Health

How We Help Health and Medical Businesses

Our accounting and advisory services include:

• Financial statements and income tax returns
• Bookkeeping and account reconciliations
• GST and BAS preparation
• Payroll, superannuation and payroll tax compliance
• Practitioner and contractor payment reconciliations
• Practice profitability reporting
• Cash flow budgeting and forecasting
• Management reporting and KPI tracking
• Medical equipment and depreciation reviews
• Equipment finance and loan reconciliations
• Business structuring and tax planning
• Finance and loan documentation

Practice Profitability and Financial Reporting

A busy practice is not always a profitable practice. Practitioner fees, wages, rent, insurance, equipment, software and administrative costs can significantly affect the financial result.

We prepare financial and management reports that help practice owners understand revenue, operating costs, margins and cash flow. Where appropriate, reporting may also be prepared by practitioner, service type, location or other relevant area.

Practitioner and Contractor Arrangements

Health businesses may engage practitioners under different payment and service arrangements. These arrangements can affect accounting, GST, payroll tax, superannuation and income tax obligations.

We assist with recording and reconciling practitioner income, service fees and contractor payments. We can also help identify arrangements that require further accounting, tax or legal review.

Legal or employment law advice may be required when preparing or changing practitioner agreements.

GST and Tax Compliance

The GST treatment of health and medical services can depend on the type of service, the provider and the way the service is supplied. Some services may be GST-free, while other income may be taxable.

We assist with reviewing the accounting and GST treatment of relevant income streams and expenses, as well as preparing Business Activity Statements and income tax returns.

Our tax and compliance services may include:

• Income tax returns
• Business Activity Statements
• GST reporting
• Payroll tax
• Superannuation
• Fringe Benefits Tax
• Year-end tax reconciliations
• ATO correspondence

Payroll and Staffing Costs

Employees are often one of the largest expenses for a health or medical practice.

We assist with payroll processing, Single Touch Payroll reporting, superannuation reconciliations and payroll tax compliance. We can also help practice owners assess the financial effect of proposed staffing changes, salary increases and additional operating hours.

Cash Flow Budgeting and Forecasting

Health businesses may need to manage regular wages, rent, equipment repayments, supplier costs and tax obligations while waiting for patient, insurer or other payments.

We prepare budgets and cash flow forecasts to help practice owners anticipate upcoming commitments, assess funding requirements and plan for equipment purchases, renovations or additional staff.

Medical Equipment and Finance

Medical, dental and allied health equipment can represent a significant investment.

We review equipment purchases to determine the appropriate accounting and tax treatment, including depreciation and any available immediate deductions. We can also assist with recording finance arrangements, reconciling loan balances and preparing financial information requested by lenders.

Business Structuring and Tax Planning

The appropriate structure for a health or medical business may depend on ownership, practitioner arrangements, income sources and future plans.

We provide accounting and tax advice for sole practitioners, partnerships, trusts and companies. We can assist with reviewing an existing structure, establishing a new practice, introducing additional owners or preparing for succession.

We also conduct tax planning reviews before the end of the financial year to identify relevant obligations, potential issues and available planning opportunities.

Who We Work With

We support a range of health and medical businesses, including:

• General and specialist medical practices
• Dental practices
• Physiotherapy and chiropractic clinics
• Psychology and counselling practices
• Allied health providers
• NDIS service providers
• Pharmacies and health retailers
• Health and wellness clinics
• Other healthcare professionals

Talk to Our Health and Medical Accounting Team

Whether you need assistance with tax compliance, bookkeeping, payroll, practitioner payments, cash flow forecasting or business planning, our team can provide support relevant to your practice.

Contact J&N Accountants to discuss your accounting needs and the financial priorities of your health or medical business.