Accountants for Doctors: 6 Reasons Why Every Medical Professional Needs One

The medical profession in Australia is demanding, fast-paced, and often unpredictable. Between long hours, shifting rosters, and managing patient care, most doctors have little time left to deal with the business side of their careers. 

Add irregular income, changing tax laws, and the complexities of running a practice, and it’s easy to see why managing money becomes a significant source of stress. That’s where accountants for doctors come in. 

These professionals understand the financial demands of the healthcare industry and bring structure to the confusion. They go beyond tax paperwork, knowing exactly how medical practices operate and what doctors need to stay financially on track.

Here are the 6 key benefits of working with specialist accountants for doctors, and how they can help you save time and improve your financial health.

1. Save Time and Reduce Stress

Your time is valuable. Between patients, paperwork, and emergencies, there’s hardly a moment left to review balance sheets, chase accounts receivable, or reconcile accounts. 

That’s where good accounting for doctors makes a real difference. A medical accountant can take over:

• Bookkeeping and payroll
  
  
• Business Activity Statements (BAS)
  
  
• Income Statements and Profit and Loss Statements
  
  
• GST compliance and Income Activity Statements
  
  
• Tracking and managing Cash Flow Statements

From what we see daily, many health professionals try to manage all of this themselves, after hours, between shifts, or on weekends. It leads to missed deadlines, costly mistakes, and unnecessary stress.

When your accountant understands the medical billing process, practice management platforms, and revenue cycle management, you get more than just clean books. You gain peace of mind and more time to focus on what matters most. 

2. Maximise Tax Savings

The Australian Taxation Office (ATO) has detailed rules about what tax deductions and benefits apply to doctors. A specialist accountant knows exactly what applies in the medical industry, including:

• Depreciation for medical equipment
  
  
• Professional fees and insurance claims
  
  
• Continuing education and training
  
  
• Office supplies and medicare billings
  
  
• Travel for work-related conferences

Here at Skyways, our accountants help our clients legally reduce income tax, manage capital gains tax, and ensure compliance with fringe benefits tax obligations. We also assist with payroll tax, Goods and Services Tax (GST) treatments, and land tax where applicable.

We also provide year-round tax planning. This means you can plan ahead and avoid last-minute surprises. Leaving it until June often leads to missed opportunities and rushed lodgements.

3. Protect and Grow Your Wealth

Doctors face higher risks of being sued and are often targeted by scammers or bad investment advice. You need smart asset protection strategies and a clear plan for wealth creation.

Accountants can help structure your practice and personal finances in a way that:

• Shields personal assets from business risks
  
  
• Uses the right business structures to optimise tax benefits
  
  
• Supports succession planning and retirement planning

They can support your financial journey with financial models, cash flow forecasting, and cloud-based accounting systems that give you full visibility over your finances. 

Accountants also assist with managing your business bank account, tracking expenses through a structured Standard Chart of Accounts, and guiding your cash flow management to keep your practice financially strong.

Running a busy practice and need clarity around your finances? Skyways' trusted Brisbane accountants specialise in accounting for doctors, managing tax, payroll, and reporting. That means more time for what matters in your busy schedule. Call us today 0400 348 482 to get started. 

4. Understand and Plan for the Business Lifecycle

Whether you're starting your first private practice, expanding, or planning your exit, a comprehensive accounting for doctors is essential at every stage. An expert accountant who works closely with health and medical practitioners can guide you through each phase with practical, tailored support.

At Skyways, we can assist with:

• Practice acquisition and business setup
  
  
• Planning for retirement or selling your practice
  
  
• Budgeting, cash flow projections, and resource allocation
  
  
• Reviewing financial performance using predictive analytics

We also help ensure your financial systems are built to scale, using secure integrations, cloud-based platforms, and tools like Microsoft Dynamics where suitable. With real-time data and accurate reports, you can make smarter decisions and reduce risk across your practice.

5. Stay Compliant with Changing Tax Laws

The tax landscape for doctors is constantly shifting. From personal services income (PSI) rules to ATO reviews on research and development tax credits, staying compliant means knowing the details.

Experienced medical accountants can help you navigate:

• Changes in tax legislation
  
  
• PSI assessments by the Australian Tax Office
  
  
• Structuring income correctly for PSI exemption
  
  
• ATO regulations around deductions and treatment of income

This ensures that your finances are legal, protected, and positioned for future audits.

6. Gain Control Over Financial Operations

Many doctors struggle with poor financial visibility. Spreadsheets don’t cut it. Specialist accountants for doctors help set up the right accounting software and systems to keep everything on track.

They can help with: 

• Building a financial management system suited to healthcare
  
  
• Managing accounts payable and accounts receivable
  
  
• Monthly reconciliation and reporting
  
  
• Keeping clean and audit-ready records

Accountants can assist with setting up and training on cloud-based accounting software, as well as integrating it with your practice management tools.

The result? Clearer oversight, smoother operations, and fewer surprises.

Thinking about opening your own clinic? Our specialist Brisbane accountants at Skyways offer expert support with practice setup, structure, BAS, GST, and cash flow, so your practice starts strong and stays on track.  Choose experienced accountants for doctors who understand your profession. Call us today at  0400 348 482 to get started.

FAQs

What type of accounting is used most often by physicians?

Most Australian doctors use accrual accounting, though smaller practices or sole traders may use cash accounting if their turnover is below the GST threshold.

What are the 4 types of accountants in Australia?

 In Australia, the four main types are:

1. Public accountants – handle tax, BAS, and compliance work.
   
   
2. Management accountants – focus on internal reporting and budgeting.
   
   
3. Government accountants – work within public sector agencies.
   
   
4. Forensic accountants – investigate financial misconduct or disputes.

How much does the average accountant charge in Australia?

Fees vary based on the complexity of services. Typically:

• $100–$300 per hour for specialist advice
  
  
• $1,500–$3,500+ annually for ongoing tax, BAS, and business support

Medical accounting may cost more due to the specific needs of healthcare professionals.

Can a medical accountant help establish my private practice in Australia?

Yes, a medical accountant in Australia can help with structuring your business, GST registration, tax planning, cash flow forecasting, and setting up healthcare-specific accounting systems.

What does a medical accountant actually do for doctors?

Accountants handle bookkeeping, BAS, tax compliance, and structure your finances for your specific needs as a doctor.

Can I claim continuing medical education as a tax deduction?

Yes, in most cases, it’s deductible if directly related to your current medical role.

Do I need a different accountant if I open my own private practice?

It’s highly recommended. A practice brings new obligations: payroll, GST, business structure, and more.

How often should I meet with my accountant?

Ideally quarterly. At a minimum, annually for tax planning. We offer flexible options for ongoing support.

Do I need to register for GST as a doctor?

It depends on your services. Some medical services are GST-free, but many practices require registration.

How do accountants help with retirement planning?

While we don’t give financial product advice, we help plan structures, savings strategies, and tax-efficient exits.

What’s the difference between a general accountant and a medical accountant?

Medical accountants understand healthcare-specific tax laws, deductions, practice systems, and compliance issues.

Conclusion

Managing the financial side of your medical career doesn’t need to be overwhelming. With the help of experienced accountants for doctors, you can simplify practice management, stay compliant, and build long-term financial strength.



Skyways Accountants are trusted Brisbane accountants who work closely with medical professionals, offering clear, practical support in tax planning, business setup, and financial management. Call us today at 0400 348 482 for expert advice.