We’re here for youPracticing in dentistry involves a number of key professional and personal decisions. Getting the right advice is critical.

A COMPLETE SOLUTION FOR DENTISTS

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The advisors at William Buck are more than just accountants. We strive to have a positive impact on our clients’ businesses, finances and lives. While we can assist in many ways, we recognise that to really help our dental clients we need to understand more than just the tax laws and regulations. We need to immerse ourselves in the industry and educate our people on the commercial aspects and intricacies of the dental profession.

Each office across William Buck has a dedicated team that specialises in the medical and dental industries. We help hundreds of dentists and dental practice owners every year. Our advisors work with new graduates starting out as contractors and dentists looking to acquire a practice, establish a practice or buy into an existing practice. We also assist established dentists looking to sell or grow their practice and larger groups looking to acquire dental practices as part of a growth strategy.

Additionally, we’ve built a network of complementary advisors such as lawyers, banks, fit-out consultants, recruitment consultants and others who we can trust to help our clients achieve their goals.

360 degree supportMentoring dental practitioners throughout the various stages of their life, we assist dentists as they commence their careers, establish their own practices and prepare for retirement.

Bringing together advisors from Business Advisory, Wealth Advisory, Tax and Superannuation; our team works seamlessly behind the scenes to ensure that careful consideration is given to all areas of your practice and personal financial affairs. As your circumstances change, our advice will be tailored to your evolving needs.

Accessibility to our advisors and the timely response to your questions, either by phone or email, are what we are known for. This hands-on approach ensures that you receive 360 degree support at all times.

SPECIALIST ADVISORS FOR DENTISTS AND DENTAL PRACTICE OWNERS

Accessibility to our advisors and the timely response to your questions, either by phone or email, are what we're known for.

STARTING OUTAs a young dentist, when you graduate it is almost certain that you will be engaged as a contractor at the practice that you commence working at. As a contractor, you immediately become a small business owner; with all the responsibilities and obligations that go with that. Having worked with many clients starting their dental careers, our advisors understand this process and are uniquely placed to provide assistance.

Establishing your ABN and GST registrationIn most circumstances, you will be working as a sole trader when you qualify. As such, you will require an ABN and almost certainly GST registration. William Buck offers a complementary no-fuss ABN and GST registration process for dentists. We can also answer all your questions about your business structure, bank accounts, record keeping, completion of your Business Activity Statements (BAS) and any other financial issues.

Income protection insuranceIn almost all contractor arrangements you will not be covered under a workers compensation insurance policy. This means, that if you are injured or unable to work, you will most likely be unable to claim workers compensation. An industry and employment specific income protection policy is the most effective way to protect yourself and provide peace of mind. With policies also being tax deductible, an income protection insurance policy is a key component in reducing risk in your financial future.

Effective tax planningTax is one of the most significant expenses you’ll incur over your professional career.

Proactive tax planning involves structuring your affairs and transactions to maximise your after-tax outcome, ensuring you keep more of your well-earned money, while still meeting your tax obligations.

Combining a thorough understanding of tax laws with a broad understanding of the dental and medical industry, our tax experts can assist with the development of tax planning strategies that achieve results and allow you to sleep at night.

While compliance and tax planning is critical, the real goal for any professional should be financial security. At the core of this is a cohesive plan for building wealth in a tax effective and asset protected manner. A plan protects you and your family now and in the future.

Personal wealth managementFinancial security begins early. We can work with you to make the most of your income by developing a wealth creation strategy attuned to the goals that reflect your true priorities; whether they be purchasing a larger home, commercial property, purchasing your own premises, early retirement or regular overseas holidays.

Risk insurancesWhen you take out personal insurances, it’s an investment in your future and a protection of your largest asset, which is your ability to earn income. With the right cover in place, you know that if you ever experience a serious accident or illness, you have financial support to help pay your home loan, car loan and maintain your lifestyle. Compared to the premiums you pay, the benefits you can receive from life, trauma or income protection insurance can be life changing.

Even if you have existing insurances, a second opinion never hurts.

