The 2026-27 Federal Budget is one of the most significant overhauls of the Australian tax system in nearly three decades. In a single night, the Government has reshaped the rules around capital gains, negative gearing, trust distributions, superannuation, electric vehicles, research and development, and cost-of-living measures. For practice owners and health professionals, there is barely a corner of your financial world that hasn't been touched in some way. What makes this Budget particularly complex is that the changes don't sit in isolation. The CGT changes magnify the negative gearing changes, which in turn interact with the new trust rules. The combined effect is considerably larger than any single measure on its own, and the right response will depend on how the pieces fit together in your specific situation. Many of the details are still subject to clarification and legislation, but the direction is clear. Good advice will be key to ensuring you're well-positioned and don't end up paying more tax than you need to as the new rules take effect. Capital Gains Tax Returns to Indexation The centrepiece of the Budget is the replacement of the 50% CGT discount with cost base indexation for gains arising on or after 1 July 2027, combined with a new 30% minimum tax on net capital gains. This is effectively a return to the rules that applied in Australia from 1985 to 1999, and it applies to all CGT assets held by individuals, trusts, and partnerships. The 50% CGT discount continues to apply to all gains arising before 1 July 2027, regardless of when the asset was purchased. Investors in new residential builds can choose between the 50% discount and indexation, whichever produces the better outcome. For assets sold after 1 July 2027, gains accrued before that date still receive the 50% discount, while the post-2027 portion is reduced only by indexation. Example Kelly bought an investment property eleven years ago for $500,000. By 30 June 2027, it's worth $1 million, and she eventually sells it in 2037 for $2 million. Under the current rules, the full $1.5 million gain qualifies for the 50% CGT discount, resulting in a tax bill of around $353,000. Under the new rules, the gain is split. The pre-July 2027 portion still gets the 50% discount, while the post-2027 portion is reduced only by indexation. Because indexation only lifts the cost base in line with inflation, more of the gain ends up taxable. The total tax bill comes in at around $408,000, which is roughly $56,000 more for the same property. Selling before 30 June 2027 would produce a much smaller tax bill today, around $118,000, but it also means giving up another decade of potential growth. Whether that trade-off makes sense depends on Kelly's broader circumstances. *Figures are illustrative only, assume CPI of 3% per annum and a 47% combined rate, and are subject to final legislation. What the CGT Changes Mean for Business Owners If you've spent years building a valuable practice, the rules under which you will eventually sell that business have just been rewritten. The biggest issue is likely to be goodwill. When you build a practice from scratch, the goodwill that develops over time has a cost base of zero. Under the current rules, the entire goodwill gain qualifies for the 50% CGT discount on sale. Under the new rules, any growth in your goodwill from 1 July 2027 onwards is reduced only by indexation, and a percentage uplift on zero is still zero. Every dollar of post-2027 goodwill gain will be fully taxable at up to 47% combined, unless it can be reduced under the small business CGT concessions. In practical terms, the tax on that portion of your goodwill is effectively doubled. If you've built your practice over fifteen or twenty years, goodwill is typically the single largest asset in a sale, so this could mean a material reduction in the after-tax proceeds available to fund the next stage of your life. Small Business CGT Concessions Still Apply, But Are Worth Less The Small Business CGT Concessions, including the 50% active asset reduction, the $500,000 lifetime retirement exemption, and the 15-year exemption, all remain available and continue to be among the most valuable concessions in the Australian tax system. The catch is that with no reduction on a zero cost base, your starting gain is larger, and the concessions apply to a higher taxable amount. They still help, they're just working harder on a bigger number. Is Your Business Structure Still Right? The Budget confirms expanded rollover relief for three years from 1 July 2027, specifically to support businesses wishing to restructure out of discretionary trusts into a company or fixed trust without triggering a CGT liability on transfer. This is a genuine and time-limited opportunity. If you currently operate your practice through a discretionary trust or as a sole trader, the question of whether your structure still makes sense is now more pressing. The historical advantages of trusts have narrowed, and company structures are relatively more competitive than they've been in the past 25 years. The right answer depends on your specific circumstances, and it's a conversation worth having well before the rollover window closes. A New 30% Minimum Tax on Discretionary Trusts From 1 July 2028, trustees of discretionary trusts will be required to pay a minimum tax of 30% on the trust's taxable income. Beneficiaries (other than corporate beneficiaries) will receive non-refundable credits, similar in concept to franking credits. Where the credit exceeds a beneficiary's actual tax liability, the excess is permanently lost. A good number to know is that the break-even point is approximately $131,600 in beneficiary income. Every beneficiary earning below that level results in some portion of the trust's tax being unrecoverable. The Budget announcement raises more questions than it answers. The treatment of