Accountants for Doctors

Business efficiency taken care of

With  a full range of business services, Liston Newton Advisory is here to look after all your accounting needs. Talk to our team today for expert advice and services.

Liston Newton Advisory
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An award-winning Australian accounting firm

SMSF multi service firm of the year awardSMSF customer service firm of the year awardIfa innovator of the year awardIfa holistic adviser of the year award

Leading accountants for Doctors and GPs

With over 40 years of experience providing accounting services for the medical industry, Liston Newton Advisory has a proven track history of assisting GPs like yourself.

Whether you need help with private health insurance rebates, administration and accounting software integration, or general taxation and bookkeeping services, we offer the skills and experience to keep your business thriving.

Business structures

Consolidation and amalgamation advice

Business buy-in and service payment fee advice

Software implementation

Wealth creation advice

Payroll & bookkeeping services

Accounting for GPs

Learn more about your business with our comprehensive guides

At Liston Newton Advisory, we take pride in helping business owners get more out of their hard work. Our downloadable guides can give you an in-depth look at strategies and technologies that will help your business grow.

  • Discover tax strategies and business structures available to you
  • Understand and apply new business management technology
  • Get in touch with us for information tailored to your business

Expertise for Doctors and GPs

Industry experience

Our experience goes back 40 years, to when we first began helping medical practitioners with their accounting needs.

Tailored services

Whether you need advice on structuring your business, practice consolidation, payroll services, tax planning or much more, we're here for you.

Client partnerships

We're all about nurturing relationships, working with you over the long-term to help you achieve your business goals.

Embracing innovation

Our accounting technology and software solutions are designed to simplify your processes for smoother business operation.

Strategic accounting for a local GP

Strategic accounting for a local GP

Since 2004, we've assisted a Hawthorn-based GP with the growth and management of their practice.

As the practice expanded, we helped to structure their additional staff as independent contractors, increasing revenue without taking on employee liability.

We've helped the owner-doctor protect personal assets with the correct structuring that helped minimise tax.

We also took over the running of their payroll and bookkeeping functions, freeing up the admin team to focus on servicing the patients.

Finally, we assisted with a succession plan that allowed the owner to sell part of the business, allowing the next generation of doctors to take ownership of the practice.

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About us

We're a specialist accounting and business advisory firm with more than 40 years of experience. We exist to help our clients grow more successful, streamlined businesses and achieve financial freedom.

Our team can help with everything from strategic advice to support for day-to-day work processes, for  improved business efficiency and long-term success.

Learn about us

We offer in-person or virtual accounting and financial services

Our business is making sure your business thrives, and we aim to make our financial and business advisory services are as accessible as possible. With several offices dotted across Australia, we’ll happily welcome you in for a coffee and a face-to-face meeting. We can also accommodate remote meetings, should you prefer them. If you’re interested in shaking hands with the team, below are some of our most popular services offered at our NSW, VIC and QLD locations.

Expertise you can trust

We've been doing this for a long time, and we have industry leading qualifications and accreditations to show for it. Learn more from a specialised business accountant.

Frequently asked questions

What are my options for a business structure?

As a GP there are a variety of structure options available to run your business. These include:

Sole trader: Cheap to set up and run, but with unlimited liability – and the highest tax rates could apply.

Family or Unit Trust: These are a flexible option that can work well for solo operators, or with other practitioners. Family or Unit Trusts also allow flexibility for tax distributions and longer term tax concessions. They can, however, be limiting in some circumstances if you wish to scale.

Company: Company structures provide limited liability and a capped rate of tax at 27.5%. However, they're a more rigid structure than a trust and need to comply with the Corporations Act. Companies do scale well and allow for multiple owners and changing circumstances.

Partnership: Partnership structures can suit two or more doctors who want to carry on a business and split profit. They're relatively cheap and easy to maintain, but partners are liable for each others' actions.

Associateship: This is when two or more doctors operate a practice together, but each doctor operates distinctly, and handles their own tax and legal requirements.

Assistantship: Applicable to non-owner doctors. In this situation the non-owner doctor is considered an assistant to the owner doctor. The assistant is viewed as an employee and is subject to employment laws, leave entitlements, superannuation etc.

Should I consolidate or amalgamate my practice?

This is a common trend for medical professionals, and whilst it doesn't suit everyone, it can provide advantages in:

  • Reducing overheads
  • Sharing back office support
  • Attracting and retaining better talent
  • Passing on cost savings to patients
  • Getting more consistent referrers
  • Upgrading to a better location
  • Sharing costs of equipment upgrades

When a practice is consolidated with another medical professional, a management or service fee is usually put in place. This covers overheads such as rent, electricity, reception and administration staff.

It's important to note that it does not usually cover things like professional indemnity insurance, registrations and training.

Typically the management fee is between 30% and 40% of billings, and this also includes collecting cash from insurers and patients.

Careful planning and consideration should be undertaken before an amalgamation is considered.

If I take on extra GPs or allied health staff, are they considered employees?

If the correct administration and procedures are followed, additional GPs and allied health professionals are not employees and can be considered independent contractors within the practice.

It's common to pay an agreed percentage of the total amount of income they generate.

They are not required to have an employment contract, as they are not employees and are not paid under the Fair Work human resources guidelines.

Best practice is to provide a letter of engagement that outlines the terms of their tenure.

The terms in the letter should include:

  • Agreed start date
  • Agreed hours
  • Entitlements
  • Services supplied by the clinic

Once these steps are completed, staff generally aren't classified as employees and the clinic is not liable to pay superannuation, workcover or payroll tax.

Talk to the accountants who know GPs inside out

We understand the key components of a successful medical practice. Talk to us for expert advice.

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