At Holmans, our accountants understand the growing maze of challenges facing healthcare professionals. Our diverse healthcare and medical clients value our ability to provide them with experienced teams, accurate advice and timely solutions.
Our proactive advisors are up-to-date on current accounting issues and best practice policies on tax issues unique to healthcare clients.
A tax guide for Health Practitioners
Holmans have extensive experience in dealing with health professionals, from individual doctors, dentists, physiotherapists and other individual health practitioners, to larger medical groups and practices. The taxation of health practitioners and their practices is a complex area, made up of numerous pieces of tax legislation, case law and other generally accepted industry practices (both correct and incorrect).
Accordingly, it is vital that you have a well qualified accountant with suitable experience to ensure you correctly meet your income tax and GST obligations, grow your wealth and legally reduce your income tax payable.
We strive to completely understand your needs so that we can offer tailored solutions for your individual circumstances.
Why you need a specialised team looking after you
Why do you need a professional acting for you? The Tax Office has a dedicated area for the health and medical professional industry. It is considered so complex they have an issues register just for the health industry.
If the ATO have a specialised team, so should you. You need a suitably qualified accountant to assist you safely navigate the various issues, while still providing you with the best legally accepted options to increase your wealth and reduce tax.
In addition, the Australian Taxation Office consider most health professionals to be “high income earners” and accordingly, the most likely area to recover additional tax on a review or audit. Each year the Australian Taxation Office carefully compare health professionals to determine those that are claiming deductions above the average and/or who receive refunds over certain limits.
A suitably qualified professional can help you confidently navigate the tax landscape.
Keeping our client records confidential is paramount to the success of this firm. Holmans look after a number of prominent and well recognised people, and are trusted implicitly to keep their information private and confidential. It is integral to our business, just as the privacy of your patients records is vital to the success of your health practice. At Holmans, all employees must sign a confidentiality and privacy statement before commencing employment.
Holmans have a team of over 30 professionals at two offices on the Sunshine Coast (Maroochydore and Noosa). The principals and managers have mid-tier and Big 4 accounting experience and bring their depth of knowledge and professionalism to the Sunshine Coast.
In the Health Professional industry itself, we have a strong representation, with numerous doctors and medical practices already long term clients of this firm. This means our knowledge and expertise is up to date and we can safely guide you through the tax landscape, while understanding your particular industry and business concerns.
Holmans also have accountants with sufficient experience in NZ, USA and UK tax to enable us to manage any foreign income issues, where you have re-located to Australia.
Some information you may find useful:
Question and Answers – Industry Specific (Print friendly PDF)
Question and Answers – General Queries (Print friendly PDF)
Holmans Top Tax Planning Tips (Print friendly PDF)
Holmans Quarterly Reviews (example) (Print friendly PDF)
What makes us different?
Holmans are a proactive firm committed to excellence in customer service. Our points of difference include:
- Experience in your industry.
- A guarantee to return phone calls and emails within 24 hours.
- Holmans can come to you – whether that be your medical practice or your home at a time and venue convenient to you.
- A proactive approach to reducing your tax liability and increasing your wealth. Holmans contact all our clients prior to 30 June to perform tax planning. After year end, your accountant is simply recording history and their ability to save tax is limited.
- A five (5) page Key Performance Indicator report for your medical practice, standard with your yearly Financial Statements and Income Tax Returns.
- A team of accountants, with different specialties, to ensure your specific requirements are met.
- The option of quarterly reviews and management meetings for your medical practice, including setting and monitoring budgets, and benchmarking your business against set performance levels. See an example of the benchmarks on our website.
- Regular communication.
- Commitment to giving back. Holmans believe it is important to give back to the local community and through various fundraising events has raised thousands of dollars for local organisations and charities.
Need help and want to know more? Call Holmans for assistance on (07) 5430 7600 or send us an email.
Holmans are confident we can save you tax and build your wealth. Contact Holmans to make an obligation free appointment to discuss your particular circumstances.