Accountants for Dentists.

Many dentists operate through inappropriate structures that cost them tax unnecessarily or expose them to personal services income risks. A sole trader structure is simple initially but becomes tax-inefficient as income grows. Service entity structures can provide benefits but need proper documentation and operation to withstand ATO scrutiny. Getting structure wrong costs thousands annually or creates compliance problems.

Walker Hill reviews your current structure, models tax outcomes under different arrangements, advises whether restructuring makes sense given costs involved, and implements appropriate structures that pass ATO tests while delivering tax efficiency. We ensure your structure suits your income level, practice model, and long-term plans for dental practice growth.

Dental equipment is expensive and has different depreciation rates depending on what it is. Chairs and equipment might depreciate over 5-10 years. Small instruments might be immediately deductible under instant asset write-off rules. Software could be depreciated or immediately expensed depending on cost. Getting depreciation wrong either overpays tax or claims things incorrectly.

Walker Hill tracks your dental equipment purchases, applies correct depreciation rates, claims instant asset write-off where applicable, maintains a depreciation schedule showing what’s been claimed, and ensures equipment additions and disposals are handled properly. You’ll claim every dollar of allowable depreciation without ATO problems.

Associate dentists and practice owners face completely different financial situations. Associates receive payments that might be structured as wages, contract payments, or commissions. Practice owners manage all income and expenses. Moving from associate to principal changes everything about your tax position, cash flow, and financial planning needs.

Walker Hill advises associates on how their payment structure affects tax, what they can claim, and what they should be setting aside for tax obligations. For practice owners, we manage full practice accounting, structure decisions, and business planning. For dentists transitioning, we plan the financial implications before you commit so there are no surprises.

Dentists must complete continuing professional development to maintain registration. Courses, conferences, workshops, journals, and educational travel all have costs. These are legitimate deductions, but many dentists don’t track them properly or claim them fully. Some miss deductions entirely, others claim inappropriately and risk audit issues.

Walker Hill tracks your professional development spending throughout the financial year, advises what’s deductible versus what isn’t, ensures travel claims for educational purposes are properly documented, and maximises your professional expense deductions while maintaining records that satisfy ATO requirements if questioned.

Patients claim through health funds after appointments, but funds take days or weeks to process claims and pay providers. Some patients don’t pay their gap immediately. Payment plans extend receipt of funds over months. This creates cash flow timing issues where you’ve provided service and incurred costs but haven’t received payment.

Walker Hill implements systems that track patient accounts receivable, age outstanding balances, identify which health funds are slow payers, forecast when payments will arrive, and help you manage the gap between providing service and receiving payment. You’ll understand your true cash position, not just your billed revenue.

Buying into an existing dental practice, establishing a new practice, or entering partnership arrangements involves significant financial commitment and complexity. Practice valuations, goodwill calculations, financing arrangements, partnership agreements, and tax implications all need careful consideration before you commit.

Walker Hill provides financial analysis before practice purchases, reviews practice valuations for reasonableness, models the financial outcomes of different purchase structures, advises on financing options, and helps structure arrangements that protect your interests. We ensure you understand the financial implications before signing contracts.

High-income dentists need to think beyond current income to wealth creation over your career. That means optimising superannuation contributions, investing surplus income appropriately, structuring investments for tax efficiency, and building wealth outside your practice that supports retirement when you eventually reduce clinical hours or sell the practice.

Walker Hill develops wealth management strategies appropriate to your income level and financial goals, advises on optimal superannuation contributions, helps structure investment purchases for tax efficiency, and provides retirement planning that coordinates practice transition with personal financial security. We think about your financial future, not just this year’s tax return.

Eventually you’ll want to reduce hours, sell the practice, or retire. Practice value depends on profitability, patient base, location, equipment condition, and whether goodwill transfers. Poor financial management throughout your career reduces exit value. Planning for succession or sale needs to start years before you intend to transition.

Walker Hill helps you build practice value through strong financial management from the start, advises on what affects practice valuations, helps you understand what your practice is worth, and plans for eventual exit in ways that minimise capital gains tax and maximise what you receive. We coordinate practice sale planning with retirement planning so your financial security isn’t compromised.