Practice Management Options and Solutions
Specialized Medical Services (SMS) is a medical practice management company that can assist you in managing your practice in a more efficient and cost effective way. We can also help partner your practice with other entities for mutual benefits to medical staff, medical practices, patients and the general community
We offer several options for you to consider:
- Advice on the best practice of engaging of medical staff as either employees, contractors or through a third party company.
- Salary packaging that maximises practitioner remuneration.
- Options to consider to minimise payroll tax and workers’ compensation insurance.
- Suggestions to reduce the risk of non-compliance with superannuation and employment laws.
- Partnering with a charity for the delivery of medical services in return for reciprocal benefits for both practices, practitioners and patients.
Things to consider –
Are you paying super for your sole trader doctors?
Are you including all of your medical contractors in your Payroll Tax Reporting?
Super compliance is now on the ATO’s hit list and the Payroll Tax net is closing in from the State Revenue Offices. We know many medical practices are still not compliant and not paying super for their doctors engaged as sole traders.
Many clinics do not realise that even if their doctors are operating as contractors (even if they have a company or trust) that they still need to be including payments made to them in their payroll tax reporting.
At Specialized Medical Services we have options for you. Our new engagement model will take all of the risk you currently face away.
The doctors will continue to work as they do now but they will be engaged via a medical pracitioner solution.
This means they will have their super paid, work cover in place and also get more in their hand. No risk to the clinic any more and NO additional cost either.
No need to worry about the ATO or State Revenue Office knocking on your door.
Case Study:
Dr Singh had been working as a sole trader in a busy private billing clinic and invoicing the clinic for $292,320 over the course of the year. The clinic paid Dr Singh the full amount and did not pay any super, relying on Dr Singh to pay his own super. Dr Singh ended up with $148,796.76 in the hand after doing his BAS’s, paying installment tax and contributing to his super fund. Although the clinic’s accountant has informed them that they must pay super on all of their sole traders they didn’t want to rock the boat. They knew Dr Singh was definitely contributing to his super fund. When they heard about another clinic being investigated by the ATO for non-payment of super they contacted Specialized Medical Services.
Dr Singh now works in the same clinic doing exactly the same work but is now engaged through a medical practitioner solution. Dr Singh now receives super guarantee, his payg tax is paid for him, he is covered by work cover and he gets to salary package again. He no longer has to do BAS’s, pay installment tax, invoice or worry about his paper work. He is now an employee. The best part is he ends up with $21,723.61 more cash in hand (a total of 170,493.60 per year) and far more time to spend with his family and friends and get some balance back into his life.
The clinic is super happy as they no longer have the risk if the ATO knocks on their door, everything is simple and easy and they have a very happy doctor.
