we aim to provide peace of mind to our clients as we help you find, develop and ultimately work alongside people who fit with your organisation's culture and are motivated to see the company succeed. Our team provides you with the expertise in Human Resource Management that are not practical or economical for you to personally develop yourself. This may be helping you deal with legislative requirements for taxation, superannuation, HR law or occupational health and safety (OHS) matters, or it may be a matter of finding accountants, bookkeepers or administrators that are best suited to your needs.

Expat Taxation Issues

With clients that have originated from all parts of the world, we have looked after the strategic and compliance taxation issues the ATO will be interested in associated with both Australian or foreign sourced income and assets. Ignoring the complexities or getting it wrong can put a lifetime of wealth accumulation at risk. We understand those risks and we provide the strategies that deliver you the peace of mind that your tax and financial affairs are in order, be that for a new practitioner to the country or one that has been established in Australia for an extended period, but still holds foreign assets or earns income from a foreign source.

Superannuation (incl. SMSF)

Superannuation is one of the best ways to save for retirement. We provide comprehensive advice on the rules and options for contributing to superannuation as well as the tax and legal obligations that relate to it. As qualified and licenced financial advisors, we can develop and recommend appropriate superannuation strategies to help you meet your retirement goals and objectives. And as a registered SMSF auditor, we can carry out the annual financial and compliance audits of an SMSF's operations. All relevant reporting requirements can be satisfied to ensure your SMSF has complied with the SISA legislation and regulations in the SISR.

Your Wealth Portal

Take control of your finances with a personal wealth portal to get a live snapshot of your entire financial world.

From property and bank accounts to loan repayments and insurance, keep track of everything you own and owe with a live view of your personal finances. Being a secure read-only service, the wealth portal cannot be used to move or modify funds, so is a great option to safely review your financial accounts while on holidays. With next-gen document management features, use your portal to securely store important documents for easy reach on any device.

Click here to begin your wealth journey

Industry News & Links

Below are links to various sources of specialist industry information relevant to individuals and small businesses across the medical sector.

RACGP - newsGP
AAPM - Knowledge Hub News
AMA - AusMed

Australian Doctor
Healthcare IT Australia

ADA - News & Media
Bite Magazine

Contact Abbotts today to talk to someone who understands the needs of medical professionals

Please fill in the form below and one of our staff will be in touch.

Medical KPI Guide Book