BT Corporate Advisory is a specialised firm delivering accounting, bookkeeping, taxation, and strategic tax planning services to the dental sector professionals. Our team of experienced chartered accountants has a proven track record of working with a wide range of clients in the dental industry, including start-ups, established dental practices, and suppliers to the dental community.
We have a deep understanding of the unique financial challenges that dental professionals face, including cash flow management, debt collection, patient follow-ups, fair pricing, insurance, and employee payments. Additionally, we are well-versed in the compliance issues that small businesses typically face, such as matters related to income tax, GST, BAS, PAYG, and superannuation.
We understand that dental professionals are busy and may not have the time or resources to manage all their finances effectively. As a result, our firm offers personalised services tailored to meet each client’s specific needs. We take a proactive approach to financial management, ensuring that our clients remain compliant with all relevant tax laws and regulations while planning and executing strategies that minimise their tax liability. Our chartered accountants are dedicated to delivering exceptional service to every client, ensuring prompt and proactive responses to any questions or concerns they may have.
We are passionate about helping our clients build successful businesses in the competitive dental industry environment. Our team of chartered accountants is here to assist you in maximising your returns, streamlining your financial operations, staying compliant with tax laws, and achieving your business objectives. With our personalised advice and guidance tailored specifically to the dental industry professionals, we can help you overcome financial complexities and maximise your practice’s profitability. Contact us today to schedule a consultation and discover how we can help your dental business thrive.
Our Services for Dental Professionals at a Glance
Our firm offers a wide range of services to meet the financial needs of individuals and businesses in the medical sector. For individuals, we provide income tax services covering both Australian and foreign income tax. Our services for businesses include customised solutions for every business structure, including sole trader, company, partnership, and trust. In addition, our comprehensive bookkeeping services deliver assistance with all aspects of running a business, including salary packaging, accounts payable/receivable, payroll, compliance, business insurance, and cash flow management.
Furthermore, our financial strategies are tailored to the specific needs of our clients and encompass estate planning, SMSF, income protection insurance, cash flow management, and tax minimisation strategies.
Our firm also provides forensic accounting services, including matrimonial assets valuation, business valuation, and net-worth statements. We understand that every client has unique financial needs and challenges, and we are committed to providing personalised services to meet those needs.
When talking to our dental industry clients, we discuss and advise on various financial matters, including the following:
1
Choice of business structure
We guide dental industry professionals in selecting the optimal business structure, considering factors such as liability, tax implications, and operational flexibility. Whether it’s a sole proprietorship, partnership, or company, we tailor our advice to align with their specific practice needs.
2
Record-keeping requirements
Our services include helping dentists establish effective record-keeping systems, ensuring compliance with industry regulations. We assist in organising and maintaining accurate financial records, facilitating smooth operations and simplifying the auditing process.
3
Accounting software options
We recommend and implement specialised accounting software tailored to the dental industry, streamlining financial management processes. Our expertise extends to helping dental professionals achieve fluency in using these tools, enhancing productivity and reporting accuracy.
4
Tax and business registrations
We provide comprehensive guidance on tax obligations and assist in business registrations, ensuring our dental clients adhere to tax laws and regulations. Our proactive approach helps minimise tax liabilities and facilitates a seamless registration process for new or expanding practices.
5
Buying or selling a business
For dentists navigating business acquisitions or sales, we offer strategic advice on valuation, negotiation, and financial implications. Our support covers due diligence, financial analysis, and facilitating a smooth transition during these critical phases.
6
Business insurance
Leveraging our network of licensed insurance brokers specialising in healthcare, we tailor comprehensive coverage for dental practices. Our trusted partners assess risk factors unique to the industry, ensuring that dental professionals have the right insurance policies to protect against unforeseen events.
7
Employer obligations
We guide dental employers through compliance with employment laws, helping them navigate issues related to payroll, benefits, and workplace regulations. Our comprehensive approach ensures dental practices fulfill their obligations as responsible employers.
8
Legal issues
Utilising our network of licensed professionals, including lawyers well-versed in healthcare regulations, we provide expert guidance on legal issues specific to the dental industry. From contract reviews to compliance assessments, our legal partners ensure that dental practices navigate the complexities of business law seamlessly.
9
Permits and registrations
Assisting dental practices in obtaining the necessary permits and registrations, we ensure compliance with local and industry-specific regulations. This proactive approach prevents potential disruptions and legal complications for our clients.
10
Claiming motor vehicle expenses
For dental professionals who use vehicles for business purposes, we navigate the complexities of claiming motor vehicle expenses. Our expertise ensures accurate calculations and adherence to tax regulations, maximising eligible deductions.
