Liston Newton Advisory has your business finance tasks all sewn up. Offering an in-depth understanding of your unique business challenges, we're here to ensure your business is set for maximum efficiency and productivity.
Whether you need help with asset protection, client billing services or tax planning and bookkeeping, we have a wide range of specialist accounting services to help.
Asset protection advice
Self managed Super
Client billing processes
Our 40 years of experience working with medical professionals like you has given us the in-depth knowledge you need.
Whether you need advice on assets, bookkeeping, super funds or anything else, we can tailor our services to suit.
We will gain a clear understanding of your business goals, enabling us to support you both now and in future.
We can streamline your work processes using our innovative accounting solutions, for total ease, speed and efficiency.
Over the last 15 years, we've assisted an oral and maxillofacial surgeon with all aspects of his tax management and planning.
Advising first on the best investments to minimise tax for an investment property, we optimised it for more successful annual deductions, as well as capital growth.
Additionally, we were able to help him maximise wealth within his SMSF investments.
Converting our client's systems to cloud-based technology, we introduced more efficient and time-effective processes, enabling him to more tax-effectively accumulate wealth.
Our client's tax and investment strategies are fully aligned, enabling him to now also contemplate international investments.
We're a specialist accounting and business advisory firm with 40 years of experience helping healthcare professionals like you to maximise your business capabilities.
Our team can help you create better business health, with everything from strategic advice to day-to-day task implementation.
This is a common trend for medical professionals, and while it doesn't suit everyone, it can provide advantages in:
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.
Surgeons can take advantage of the small business instant asset write off, which allows you to fully deduct asset purchases up to $30,000 in the year they are purchased. This means that any upgrades to equipment costing less than $30,000 can instantly reduce tax in the financial year they are purchased.
Surgeons often have significant expenditure for education and travel-related expenses for conferences. It's possible to claim education expenses directly relating to your profession that assist you in completing your job and improving your skill-set.
You can also claim travel expenses for attending conferences, both in Australia and overseas. If there's an element of personal travel attached to the trip, this needs to be apportioned.
Dedicated client software can enable you to manage your cash flow much more effectively. Cloud-based integrated software such as Xero can provide you with the ability to set monthly budgets and forecast when large expenses like insurances, WorkCover and payroll are due for payment, for instance.
It has become increasingly difficult to set up these arrangements, as they often attract the attention of the ATO, and there are also several tests to be passed. However, it still can be suitable in some circumstances, and will largely depend on your individual situation.
We offer the best advice and support for healthcare professionals like you. Talk to the experts today.