Income Tax Planning, Financial Planning For Dentists, Doctors Financial, Medical Financial

Business Compliance

Business Compliance | Income Tax | Other Taxes

If you own a business or intend to at some point, we can guide you expertly through the maze of corporate governance requirements that await you, as well as through every facet of your business that might impact profitability:

Practice Acquisition

• Expertise amassed over many years has enabled us to develop benchmarks for accurately assessing the true market value of businesses for sale.
• Our close ties with the health industry and medical professionals means that purchasing opportunities often come to our attention before they arise in the marketplace.
• The unique and specialist niche we occupy in our field enables us to know of potential pitfalls and forewarn you.

Business Structuring

Under today's regulatory framework, medical professionals and other high net worth individuals will often be better served by trading as sole traders or in partnership. However, depending on your particular circumstances, it may in some cases prove more financially beneficial to incorporate and trade under a family trust structure.

We conduct a cost/benefit analysis of each possible structure and advise you accordingly. With your go ahead, we can take care of all the necessary registrations and documentation, ensuring:

• a seamless process for you; and
• a business structure that is built, from inception, to maximize profitability.

Corporate Governance

If you incorporate we can electronically manage all your ASIC transactions, from incorporation to share transfers to company deregistration and liquidation. And by retaining us to prepare and lodge your Annual Company Return, you are guaranteed all ASIC compliance matters are dealt with promptly – late lodgment fees can be very expensive. All required documentation is taken care of by us, and your statutory records are maintained, up to date, on a computerized system.

Having financial professionals oversee your BAS preparation and lodgment not only ensures compliance obligations are met. It also enables us to provide timely feedback on the quality of your internal record keeping and the correct treatment of your GST/BAS reconciliations. By regularly reviewing your BAS and PAYG installment accuracy, superannuation and payroll compliance, as well as updating your accounting records, we can help to ensure:

• The ongoing integrity of your internal accounting checks and balances.
• Accountability and training of your own internal accounting staff.

Our comprehensive expertise means that we can unburden you from every aspect of corporate governance, from PAYG and GST registration, to Workers' Compensation Audits and Declarations, to ASIC and BAS compliance.

Our service ethos guarantees you flexibility. We will tailor a business compliance plan specifically suited to your particular needs and those of your business at any given point in time.

Business/Management Consultancy

We offer comprehensive business and management consultancy services that can translate into a substantial increase in your profitability, including:

• Budgeting
• Business Plans
• Cash flow and funds flow reports
• Profitability analysis

Businesses that fail, or fall well short of their financial potential, usually do so not because of unsound fundamentals, but due to inattention. Keeping one eye on the future direction of your business is a discipline we start instilling from our initial contact with you.

We can teach you how to use financial analysis and reporting to set achievable targets and goals, and measure outcomes in terms of financial reward. Where appropriate, these types of reports can very effectively show you the impact of various scenarios on your business, and serve as a measurement point for the coming year.

The extent and type of reporting that might be beneficial to your business will depend on your particular circumstances at any given point in time. For instance, if you are considering selling a business, a benchmark report might be of considerable value, as it will compare your financial data with similar businesses in similar areas, of similar size.

Accounts Administration

Many of our clients find it cost effective to retain us to oversee ongoing accounting tasks. Timely provision of accurate financial information also enables you to better manage your business. It can identify key financial drivers that might be out of sync and in need of attention and rectification.