Specialized tax & accounting advice designed specifically for medical professionals. We help doctors maximize wealth, minimize taxes, and build financial security.
Medical professionals face unique financial challenges that general accountants simply don't understand. From complex tax deductions specific to the healthcare industry to sophisticated wealth-building strategies, your financial future deserves expert guidance from accountants who truly understand the medical profession.
As a doctor, dentist, or surgeon, you've spent years developing specialized skills to save lives and improve patients' health. But when it comes to managing your financial health, you need a partner who speaks your language—one who understands the intricacies of medical practice structures, contractor arrangements, and the specific tax advantages available to healthcare professionals.
At Accountants Point, we've dedicated our practice to serving the medical community. We understand that your income stream, practice structure, and financial goals are vastly different from other professionals. Whether you're a general practitioner running your own practice, a specialist surgeon with multiple income streams, or a dentist navigating the complexities of practice ownership, we have the expertise to help you optimize every dollar you earn.
Medical professionals have access to numerous tax deductions that general taxpayers cannot access. Our expertise ensures you claim every legitimate deduction while staying fully compliant with ATO regulations.
If you conduct administrative work, telemedicine consultations, or billing from home, you may claim a percentage of your home office expenses including utilities, insurance, repairs, and depreciation on furniture and equipment.
Travel between multiple practice locations, visiting patients, attending medical conferences, or traveling to hospital wards for rounds all qualify for vehicle expense deductions using the logbook method.
Continuing medical education, conference attendance, subscriptions to medical journals, professional membership fees, and medical library access are all tax-deductible expenses for doctors.
Medical equipment, computers, tablets, diagnostic tools, and practice management software used in your profession qualify for immediate deductions under the instant asset write-off scheme.
Scrubs, lab coats, protective eyewear, face shields, gloves, and other protective equipment required for your medical practice are fully deductible work-related expenses.
Professional medical indemnity insurance, income protection insurance, and practice insurance premiums may be tax-deductible depending on your employment structure and income sources.
One of the most effective tax strategies for high-income medical professionals is structuring your affairs through a company entity. This allows you to salary sacrifice certain expenses and maximize superannuation contributions while optimizing your tax position.
Maximize your retirement savings with tax-deductible contributions
Real estate remains one of the most popular wealth-building strategies for medical professionals. Learn how to leverage your income to build a property portfolio that generates long-term wealth and tax benefits.
Self-Managed Superannuation Funds (SMSFs) offer doctors a powerful way to invest in property while enjoying significant tax advantages. With an SMSF, you can borrow to purchase investment properties through a limited recourse borrowing arrangement (LRBA), building wealth within your superannuation environment.
The tax rate on SMSF earnings is just 15%, and if you transition to pension mode in retirement, your property earnings become completely tax-free. This makes SMSF property investment an exceptionally effective strategy for doctors looking to maximize their retirement savings.
Investment properties in Australia can be negatively geared, meaning your rental losses can be offset against your other income. For high-income doctors, this can result in substantial tax savings. The key is ensuring your property is genuinely producing a loss after accounting for all expenses including interest, depreciation, repairs, and management fees.
We can help you structure your property investments to maximize negative gearing benefits while ensuring you're compliant with ATO regulations around investment property deductions.
Many doctors choose to invest in commercial properties, particularly those associated with their practice premises. Commercial leases typically offer longer terms (5-10 years), rental escalations built into the lease, and less landlord responsibility for maintenance and repairs.
Additionally, if you own the property through your practice entity, you can access additional tax deductions through depreciation and building write-off claims that may not be available with residential properties.
Our medical professional clients have built through strategic property investment
Self-Managed Superannuation Funds provide medical professionals with unparalleled control over their retirement savings. Discover why so many doctors are choosing SMSF strategies.
Unlike retail superannuation funds, your SMSF assets are protected under federal law. In the event of bankruptcy or legal action, properly structured SMSF assets are generally protected from creditors, providing crucial security for high-risk medical professionals.
SMSF earnings are taxed at just 15% during the accumulation phase, and become completely tax-free when you transition to pension mode. This significantly outperforms retail superannuation funds and can save you hundreds of thousands over your working lifetime.
SMSFs can borrow to purchase direct property through Limited Recourse Borrowing Arrangements (LRBAs). This allows you to invest in real estate within your superannuation, benefiting from both rental income and capital growth in a tax-effective environment.
With an SMSF, you have access to a wider range of investment options including direct shares, international investments, commercial property, collectibles, and private equity. This flexibility allows you to build a truly diversified retirement portfolio.
