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.
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 Abbott’s understand those concerns and look to minimise our client’s business risks with considered business structuring and planning.
We offer the following tailored services for the medical industry, including:
Below are links to various sources of specialist industry information relevant to individuals and small businesses across the medical sector.
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.
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.
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.
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 expertise in Human Resource Management that is 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.
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 licensed financial advisors, we can develop and recommend appropriate superannuation strategies to help you meet your retirement goals and objectives. And as registered SMSF auditors, 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.
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.
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 with every means to track this and make the correct decision for your business's future.
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.
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.
The rise and rise of big box discount stores such as Chemist Warehouse have affected community pharmacies around the country. Decisions are being made by pharmacy owners on how to react, resulting in various views of thought to either join them via a banner group or differentiate with services and specialty products to keep your customers happy.
No matter what you decide is best for your business, you want to ensure that any decisions that are made provide their expected benefits. To track and ensure those benefits eventuate requires the capture of financial data from your business systems, analysis and interpretation of that data to uncover what has happened and to finally represent the analysis in a layout that is both relevant to the data it is presenting, and meaningful to management of your business goals.
Chris has been a part of the Abbotts Team since 1987 and has worked in the accounting profession since 1983. He qualified as a Chartered Accountant in 1991 and was appointed as a Partner in Abbotts Chartered Accountants that year.
David is our Tax Specialist and has worked in the tax and accounting field since 1982. David spent several years early in his career working in the ATO. He joined the Abbotts team in 1997 and became a Partner of the Practice in July 2000.
Andre has been working in the financial service industry since 2005. He is a member of the Financial Planning Association (FPA) and the Self-Managed Superannuation Fund Association.
Bez merged his finance broking business with Abbotts Finance Brokers in September 2014 and is one of the owners and directors of Abbotts Finance Brokers Pty Ltd.
Eric has in excess of 15 years of experience providing tax and business services having worked in both mid-tier and boutique advisory firms.