Our advisors can help you to review your insurance requirements (including needle-stick cover), evaluate policies, and manage the claims process where necessary.

Self-managed superannuationEstablishing a Self-Managed Superannuation Fund (SMSF) is very common among our dental clients. An SMSF allows you to invest in a low tax, asset protected environment. However, the establishment of an SMSF is not for everyone, it should be considered as just one component in your wealth building strategy.

Changing the lives of dental practitionersWhatever your needs, William Buck has the expert resources to create the best outcome for you and your business. We’re more than advisors; we aspire to create a positive change in the lives of our clients.

BUILDING YOUR FINANCIAL SECURITY

Our tax experts can assist with the development of tax planning strategies that achieve results.

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The choice of whether to start your own practice or join an established dental practice is one of the most significant decisions you’ll make in your professional career.

There are many questions at this crucial stage:

— What costs are involved?

— What's the value of the practice?

— What's the best way to fund all of this?

— What staff do I need?

— What about fit outs, equipment and insurance?

— What software should I use?

— How am I going to build a patient base?

— What about competition?

It’s important to invest in the appropriate advice upfront. Getting it right at the start is guaranteed to save you time, stress and money later on.

The experienced advisors at William Buck will help you consider all the professional and personal implications of starting your own practice. We can also introduce you to other professionals that can help with the process and offer advice along the way.

Determining the most effective practice structureThe choice of structure for your practice has a critical impact on the amount of tax you pay and the extent to which your assets are protected.

The most appropriate structure will be determined by a range of factors including which entity should own business and personal assets, whether you work as a contractor, plan to purchase a practice or join a practice. As everyone is different, the process is not a ‘one size fits all approach’. We tailor our advice to your specific situation and work with you to determine the structure most appropriate for your needs now, and in the future.

We will establish a structure that is effective, understandable and as free from complexity as we can, while still providing you with the optimal outcome.

Documenting contracts & agreementsWhichever structure is most appropriate for the way you want to practice, getting the documentation right from the outset is vital to preventing future financial disputes. Issues such as percentages, mentoring and support, ongoing training, what you get for your service fee, profit sharing and the admittance or exit of a practitioner from a group practice must all be considered.

We can work with your legal advisors (or recommend advisors from our extensive network) to ensure the contracts are equitable and appropriate for the practitioners’ personal wealth needs.

ABN, GST & PAYG registration You may already have a personal ABN but if you're establishing a new legal structure, chances are, that entity will also need its own ABN and tax registrations. Additionally, there are likely to be new requirements for registrations for employees and workers compensation.

We can take you through the whole process, ensuring that all legal and regulatory requirements are met.

COMMENCING YOUR OWN DENTAL PRACTICE

Bookkeeping & financial systemsOur advisors can help you to select the most appropriate accounting software for your practice, taking into account your specific needs (bookkeeping, payroll, invoicing etc.) and your team's level of accounting skill.

As certified practitioners of the major software providers including Xero, MYOB and Reckon we can also train you and /or your staff to ensure you have the comprehensive record keeping systems required.

For practices that need extra support, our outsourced accounting function takes care of payroll, invoicing and management reports. We can even act as a registered office or take care of company secretarial requirements, easing the administrative and financial burden on your practice.

Our advisors will help you consider all the professional and personal implications of starting your own practice.

GROUP PRACTICESStarting or joining a groupHaving studied together, joining with your colleagues to start a group practice makes sense both clinically and economically. Working together can lead to substantial savings in overheads and the creation of additional value in the business.

However, complex issues can arise if the process is not suitably managed from the start. Our practice alignment and establishment process helps dentists form a group practice that is built on solid foundations.

Joining a group practiceBeing invited to join an existing dental or specialist group practice can be a great honour. Unfortunately though, in some cases it can be a poisoned chalice. To join, many practices require a dentist to purchase into the practice. The cost of joining can vary substantially depending on the type of practice and how large its operations are. As with any other investment, a thorough assessment of risk and return should be undertaken when considering whether to join a practice. William Buck has worked with many dentists to ensure they understand all aspects of the investment being made. We can assist with valuing the practice, tax effective structuring advice and financing the investment.

