Accountants for doctors

Accountants for Medical Private Practices

Since 1972 Smith Coffey has been the only firm in WA to specialise in helping medical and dental professionals reach their financial goals: from a medical student and building experience to starting a private practice and self-funded retirement.

Starting a medical practice is a dream for many medical professionals, but it can be a daunting undertaking, and without professional guidance, one that can lead to financial difficulty.

By owning a medical practice, you will experience significant changes in tax, structure, cash flow and personal spending.

Not all accountants understand the nuances of medical practices and the financial management required.

As specialist accountants for the medical industry, we know how to help you manage these changes with the least amount of effort on your behalf. Allowing you to spend more time running your medical practice.

Why Use a Specialist Medical Accounting Firm for Your Private Practice?

We make running your medical private practice easier and help get you in a position to maximise your success.

As medical private practice owners, you face complex tax requirements and financial obligations. It’s our job, as medical accounting specialists, to know these requirements and optimise your financial position to secure and grow your wealth.

Our experience as specialist accountants for medical private practices gives us a comprehensive understanding of the financial circumstances that you’ll face throughout your career. Our advanced understanding of the medical industry allows us to proactively plan your financial future to ensure your financial security and prosperity.

Rather than receiving generic tax or financial advice, you’ll be speaking with qualified Certified Practising Accountants (CPAs), Chartered Accountants (CAANZs, formerly known as CAs) and Chartered Tax Advisers (CTAs) that are experts in accounting for medical private practices.

In addition to accounting qualifications, our consultants are RG146 compliant and have completed either the Diploma of Financial Services (FP), the Advanced Diploma of Financial Services (FP) or the Diploma of Financial Planning. This places our consultants within the top 1% of the profession that is authorised to advise on all tax and accounting issues.

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Medical and dental accounting Firm

Set Yourself Up For Success

  • We can get your tax return done every year if you follow our process (which is easy for you) without bothering you with trivial queries.
  • We’ll tell you how much tax you have to pay 18 months in advance.
  • We’ll make sure you’ve saved this tax.
  • We’ll make sure you get a refund every year.
  • We can do this because we only work with doctors/dentists – we understand your needs.
  • We can get your rate of tax to 15% on super for your spouse/18+-year-old dependent.
  • We can get your home loan paid off sooner.
  • We can show you how much you can spend on your next house.
  • We can show you how much you can save.
  • We can show you how much you can spend.
  • We have the experience to know the best structure for your private practice.

Medical Private Practice Structure – Why it matters

We’ve been helping medical private practices manage their finances for over 30 years and have seen all sorts of medical private practice structures over the years.

The structure of your private practice impacts your tax, assets, capital, and financial flexibility. How do you know which one is right for you and your financial situation? Should you use a trust or company, partnership, joint venture, associateship, or trade as an individual sole trader. You can even set up in a combination of any one of these. For example, a partnership of trusts.

Since 1972 we have tracked and recommended the structure most suitable to both the prevailing legislation at the time and your circumstances. By speaking with one of our experienced accountants and financial advisors for medical private practices, we’ll breakdown your practice structure options, what the benefits of each are, and which structure will suit your financial goals and current position.

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“I Wish I Had Known That Before Starting My Private Practice”

Many medical private practice owners have learned lessons hard way, and it’s cost them financially. Before starting a medical private practice, get professional advice from people that have walked the path before you. Take the time to speak with other dental and medical practice owners to get their advice or speak to our team, for a first consultation, on us.

While you might get lucky and do some things right, very few private practice owners understand what it takes to start and build their practice. At Smith Coffey, we understand these pain points from working with our medical and dental clients to grow their practices.

Below are some common issues for you to consider:

Get Your Private Practice Dreams On Track

If running a medical private practice is your dream, Smith Coffey can help make it a reality. Offering holistic coordinated advice for medical and dental professionals is our specialty; and with over 60 dedicated advisors across taxaccounting and financial planning we aim to add real value to your wealth creation goals.

Book your first appointment today at no cost or obligation – we’d like to get to know you and your aspirations.
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The Changing World Of Financial Services Can Be Overwhelming...

We will provide a bespoke financial plan to help you achieve your goals.

Smith Coffey specialising in the needs of medical & dental professionals 360 degrees of finance.