corporate beneficiaries is unclear, and the announced exclusions (primary production income, vulnerable minors, existing testamentary trusts) will need precise legislative definition. Draft legislation is expected in the second half of 2026, and we advise against making planning decisions based on the announcement alone. Negative Gearing: Existing Properties Protected Existing investment properties are fully grandfathered. If you already own a negatively geared investment property, your ability to offset losses against other income continues unchanged for as long as you hold that property. The new rules apply to established residential properties acquired after 7:30pm AEST on 12 May 2026, and take effect from 1 July 2027. Losses from these properties will only be deductible against rental income or capital gains from residential property, not against salary or wage income. Newly constructed properties remain exempt and continue to be fully negatively geared. If you are considering another investment property purchase, the rules have changed in ways that affect both your ongoing cash flow and your future capital gains position. The economics of a new build versus an established property are now materially different and require new analysis. Good News for Companies From 1 July 2026, the loss carry-back returns for companies with aggregated global turnover under $1 billion. If your company paid tax in 2024-25 or 2025-26 and incurs a revenue loss in 2026-27 or later, that loss can be applied against the earlier tax paid and refunded in cash, subject to the company's franking account balance. This is particularly valuable for companies that were profitable in recent years but are expecting to experience a downturn. From 1 July 2028, small start-up companies with annual turnover under $10 million will be able to convert losses in their first two years of operation into a refundable tax offset, capped at the value of FBT and PAYG withholding on Australian wages. The ATO will pay out the offset as cash even where no tax has previously been paid. What Should You Do Now? Some measures take effect immediately, others from 1 July 2026, 2027, or 2028. The right response will vary for each practice or taxpayer, depending on your group structure, how long you've held your investments, and current business conditions. As more details become available, we'll be providing further information to our clients most directly affected. None of these issues need to be resolved overnight, but each will require careful planning once the full picture is clear. As always the team at GrowthMD will be ready to help you navigate through the changes. *This article is based on the Federal Budget announcement of 12 May 2026. Many measures remain subject to draft legislation, and final details are yet to be confirmed. This article is general information only and is not advice. Please contact GrowthMD to discuss how these measures may apply to your specific circumstances.

From 1 July 2026, Australia’s anti-money laundering and counter-terrorism financing rules (AML/CTF) are getting a major upgrade. AUSTRAC (the regulator) is expanding the net to include more industries, including accountants, under what’s commonly called “Tranche 2” reforms. Anti-Money Laundering Legislation Here’s the practical, no-nonsense summary of what’s happening, why it’s happening, and what it means for you. What’s happening? Australia is extending AML/CTF rules to more professions that can be used (sometimes without knowing it) to move or hide dirty money. From 1 July 2026, AML/CTF obligations will apply to more “service providers,” including: Accountants and bookkeepers (certain services) Lawyers Real estate professionals Dealers in precious metals/high-value goods These newly captured industries will need to comply with formal AML/CTF requirements similar to those already in place for banks. Why is it happening? In plain terms, Australia is tightening the system to reduce financial crime. This isn’t about making life harder for honest businesses; it’s about making it harder for criminals to hide in normal transactions. What does it mean for you? 1. You’ll likely notice more ID and “who owns what” questions Because accountants (and other advisors) are being brought into the AML/CTF regime, you should expect more checks when you: onboard as a new client set up a new company/trust restructure ownership buy/sell a business deal with higher-risk transactions or unusual payment patterns This is called Customer Due Diligence (CDD), basically identity checks plus understanding the real decision-makers behind a business (beneficial owners). Practical examples of what we may need from you: Driver’s licence/passport (and sometimes secondary ID) Company/trust documents Details of directors, trustees, shareholders, and beneficiaries Basic explanation of the nature of your work and typical payment flows We will request that you and all individuals involved complete a Digital ID Verification through 3rd-party software. Company/trust documentation, including variations, will need to be provided prior to any work commencing. 2. Payments and transactions may get more scrutiny If something looks unusual (for example, odd third-party payments, unexplained large cash amounts, unusual overseas flows), firms will be required to consider whether it needs to be reported to AUSTRAC. This doesn’t mean you’ve “done something wrong”; it means the system requires professionals to actively monitor and report certain red flags. What we’re doing. We’ll be adjusting our onboarding and ongoing client processes so we stay compliant without creating a paperwork circus. Next steps If you’ve got multiple entities (trust, company, SMSF, etc.), be ready to confirm who owns/controls what. If your business touches property transactions or other high-value dealings, ask us to review whether you’re directly captured.