Specialist Practice Alignment & Establishment

Alignment workshop By workshopping the key practice issues with each dentist we can help you identify the practice’s vision and ensure that there are common goals.

Strategic planningBuilding on the results of the Alignment Exercise, we'll help you develop a strategic plan for the practice. This is a vision for the business with action points and goals to be achieved over an agreed time frame.

Practice structureOnce we have a plan and vision for the practice, we develop a structure for the business that is flexible and equitable. Each dentist has a fair and agreed entitlement to profit and no doctor subsidises another.

Monitoring and mentoring We ensure the reporting processes within the practice allow the owners to see clearly what’s going on in the business, not just clinical issues. Our advisors will also act as your business mentors to ensure the continued success of your practice. We’ll help create efficiencies; establish business management tools and provide advice on compliance issues.

MANAGING YOUR DENTAL PRACTICE

More than just complianceWe can prepare financial statements, lodge tax returns and take care of all your tax and superannuation reporting requirements.

However, your tax return is more than just a requirement. It tells the Australian Taxation Office the “story” of your life and your practice which they use to determine the level of review or audit that is required. Your tax return is also a fundamental part of the tax planning process.

Our advisors use the tax compliance process to manage your tax risks and support your tax planning strategies.

Strategic planningDo you have a vision for your practice? Have your advisors engaged with you to discuss your goals and how you can work towards achieving them?

The practice of the future is very different to that of today. Increased acquisitions by corporates and a growing number of dental graduates are changing the industry. Change is inevitable, but by working with experienced industry advisors, improvements can be made and goals achieved. We use budgets, quarterly forecasts and flash reporting to help our clients “see the numbers differently” and truly understand them.

Asset protectionDentists work in a high risk and increasingly litigious environment. Our tax specialists work with our dental industry clients to safeguard their assets, while maintaining flexibility and control.

Complex issues can arise if the process is not suitably managed. Our practice alignment and establishment process helps dentists form a group practice that is built on solid foundations.

CONTACT

If the thought of retirement is sitting at the back of your mind, you’re not alone. An increasing number of dentists practicing in Australia are aged 50 and above. Yet in spite of this, few dentists have a considered exit strategy in place.

With the growth in the number of newly established practices, increased competition has seen banks tighten their lending criteria for new practices. Consequently, younger dentists are now actively seeking to purchase established practices rather than starting new ones. At the same time, acquisitions from corporate owners still remains high. These two factors make now an ideal time to consider selling your practice to maximise the price on exit.

The earlier you start your succession planning, the more opportunities you afford yourself.

Superannuation planningA superannuation strategy is far more than simply making regular contributions to a fund. A self-managed superannuation fund (SMSF) can be one of the most tax effective structures for holding investments. By implementing a smart plan, superannuation can help you to maximise your cash on retirement and potentially retire earlier. Our advisors can help you develop strategies to make the most out of your superannuation investments and other assets.

EXIT PLANNING AND RETIREMENTEstate planningFew people like to think about their own mortality. However, if you want your assets, including your business, to be distributed according to your wishes, you need to plan before it is too late. We can help you work through the complexities of tax and superannuation law, and partner with your solicitors to achieve the best result for you and your family.

New South Wales Telephone: +61 2 8263 4000 nsw.info@williambuck.com

VictoriaTelephone: +61 3 9824 8555vic.info@williambuck.com

QueenslandTelephone: +61 7 3229 5100 qld.info@williambuck.com

Western Australia Telephone: +61 8 6436 2888wa.info@williambuck.com

South Australia Telephone: +61 8 8409 4333sa.info@williambuck.com

New Zealand Telephone: +64 9 366 5000info@williambuck.co.nz

William Buck is an association of firms, each trading under the name of William Buck across Australia and New Zealand with affiliated offices worldwide. Liability limited by a scheme approved under Professional Standards Legislation other than for acts or omissions of financial services licensees.