Many bright-eyed kids dream of one day becoming a doctor. Some of them eventually realize that dream after years of studying and hard work. While many people think that the challenges of being a doctor involve dealing with and treating patients, an often-overlooked challenge is looking after taxes.
Unlike many jobs that have an accounting department compute and automatically deduct the taxes from the pay, doctors are self-employed. This means they earn a gross income whenever their patients pay their fees. Although such a set-up may sound sweet to many people, computing taxes isn’t as sweet.
Doctors have to strictly balance their accounts to reflect how much they have earned throughout the year. One wrong entry on their accounts spreadsheet can easily result in the wrong amount of taxes paid, which can lead to a surprise visit from the Australian Tax Office and charges of tax evasion.
Fortunately, doctors can hire a skilled medical accountant for help. Not only can these medical accountants help with computing taxes, they can also help a doctor plan out a budget and savings plan he or she can use to achieve their other financial goals. With that in mind, do not hesitate to contact a medical accountant for help with organising .