Too often, the warning signs are missed until it’s too late. Fraud, theft, and financial mismanagement happen in healthcare practices more frequently than most want to admit, and many practice owners are unaware it’s happening right under their noses. Phantom billing at the front desk. Personal expenses slipping discreetly into the business account. Cash disappearing from the drawer. What do these have in common? They all thrive in environments where one person is left to run the show, unchecked. How To Fraud-Proof Your Practice Dr Todd Cameron asked me to shine a light on where medical and allied health practices are exposed, and share no-nonsense solutions to keep your finances secure. Red Flags Every Practice Owner Should Know: Learn the subtle signs of internal fraud that can signal bigger issues beneath the surface. Acting early means safer outcomes for your practice. Why “One-Person-Control” is Your Biggest Risk: Discover why too much trust and too little oversight puts your entire operation at risk, and exactly how to shift to a safer, more sustainable model. The Power of Separation: Simple adjustments to separate financial duties ensure no single team member controls the full chain. We’ll show you how to implement this, no matter the size of your practice. The 20-Minute Meeting That Changes Everything: See how a fortnightly financial check-in can provide clarity, transparency, and confidence, with only a minimal time investment. Managing Cash in the Digital Age: From the petty cash box to larger cash receipts, the risks can be higher than you realize. Learn why moving cashless isn’t just modern, it’s safer. Protecting Against Phishing and Invoice Fraud: Cyber threats are growing, with phishing emails and AI-generated invoices targeting practices at alarming rates. We’ll share practical steps to keep your data, and your money, protected. Empowering With Smart Tools: Discover the digital solutions designed to control spending and remove the risks of traditional petty cash and credit cards, giving you peace of mind and full transparency. At GrowthMD, we believe that security is the first step to growth. Empower yourself and your team by building robust systems that protect your hard work. Because safeguarding your practice isn’t just about preventing loss it’s about paving the way for the kind of scalable, sustainable growth your community relies on.

From 1 July 2026, employers must pay super at the same time as salary and wages not quarterly. Use this checklist to make sure your practice is ready well ahead of time.

Are you ready for Payday Super? Join us for our upcoming webinar, on Tuesday 14 April at 12.30pm (AEST) designed to help medical practices prepare for Payday Super by 1 July 2026. Tuesday 14 April at 12.30pm Here’s what you’ll walk away with in our Payday Super webinar: The What and the Why : A clear understanding of what payday super is and how it’s reshaping the way medical practices handle super payments Cash Flow Clarity : Insights into how these changes could impact your practice’s finances and payroll processes Risk Radar : Everything you need to know about late payment penalties, SGC charges, and the ATO’s increased visibility System Check : How to ensure your employees and contractors are perfectly set up in payroll and super systems..

