Closing the financial year is an important time for any medical practice in Brisbane. As a practice owner, you need clear, accurate records and smart decisions to protect your income and stay compliant. In this blog I will walk you through a year-end medical accounting checklist that works for practices of all sizes. I’ll explain what to prepare, what to check with your bookkeeper, and where a medical accountant Brisbane can add real value.
Why Year-End Work Matters for Your Medical Accountant Brisbane
Year-end financial work is more than just a box to tick. When you involve a medical accountant in Brisbane early, you reduce the risk of mistakes, avoid penalties, and find opportunities that improve cash flow and lower tax. A specialist accountant who knows the healthcare sector understands Medicare claims, private health fund payments, and common practice expenses. That knowledge helps you make the most of industry-specific deductions and prepares your practice for the next financial year.
Financial Records Review with Your Medical Accountant
Start by ensuring all income and expense records are complete. This means bank statements, patient receipts, private health fund remittances, Medicare payments, and any third-party invoices should be matched and reconciled. A good medical accountant will review reconciliations to find missing entries and flag unusual transactions. Accurate ledgers allow your accountant to prepare reliable financial statements and reduce the chance of surprises during tax lodgement.
GST and BAS Preparation for Medical Accountant Brisbane
Make sure your GST and Business Activity Statements (BAS) are up to date before year end. Practices with mixed GST-free and taxable services must separate these correctly. A medical accountant Brisbane can check that GST is correctly recorded for supplies, payroll liabilities are accurate, and BAS credits are claimed correctly. Correct BAS reporting avoids penalties and ensures your practice meets ATO requirements.
Payroll, Superannuation and Staff Payments: What Your Medical Accountant Checks
Payroll is a common area of compliance risk for medical practices. Your year-end checklist should include finalising payroll records, ensuring PAYG withholding is accurate, and confirming superannuation contributions are paid by the due dates. A medical accountant will review payroll reconciliations, verify employee classifications, and confirm that super guarantee obligations are met. This review protects you from late payment penalties and staff disputes.
Asset Register and Depreciation Review by a Medical Accountant
Review your asset register and depreciation schedules as part of year-end planning. Medical equipment, computers, furniture, and practice fit-outs must be recorded with correct purchase dates, costs, and depreciation methods. A medical accountant Brisbane will assess whether any assets can be written off, whether immediate deduction rules or instant asset write-off provisions apply, and whether depreciation claims are maximized within the law. Proper asset records also help at sale or when replacing equipment.
Tax Deductions and Compliance: Role of the Medical Accountant
Identifying allowable tax deductions is one of the most valuable year-end tasks. Expenses such as practice rent, professional subscriptions, uniforms, continuing medical education, and business-use portions of vehicles can often be claimed when documented correctly. A specialist medical accountant will examine your records to ensure claims are valid and supported, while also checking for any compliance issues that could trigger ATO review. This ensures your tax position is both optimised and defensible.
Cash Flow, Loan Reviews and Planning with a Medical Accountant Brisbane
Year-end is a natural time to review cash flow forecasts and any business loans. Your medical accountant Brisbane can prepare forward-looking cash flow models, check loan covenants, and suggest ways to smooth seasonal income fluctuations. By reviewing practice expenses and timing of major purchases, your accountant helps you avoid liquidity issues and plan capital expenditure with confidence.
Final Financial Statements and Lodgement Checklist for Your Medical Accountant
Before lodging tax returns and financial statements, complete a final review of profit and loss, balance sheet, and trial balance. Confirm all accruals, prepayments, and year-end provisions are recorded. Your medical accountant will ensure that financial statements reflect true practice performance and meet accounting standards. With this final check complete, tax returns can be lodged accurately and on time.
Records Retention and Supporting Documentation: What to Keep
Keep supporting documents for at least five years, including invoices, receipts, bank statements, payroll records, and lease agreements. A medical accountant Brisbane will advise which documents are essential and how to organise them for easy retrieval. Well-maintained records reduce audit risk and speed up any future accounting work.
Planning Next Year: How Your Medical Accountant Helps
After year-end, use your financial results to plan the coming year. A medical accountant can help set realistic budgets, forecast tax liabilities, and recommend strategies to improve profitability and personal tax outcomes. Regular meetings with your accountant during the year will make next year’s close faster and more effective.
Final Thoughts on Year-End Preparation with a Medical Accountant
Year-end accounting is a pivotal moment for any medical practice in Brisbane. Doing the basics well, accurate records, payroll compliance, correct GST/BAS reporting, and a full asset review makes a big difference. Engaging a medical accountant Brisbane from Medi Success ensures you are compliant, you maximize legitimate deductions, and you have a practical plan for the year ahead. The right year-end process saves time, reduces stress, and strengthens your practice’s financial position so you can concentrate on patient care.