11
Vehicle and equipment finance options
With guidance from our network of licensed professionals, including banking and finance experts, we assist dental professionals in exploring optimal vehicle and equipment finance options. We help clients evaluate financial strategies, negotiate terms, and secure competitive financing, empowering dental practices to acquire essential assets with confidence.
12
Business plans
We collaborate with dental professionals to develop comprehensive business plans, outlining financial goals, growth strategies, and contingency plans. Our customised approach aligns with the unique challenges and opportunities within the dental industry.
13
Cash flow, budgets, and forecasts
Our services extend to assisting dental practices in managing cash flow, creating realistic budgets, and developing accurate financial forecasts. Our proactive financial strategies ensure stability and support informed decision-making for long-term success.
*Disclaimer: We do not provide financial planning, investment management, lending, insurance, or related services. Any mentions of these areas signify that they are outsourced to our network of licensed professionals. We strongly advise consulting a qualified licensed professional within our trusted network for personalised advice in financial planning, insurance, lending, investment management, or related services.
What happens during and after our first meeting
Uncover your journey with us.
Client-Centric VIP Service Approach
We prioritise our clients above all else and treat them as VIPs. We engage with them regularly to discuss their unique needs and concerns, fostering open and transparent communication. Our goal is to provide our clients with the highest level of professional service and guidance so that their businesses can withstand any financial challenges and risks.
1 . We Listen
In navigating taxation and wealth-creation opportunities, we recognise the uniqueness of each client’s financial circumstances. We take the time to truly hear what our clients say and gain a deep understanding of their needs, goals, and aspirations. This guides our approach in crafting tailored solutions that precisely align with our clients’ individual financial objectives. Our commitment to clients’ financial success begins with active listening, collaboration, and a nuanced understanding of their unique financial challenges.
2. We Analyse
After gaining a comprehensive understanding of your business needs, wants, and objectives, we thoroughly analyse your financial situation. This crucial step enables us to develop personalised solutions tailored specifically to you or your business and aimed at helping you navigate and achieve your financial objectives.
3. We Plan
After analysing your finances, we use the insights gained to guide our comprehensive planning process. We then present you with a carefully crafted plan aligned with your unique circumstances, business vision, and goals. Our commitment to transparency and open communication ensures you are well-informed and actively engaged throughout the planning journey.
4. We Execute
As we move to execution, our customised solutions, aligned with your financial needs and goals, come to life. Collaborating with you closely, our accounting team provides dedicated support for informed decision-making. Trust us to execute each plan action with competence, care, transparency, and attention to detail, empowering you to run your business with confidence and peace of mind.
What can you claim for your dental business?
As a dental professional, it’s essential to understand the tax deductions you can claim for your business. The Australian taxation system allows you to claim expenses that are incurred in the course of running your dental business, such as rent, wages, and equipment. These deductions can significantly reduce your taxable income, helping you to minimise your tax liability and increase your profits. However, ensuring that you’re claiming only legitimate business expenses and keeping accurate records to support your claims is essential.
Below is a list of the tax deductions available to dental businesses in Australia to help you maximise your deductions and optimise your tax position.
- Rent and leasing expenses for your dental clinic or office;
- Wages and salaries for your employees, including your dental assistant and receptionist;
- Professional fees, such as those paid to your accountant or lawyer;
- Equipment* and supplies used in your dental practice, such as dental chairs, x-ray machines, and dental tools;
- Maintenance and repair costs for your dental equipment and clinic;
- Advertising and marketing expenses, such as website development and promotional materials;
- Business insurance premiums, including professional indemnity and public liability insurance;
- Training and professional development costs for yourself and your employees;
- Membership fees for affiliation with professional bodies;
- Office expenses, such as stationery, computer equipment, and internet and phone bills.
* Depreciation is claimed over a period of time on some of the items above.
It’s important to note that this list is not exhaustive, and there may be other legitimate expenses that you can claim as tax deductions for your dental business. Additionally, it is crucial to keep accurate records of your business expenses and seek professional advice from a qualified accountant to ensure you maximise your deductions while staying compliant with tax laws and regulations.
If you want to learn more about how we can help your dental business thrive, please don’t hesitate to contact us. Our team of chartered accountants is here to answer any questions you may have and provide you with the guidance you need. We look forward to the opportunity to work with you and help you succeed.
Testimonials
Discover the impact we can make for you or your business through the experiences shared in our client testimonials. Explore the success stories and insights that highlight the value of our services.
Empower your dental practice journey with our expert accounting support and advisory services. From startup to established success, our chartered accounting firm is dedicated to guiding you through every step. Connect with us today for informed decision-making and a prosperous business future.