If you employ staff, Payday Super is about to change how you run payroll, cash flow, and compliance every single pay cycle. In this video, I break down what’s changing, the risks for healthcare practices, and the exact steps to get ready. What’s changing (at a glance) Super timing: Moves from quarterly to every payday. Your 12% must hit the employee’s super fund within seven business days of payday (the “QE day”). New calculation base: Ordinary Time Earnings are replaced by Qualifying Earnings (QE). QE includes base pay, commissions, leave, salary sacrifice that would otherwise be earnings, and payments to contractors for their labour (if super applies). Overtime, workers’ comp, paid parental leave, and under-18s working <30hrs/week remain excluded. STP reporting: You’ll report QE and the related super liability each cycle. Annual cap from 2027: A single annual maximum earnings base (forecast around $270,833) replaces the quarterly cap—watch high earners closely. Small Business Super Clearing House: Retires 1 July 2026. Keep historical records and transition to payroll software (e.g., Xero, MYOB, Reckon) ahead of time. Payday Super: What medical practices need to do now Why this matters now The seven-day clock is tight: Delays in approvals and clearing houses can push you over. Best practice is to approve and pay super the same day as payroll. July “double-up”: You may owe Q4 super (due 28 July) while starting Payday Super in real time. Consider paying Q4 before 30 June to start clean on 1 July. Late or missed payments are costly: Payments are applied to the oldest unpaid period first. Expect super guarantee charges, notional earnings, and an admin uplift (up to 60%). Late super is now tax-deductible, but penalties still sting. If you’re late, pay the fund immediately—don’t wait for the ATO. Practice-specific hotspots Contractors: If super applies to contractor labour, it’s QE—and it’s due within seven days of payment. Often sits outside payroll—don’t miss it. Get tailored advice. Employee onboarding: Biggest late-risk area. Use stapled fund requests early and don’t onboard without TFN and super details where possible. Incorrect fund details: Audit all employees now; watch for fund mergers and SMSF ESAs. ATO member verification tool is coming. Awards and payroll categories: Map every allowance/penalty to QE or non-QE and configure software correctly. Get expert HR/award support if needed. Overseas hires: TFN/super setup can take weeks. Plan start dates accordingly. Governance gaps: Nominate a Payday Super champion, compress approval workflows, enable rejection alerts, and define escalation paths—especially with outsourced providers. Concessions (limited but helpful) New starters and fund changes: Additional days available—but act fast. Genuine out-of-cycle payments (e.g., a one-off bonus): You can include super in the next regular pay cycle. Do this next Appoint a Payday Super champion and tighten same-day approval processes. Audit all employee super details and payroll category settings for QE. Review contractor arrangements and get legal/accounting advice where needed. Map July cash flow: aim to clear Q4 super before 30 June. Prepare to transition off the Small Business Super Clearing House well before 1 July 2026. Set up system alerts, exception reporting, and clear escalation pathways. If you’d like support implementing this in your practice, the GrowthMD team is here to help.

Key Areas to Review Before 31 March 2026 The Fringe Benefits Tax (FBT) year ends on 31 March 2026, so now is the time to review any additional benefits you’ve provided to employees or associates. FBT can apply to benefits you provide beyond salary or wages, such as vehicles, entertainment, car parking, paying personal expenses, or providing goods or accommodation. If these aren’t managed properly, they can create unexpected tax and compliance issues. Motor Vehicles Provided to Employees Providing vehicles to employees is one of the most common FBT triggers. If an employee has access to a company car, FBT can apply even if it’s mainly used for work. In particular, if the car is kept at an employee’s home, it’s generally considered available for private use. There are two main ways to calculate FBT: the statutory method (based on 20% of the car’s value) or the operating cost method, which relies on a valid logbook. If you’re using a logbook, make sure it has been kept in the last 5 years, and it still reflects current usage patterns. We suggest a tracking app like Driversnote  to help you compile your 12-week logbook. Before 31 March, don’t forget to record odometer readings. Also, keep in mind that employee contributions, such as paying for fuel, can reduce the FBT liability, but only if they’re properly tracked.  The ATO continues to focus on logbooks and private use, particularly where vehicles are garaged at home. Electric Vehicles (EVs) Electric vehicles (EVs) can be exempt from FBT when provided by an employer to an employee as a car fringe benefit (not when purchased personally). To qualify, the EV must be a battery electric, hydrogen, or eligible plug-in hybrid (PHEV), first held and used on or after 1 July 2022, and below the luxury car tax (LCT) threshold for fuel-efficient vehicles. PHEVs only qualify if first provided before 1 April 2025. The exemption covers the car and associated running costs, including charging. While no FBT is payable, employers must still calculate and report the benefit through Single Touch Payroll. Entertainment and Gifts for Staff Providing meals, events, or gifts is a great way to build culture, but the FBT treatment