At PECUNIA Private Wealth Management we take great pride in seeing our client’s progress from intern, to specialist and onto private practice. Our in-depth understanding of the medical industry means we understand the enormity of the decision. We have supported numerous clients in this transition meaning we have a wealth of knowledge and experience.
TRANSITION TO PRIVATE PRACTICE
The transition to private practice may start with just one or two days. However even with a small amount of private work it is important to take the time to understand what these changes will mean to you in terms of the structure you will operate under, how you will receive income, and opportunities of which you can take advantage.
At PECUNIA Private Wealth Management we have assisted clients with this transition to ensure they have the right structure in place and are fully educated on how the change will impact them. Without appropriate advice you could find yourself operating from the wrong structure and in trouble with the ATO.
Our aim is to make the transition to private practice as easy and seamless as possible, so you can focus on what you do best.
Consideration needs to be given to the following:
- The structure you will operate
- Personal Services Income (PSI)
- ABN & GST registration
- Business Activity Statements (BAS) reporting requirements
- Medical billing & revenue collection
- Business income, expenses and service fees
- Deductibility of business expenses
- Business bank accounts and credit cards
- PAYG Instalments and the ‘tax honeymoon’
- Employees, payroll, WorkCover and Superstream
HOW WE HELP YOU
The collaborative means of supporting you in the transition to private practice is extremely thorough and most importantly in accordance with ATO guidelines. As your trusted Financial advisors, PECUNIA Private Wealth Management will educate you on the above as it relates to your circumstances and actively assist in arranging all aspects of your transition both now and continuing into the future. Our aim is to support you to make this transition as seamless as possible, in a cost-effective way, so you can enjoy the benefits of working in private practice.