Medical Practitioners Accountant
Specialist accounting for doctors, GPs, specialists, dentists and allied health professionals across Melbourne
Medical practitioners face some of the most complex tax situations in Australia. With income that can vary significantly across different income streams — practice income, locum work, hospital sessions, private billing, and investments — combined with the ATO's Personal Services Income (PSI) rules and the significant wealth-building opportunities available through super and property, having a specialist accountant is not a luxury, it's a necessity.
At Elite Accounting Solutions, we have worked with GPs, anaesthetists, surgeons, dentists, physiotherapists, psychologists, and many other health professionals across Melbourne and Victoria. Our team stays up to date with ATO rulings specific to the medical industry and helps practitioners structure their affairs to minimise tax, protect assets, and build long-term wealth.
Who We Help
- General practitioners (GPs) and medical centres
- Specialists — surgeons, anaesthetists, physicians, psychiatrists
- Dentists and dental practice owners
- Allied health — physiotherapists, psychologists, occupational therapists
- Radiologists and pathologists
- Locum doctors and visiting medical officers
- Practice managers and healthcare business owners
- Medical professionals with investment portfolios
The Medical Practitioner Tax Challenge
High-income medical practitioners face marginal tax rates of up to 47% — making tax planning one of the most valuable investments you can make. The difference between a well-structured and poorly-structured medical practice can be $30,000–$80,000 in tax savings per year.
We help practitioners understand exactly where they stand with PSI rules, identify legitimate income splitting opportunities, maximise super contributions, and plan for the eventual sale of their practice.
Our Services for Medical Practitioners
Comprehensive accounting, tax, and strategic advice for medical professionals at every career stage.
Practice Structure Advice
Sole trader, company, service trust, or partnership? The right structure for your medical practice can save tens of thousands in tax annually. We review your situation and advise on the optimal setup — taking into account PSI rules, asset protection, and your long-term goals.
Personal Services Income (PSI)
PSI rules are one of the most critical issues for medical practitioners. If more than 50% of your income comes from your personal skills, the ATO may attribute that income to you personally — regardless of your entity structure. We assess your situation and advise on the most compliant and tax-effective approach.
Income Splitting Strategies
Where PSI rules permit, income splitting through a family trust or service entity can significantly reduce your household tax bill. We identify legitimate income splitting opportunities and ensure your arrangements are defensible under ATO scrutiny.
Superannuation Strategies
High-income practitioners have the most to gain from maximising super contributions. We advise on concessional and non-concessional contributions, carry-forward rules, Division 293 tax, and SMSF strategies — including purchasing your practice premises through your SMSF.
Property Investment Advice
Many medical practitioners build wealth through property investment alongside their practice. We provide integrated advice on negative gearing, CGT, depreciation schedules, and how property fits into your overall tax and wealth strategy.
Practice Sale & CGT Planning
Selling your practice is one of the most significant financial events of your career. We advise on the small business CGT concessions, the 15-year exemption, retirement exemption, and how to structure your sale to minimise CGT and maximise your retirement proceeds.
Tax Returns & Compliance
We prepare and lodge all tax returns — individual, company, trust, and SMSF — ensuring full compliance with ATO requirements and maximising every legitimate deduction available to medical practitioners.
Payroll & Staff Compliance
Medical practices have complex payroll obligations — from the Health Professionals Award to STP reporting, superannuation, and payroll tax thresholds. We manage all of this on your behalf.
Practice Structure Options
The right structure for your medical practice depends on your income level, PSI position, asset protection needs, and long-term goals. Here's a comparison:
Sole Trader
Best for: Starting out or low incomeAdvantages
- Simplest structure
- No separate tax return required
- Losses offset against other income
Considerations
- Income taxed at personal rates up to 47%
- No asset protection
- Limited income splitting
Company
Best for: High income, asset protection focusAdvantages
- Flat 25–30% tax rate
- Limited liability protection
- Retained earnings taxed at company rate
Considerations
- No 50% CGT discount
- Extracting profits attracts further tax
- Higher compliance costs
Service Trust
Best for: Where PSI rules permit income splittingAdvantages
- Income splitting to family members
- Asset protection
- CGT discount flows through
Considerations
- PSI rules may limit effectiveness
- ATO scrutiny on service fees
- Higher setup and compliance cost
Partnership
Best for: Multi-principal practicesAdvantages
- Simple for multi-principal practices
- Income split between partners
- Flexible profit sharing
Considerations
- Joint and several liability
- All partners taxed at personal rates
- Complex on partner entry/exit
Frequently Asked Questions
Common questions from medical practitioners about tax, structure, and wealth planning.
Do PSI rules apply to my medical practice?
Can I split income with my spouse through a family trust?
What is Division 293 tax?
Can my SMSF buy my practice premises?
What CGT concessions apply when I sell my practice?
Related Specialisations
Medical practitioners often have needs that span multiple areas of specialist accounting:
SMSF
Many medical practitioners use an SMSF to purchase their practice premises and build retirement wealth at concessional tax rates.
Aged Care & Healthcare
GPs and allied health practitioners who also provide aged care services face additional compliance obligations.
Professional Services
Consultants and specialists with PSI considerations benefit from the same structural advice we provide to professional services firms.
We invite you to book a free one-hour introductory consultation.
Discuss how we can help optimise your financial position as a medical professional — from practice structure and PSI advice to super strategies and long-term wealth planning.
Related Articles & Guides
Tax Strategies for Medical Practitioners: The Complete Guide for Doctors, GPs & Allied Health
PSI rules, income splitting, optimal practice structures, super strategies, CGT on practice sales — the definitive tax guide for Australian medical professionals.
Superannuation Contribution Strategies for 2025–26: Caps, Carry-Forward Rules & Tax Savings
High-income practitioners have the most to gain from maxing super. Concessional caps, carry-forward rules, and the SMSF strategies worth knowing.
Trust Distributions and Tax: What Every Trustee Needs to Know Before 30 June
If your practice operates through a family trust, getting the 30 June distribution resolution right is critical. Section 100A, bucket companies, and common traps.
Why Choose Elite Accounting Solutions
Industry Expertise
Over 40 years of niche industry experience means we understand the unique tax, compliance, and business pressures your industry faces.
Personalised Service
We get to know your business personally. No call centres, no juniors — you deal directly with experienced accountants who care about your outcomes.
Proactive Guidance
We don't just do compliance — we proactively identify tax-saving opportunities and strategies specific to your industry throughout the year.
Clear Communication
We explain everything in plain English. No jargon, no surprises — just clear advice so you can make confident, informed financial decisions.
Ready to work with an accountant who truly gets your industry?
Book a free one-hour introductory consultation and see the difference specialist advice makes.