can vary depending on how the benefit is structured. Entertainment, such as meals, drinks, or social events, can give rise to FBT, although exemptions may apply in some cases, such as minor benefits or certain on-site meals. Non-entertainment gifts, such as hampers or gift cards, are generally easier to manage and may be exempt if they are under $300 and considered minor in the circumstances. What about Business Lunches and Staff Functions? A common trap is business lunches. Even where there is a genuine business purpose, off-site meals are usually treated as entertainment. This means the employee portion can still be subject to FBT, even if clients are present. Simply calling a lunch or dinner a business meeting doesn’t change the FBT treatment. For staff functions, the outcome depends on factors like whether the event is on-site or off-site, when it’s held, and the cost per person. Small changes, like moving off-site or exceeding the $300 threshold, can affect the result, so it is always best to get advice if you are planning a big staff function. Loans, Expense Payments, Goods and Accommodation FBT can also arise where you provide loans, pay personal expenses, or provide goods or accommodation to employees. Loans to employees must have interest charged at the ATO benchmark interest rate to ensure FBT is not triggered. Expense payments and goods may be exempt if they would have been tax-deductible to the employee, but this needs to be assessed carefully. Car parking is another area that’s often missed. Where you pay for or provide parking at a commercial facility, this can trigger FBT and should be reviewed. Accommodation and housing benefits also have specific valuation rules and can create significant exposure if not structured correctly. Where We’re Seeing Clients Get It Wrong The most common issues we see are assuming no FBT applies because something is “mostly business,” relying on outdated logbooks, or incorrectly treating entertainment and reimbursed expenses. FBT isn’t just a year-end exercise; it requires ongoing attention throughout the year. Businesses that assume it doesn’t apply, particularly smaller ones, are often the ones caught out. FBT Action Checklist We recommend you review your FBT risk before 31 March 2026, using the following table to help: Area Action Item Motor Vehicles Review company vehicles provided to staff Ensure odometer readings are captured as at 31 March 2026 Check for valid and current logbooks Identify any employee contribution calculations required and consider any expenses paid personally by the employees Review electric vehicle eligibility and reporting requirements Entertainment & Gifts Review entertainment and gift expenditure for FBT implications Consider the minor benefits exemption where appropriate Keep records of costs, recipients, and benefit types Assess staff functions (location, cost, attendees) individually Loans & Expenses Check for employee loans and whether interest has been charged Review reimbursed personal expenses or expenses paid on an employee’s behalf for deductibility General Review all benefits for potential FBT liability Ensure all FBT reporting and calculations are completed by 31 March Let Us Help You Stay Ahead of FBT FBT is often overlooked, but it can lead to unexpected costs if not managed properly. If you’re a practice owner, it’s also an opportunity to structure benefits more effectively, not just a compliance exercise. If you’re unsure how FBT applies to your situation, our team at GrowthMD can help you identify both risks and planning opportunities.

ATO Targets Holiday Home Deductions: What Property Owners Need to Know Many taxpayers like the idea of owning a holiday home they can enjoy personally while earning rental income on the side. ATO Targets Holiday Home Deductions The concept is appealing: use the property with family a few times a year, rent it out through an agent or platforms like Airbnb when you are not using it, and claim tax deductions for interest and other ownership costs. Historically, many taxpayers have approached this by apportioning expenses between private use and rental use, adjusting deductions based on the number of days the property is rented. However, the ATO’s Draft Practical Compliance Guideline PCG 2025/D7 signals a shift in how these arrangements may be assessed. Rather than relying solely on a simple day-count calculation, the ATO will look more closely at whether the property is genuinely operated as an income-producing rental or primarily a private holiday home, which could mean some deductions are no longer available. The ATO’s Focus: Lifestyle Assets vs Genuine Rentals The new guidance focuses on whether a holiday home is genuinely operated as an income-producing investment or whether it is primarily a private lifestyle asset that occasionally earns rental income. The ATO has revived the concept of a “leisure facility” under section 26-50 of the Income Tax Assessment Act 1997. If a property is mainly used for holidays or recreation, deductions for ownership costs such as interest, rates and maintenance may be denied, even if the property earns rental income.  