A healthy business starts with the right accountant: supporting a new GP practice.
Background
A general practitioner couple was purchasing their first medical practice from an established GP who had been operating through a trust ownership structure. The practice also owns the surgery and employs a number of clinical and administrative staff.
As new business owners, the client was seeking the right advice and support – particularly around tax planning and what would be the best structure for their business. Protecting their personal assets against risk of bankruptcy was also critical.
Solution
Nav Accountants was engaged by our GP clients to provide advice on what would be the best structure for their business ensuring tax paid would be minimised, and their assets protected. As new business owners, the clients also needed significant support with choosing the right bookkeeping and reporting systems.
After consulting with our client and taking the time to truly understand their current situation – and what financial goals they wanted to achieve – Nav Accountants provided the following services:
- Ownership structure advice.
- Tax minimisation strategies through effective tax planning.
- Advice on which bookkeeping system to implement.
- Guidance around reporting.
Outcome
Our clients were receptive to our advice around which would be the best ownership structure for their business. Applying our extensive experience in business, we recommended that they become a combination of Company, Service Trust and SMSF – which would ultimately save them $55,000 income tax.
The Nav Accountants team was also able to successfully protect the clients’ personal assets and implement new bookkeeping and reporting systems.
We’re proud to support doctors and other medical professionals with their complete accounting needs. If you’re in the medical sector, get in touch with us today to arrange a consultation.
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