While SMSFs offer significant benefits, they also come with responsibilities. As a trustee, you must ensure compliance with superannuation laws, maintain proper records, and prepare annual audits. Our team can handle these requirements, making SMSF management effortless.
You can contribute up to this amount to your SMSF on a non-concessional basis
Your practice structure significantly impacts your tax, liability, and growth potential. We help doctors understand and select the optimal structure for their unique circumstances.
Simple and cost-effective for single practitioners. All business income is taxed at your personal tax rate, and you retain full control over all decisions.
A separate legal entity that operates your practice. Offers significant tax advantages and asset protection for medical professionals.
Ideal for group practices or medical centers. Allows income streaming to partners and family members for tax effectiveness.
Beyond tax optimization, doctors need comprehensive financial planning to protect their wealth and secure their family's future.
As a medical professional, your ability to earn income is your most valuable asset. Income protection insurance ensures you maintain your lifestyle if you're unable to work due to illness or injury. Premiums may be tax-deductible depending on your structure.
Critical illness and trauma insurance provides a lump sum payment if you're diagnosed with a serious medical condition. This protects your family from financial hardship during already challenging times.
Medical professionals require comprehensive professional indemnity insurance. We can advise on the most cost-effective coverage while ensuring you meet AHPRA and professional body requirements.
Proper estate planning ensures your assets are distributed according to your wishes. We can work with your legal advisors to structure your estate for tax efficiency and provide for your family's long-term security.
Find answers to the most common questions doctors have about accounting, tax, and financial planning.
Medical professionals face unique financial situations that general accountants may not fully understand. These include specific tax deductions for doctors, SMSF strategies, practice structuring options, contractor arrangements, and complex income streams from multiple sources. Specialized accountants understand the healthcare industry and can optimize your financial position while ensuring compliance with all relevant regulations.
Doctors can claim numerous tax deductions including: professional development and conference expenses, medical journal subscriptions, professional membership fees, equipment and instruments, home office expenses, vehicle expenses for work-related travel, uniforms and protective clothing, medical indemnity insurance, income protection insurance, and self-education expenses.
Many high-income doctors benefit from SMSFs due to greater investment choice, tax efficiency, and asset protection. An SMSF allows you to invest in direct property, shares, and other assets while enjoying a 15% tax rate on earnings. We can assess whether an SMSF suits your circumstances and handle all aspects of setup and management.
The optimal structure depends on your specific circumstances. Sole traders are simple but offer no asset protection. Company structures provide 25% tax rates and asset protection. Trusts allow income splitting with family members. We analyze your situation to recommend the most tax-efficient and protective structure for your practice.
Key strategies include: maximizing superannuation concessional contributions (up to $27,500 annually), structuring through a company entity, salary sacrificing work-related expenses, investing in negatively geared property, establishing an SMSF, and strategic timing of income and deductions.
Join hundreds of medical professionals who trust Accountants Point for their accounting, tax, and financial planning needs.
Free initial consultation. No obligation. Fully qualified accountants.
When it comes to managing the financial affairs of doctors, dentists, and surgeons, not all accountants are created equal. The medical profession presents unique challenges that require specialized knowledge and experience. At Accountants Point, we have dedicated our practice to understanding the specific needs of medical professionals, ensuring you receive advice that truly makes a difference to your bottom line.
As a doctor, your journey to financial success is unlike any other profession. Years of study and training culminate in a high-income career, but without proper financial guidance, you may find yourself paying more tax than necessary or missing out on wealth-building opportunities that other professionals take for granted.
Our team at Accountants Point understands that your time is valuable. Between patient consultations, surgeries, continuing education, and managing your practice, you need an accountant who can handle your financial affairs efficiently and effectively. We pride ourselves on providing personalized service that addresses your unique circumstances while helping you achieve your financial goals.
What sets us apart from other accounting firms is our deep understanding of the medical industry. We stay up-to-date with the latest tax laws, superannuation regulations, and financial planning strategies that affect doctors and medical professionals. This specialized knowledge allows us to identify opportunities for tax savings and wealth accumulation that general accountants might miss.
Whether you are just starting your career as a medical practitioner or you are a seasoned specialist looking to optimize your financial position, we have the expertise to help. From tax planning and compliance to SMSF management and retirement planning, our comprehensive range of services is designed to meet the evolving needs of medical professionals at every stage of their career.
We believe in building long-term relationships with our clients. When you work with Accountants Point, you are not just another file number – you are a valued partner in your financial success. Our commitment to exceptional service and results-driven advice has made us one of the most trusted accounting firms for medical professionals in Sydney and across Australia.
We combine specialized industry knowledge with comprehensive accounting expertise to deliver exceptional results for medical professionals.