Accounting for dentists and dental suppliers |
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Accounting for The Dental Industry
BT Corporate Advisory Pty Ltd specialises in accounting, tax and planning solutions for dentists and dental supply wholesalers. Over the years our Director has helped many different clients from start up graduate dentists to well established dental practices. As well as suppliers to the dental community.
Boris Feldman of BT Corporate Advisory Pty Ltd has deep understanding of the industry and strives to assist his clients to achieve better results. His keen interest and care for all his clients spell strong results and value for them. We at BT Corporate Advisory Pty Ltd appreciate the special nature of dental industry, in particular the importance of cash flow, debt collection, follow up on patients, pro-active servicing, fair charges, insurance and paying employees. On top of that you have the usual small business compliance issues of Income Tax, GST, BAS, PAYG and Superannuation.
Your hard work often means that one of the most important aspects of your business is neglected. This of course refers to some of the matters discussed above. As a result we find, time and time again, many dental professionals pay too much tax, miss compliance deadlines, miss legislative obligations and expose themselves to substantial fines, interest penalties or worse. Come on over to our Malvern office and enjoy a fresh cup of quality coffee as we discuss these important matters. |
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Business Structure
When establishing your business it's important to seek professional advice from qualified accounting and legal sources. Your business success is of most importance to us and we will assist you accordingly. The link below is useful when selecting your structure:
http://www.ato.gov.au/print.asp?doc=/content/00182084.htm
When talking to our dental industry clients we discuss and advise them on the following topics:
- Choice of Business Structure
- Record Keeping Requirements
- Accounting Software Options
- Tax and Business Registrations
- Buying a Business (if applicable)
- Business Insurances
- Employer Obligations
- Legal Issues
- Permits & Registrations
- Claiming Motor Vehicle Expenses
- Vehicle & Equipment Finance Options
- Business Plan Preparation
- Cash Flow Budget preparation
Accounting Software For Dental Practitioners
There are number of options for accounting software in the market place. However we don’t want our clients to end up with a software that doesn’t meet their needs. Sometimes using a software that is too advanced can mean extra costs and headaches. The opposite can also mean inadequate accounting records. At BT Corporate Advisory Pty Ltd our experts will advise you of your options and assist you in implementation. All that with a keen interest and a smile.
What can you Claim for your Dental Business?
Generally if running a business you can potentially claim expenses 'necessarily incurred in deriving your assessable business income' including:
- Dental Equipment and Instruments*
- Dental Accessories
- Dental Supplies
- Books and Other Publications
- Subscriptions to Dental and Related Publications
- Travel/Motor Vehicle Costs
- Promotional Material and Advertising
- Office Supplies & Stationery
- Postage
- Website and Internet Costs
- Rent
- Membership of Professional Bodies
- Professional Fees (Solicitor, Manager, Agent and Accountant)
- Training Costs
- Accommodation Expenses on Travel
- Home Office Expenses (conditions apply)
- Insurance
- Phone
- Equipment Hire Fees
* Depreciation is claimed over period on some of the items above.
At BT Corporate Advisory Pty Ltd we are experienced in all matters involving running a successful dental business. We understand what it takes to progress from a sole practitioner to a company that employs other dentists and support staff. Just like you, we recognise the need to deliver timely, quality advice and services as well as due care and keen interest to customer’s needs. Our approach is personal and you will enjoy support, guidance and accessibility together with cost effective strategies and solutions.
And best of all we are here to guide you all the way!!! Talk to us today about your dental business.
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