Accountants for Doctors.

Many doctors work through service trusts or service companies without really understanding how they work, why they exist, what the risks are, or whether they’re getting the benefits they should. Some practitioners have structures that were set up years ago but haven’t been reviewed since. Others use structures that don’t actually provide the tax benefits they think they’re getting.

Walker Hill reviews your current structure, explains how it actually works, identifies whether you’re getting the intended benefits, and advises on whether changes are needed. We ensure your service entity arrangements comply with ATO requirements, your documentation supports the structure, and you’re not exposing yourself to personal services income issues. If your structure isn’t right, we’ll help you fix it before it becomes a problem.

Your income can vary significantly month to month depending on patient volumes, billing cycles, leave periods, and seasonal variations in your specialty. Medicare payments might come through weekly, private health insurer payments might take 30-60 days, and gap payments from patients can be even slower. Meanwhile, the ATO expects quarterly PAYG instalments based on your estimated annual income.

Walker Hill helps you set your tax instalments at the right level so you’re not overpaying throughout the year or facing a massive bill at tax time. We track your income as it comes in, adjust your instalments when your circumstances change, and ensure you’re setting aside enough to cover your tax position without tying up cash unnecessarily.

Medical professionals have significant deductible expenses, but many practitioners miss deductions or claim things incorrectly. You can claim professional indemnity insurance, medical registration, continuing medical education, professional subscriptions, travel to conferences, home office expenses if you do admin work from home, and equipment you purchase for your practice. Miss these and you’re paying more tax than necessary.

Walker Hill tracks your deductible expenses throughout the year so nothing gets missed when we prepare your tax returns. We also advise on what you can claim, what requires documentation, and what triggers ATO scrutiny. Our guide to tax deductions for small businesses covers what medical professionals need to know, including work from home deductions for doctors doing administrative work outside the practice.

Doctors often have complex super situations. You might have employer super from public hospital work, contributions made through your private practice entity, defined benefit schemes from earlier in your career, and super from locum work. Contribution caps matter more when you’re a high earner, and concessional contribution limits can be exceeded accidentally if contributions are coming in from multiple sources.

Walker Hill helps you track contributions across all sources, ensure you’re not exceeding caps, time your concessional contributions to maximise the tax deduction, and coordinate your super position with your overall tax planning. We make sure the tax treatment of your contributions is correct and that you’re not paying more than you need to.

Setting up or buying into a practice often requires significant debt. Equipment costs can run into hundreds of thousands for procedural specialists. Fitout costs for a new practice location can exceed half a million. Managing this debt alongside personal mortgages, investment properties, and living expenses requires careful cash flow management and tax planning.

Walker Hill advises on the tax implications of different financing structures, whether to buy equipment outright or lease, how to structure practice loans to maximise deductibility, and how to manage your overall debt position so you’re not over-leveraged. We also help you understand whether taking on more debt for practice expansion makes financial sense given your current position.

Buying into a practice or taking on partners changes your financial position significantly. Partnership agreements affect profit distribution, decision-making, liability exposure, and exit options. Many doctors sign partnership agreements without fully understanding the financial implications or having proper independent advice.

Walker Hill reviews partnership agreements before you sign, explains the financial implications, identifies issues that need negotiating, and ensures you understand what you’re committing to. We also advise on structuring practice buy-ins to minimise tax, how to value your partnership interest, and what happens financially if you want to exit later.

Many doctors have income from multiple sources: private practice, public hospital sessional work, teaching positions, medico-legal reports, and independent contractor arrangements. Each has different tax treatment, different super obligations, different documentation requirements, and different timing of payments.

Walker Hill consolidates all your income sources, ensures everything is reported correctly, manages your overall tax position across different income types, and coordinates with multiple employers or payers to ensure your tax withholding is set correctly. You’ll have one clear picture of your total financial position instead of scattered information across multiple payslips and payment summaries.

Medical professionals face higher liability exposure than most businesses. A malpractice claim, patient complaint, or regulatory investigation can put your personal assets at risk if your structure doesn’t provide adequate protection. Professional indemnity insurance is essential, but it’s not enough on its own.

Walker Hill advises on structures that separate your practice assets from your personal wealth, how to hold investment properties outside your name, how to use family trusts effectively, and how to ensure your spouse’s assets aren’t exposed to your professional liability. We work with your legal advisors to ensure your asset protection strategy is comprehensive and actually works if tested.