In other words, earning rental income alone does not guarantee deductions. The ATO’s Traffic Light Risk Framework To help taxpayers understand how arrangements may be viewed, PCG 2025/D7 introduces a traffic light risk framework. Green zone - Low risk Properties genuinely operated as commercial rentals are more likely to fall in the green zone. Typically, the property is widely advertised, priced at market rates and available for rent for most of the year with minimal private use. Amber zone - Medium risk These arrangements involve a mix of private and rental use. The property may be available for rent for significant periods, but private use remains a meaningful factor and the ATO may scrutinise these arrangements more closely. Red zone - High risk Properties primarily used as a private holiday home are likely to fall into the red zone. In these cases, deductions for ownership costs may be denied and the ATO is more likely to review the taxpayer’s claims. Behaviours That Increase Risk The ATO’s assessment goes beyond simply counting rental days vs private days. Instead, it looks at the overall pattern of behaviour surrounding the property. Examples of higher-risk features include: Owners blocking out peak rental periods such as Christmas, Easter or school holidays for personal use. Limited efforts to secure bookings or maximise rental income. Large portions of the calendar being unavailable for rent. Rooms or areas of the property being locked off or reserved for private belongings. Rental pricing or advertising practices that make bookings unlikely. These factors can suggest the property is primarily a private holiday house rather than a genuine rental investment. What This Means for Property Owners The ATO is not banning deductions for holiday homes. However, it is drawing a clearer line between genuine rental investments and lifestyle assets. For taxpayers who expect rental deductions to offset the cost of owning a holiday home, the new guidance could significantly change the tax outcome. If you own a holiday property, or are considering purchasing one, it is worth reviewing how the property is structured, marketed and used. At GrowthMD, we regularly help medical professionals and practice owners navigate the tax implications of their investments. If you want to understand where your holiday property may sit under the ATO’s risk framework, our team can help you review the arrangement before the ATO does.

Efficiency and accuracy are key to running a successful medical practice, but heavy administrative workloads often distract staff from focusing on patient care. In a recent conversation with Kelly from GrowthMD, Melvin Chen, founder of Care GP , shared insights into how their innovative automation tools are solving these pain points for GP practices in Australia. How Care GP is Automating Document Chaos in GP Clinics What is Care GP and Samantha? Care GP is an AI-powered company dedicated solely to creating automation tools for GP clinics in Australia. Their flagship product, Samantha, tackles one of the most time-consuming and error-prone tasks in medical practice: document allocation. Historically, admin teams manually handled document scanning, faxing, and importing, reading individual files to allocate them correctly to patient records and practitioners. Samantha automates this entire process, saving time, minimising errors, and freeing up valuable staff hours. Meet Samantha

Strong bookkeeping is essential for running a profitable, well-managed medical practice. When your bookkeeping is clean and accurate, BAS and tax reporting become easier, cash flow is clearer, and practice owners can make confident decisions based on reliable numbers. Improve Your Medical Practice Bookkeeping Below are seven practical tips that form the foundation of effective medical practice bookkeeping. Don't Mix Business with Personal Clean bookkeeping starts with having bank accounts and cards set up in the name of the business. A well-run medical practice will usually have a clear structure: a revenue account for patient receipts and other practice income, an operating account for day-to-day expenses, and a separate savings or tax account for BAS, super, or future liabilities. Spending should be controlled through business-linked cards for key personnel. Even better, many practices now use spend management platforms such as Weel, which allow digital cards to be issued, limited, or switched off instantly as roles change. What matters most is consistency. Personal loans or personal expenses running through the practice quickly contaminate the books and make reporting unreliable. Reconcile Bank Accounts Daily For busy medical practices, daily bank reconciliation is best practice. Smaller practices should still reconcile several times per week. Frequent reconciliation keeps cash flow accurate in real time and allows errors or duplicate transactions to be picked up early, rather than becoming a problem at month-end or BAS time. It’s also important to periodically confirm that your Xero bank balance matches your actual bank statement. While bank feeds are generally reliable, they can occasionally fall out of sync due to timing issues or incorrect entries. Pro Tip: At the end of each month, running the Bank Reconciliation Report in Xero provides an extra layer of protection by highlighting unreconciled items or incorrectly entered transactions. Use a Chart of Accounts Designed for Medical Practices Medical practices are not standard businesses, and your bookkeeping structure should reflect this. A medical-specific chart of accounts clearly separates practice income sub-types, clearly identifies service and facility fees, separates payments to registrars and employee doctors from nurse and admin wages, and isolates key cost categories such as medical supplies, rent, software, and professional fees. When your chart of accounts is set up properly, your reports become genuinely useful management tools rather than just compliance documents. Track Doctor Payments and Service Fees Accurately Doctor service fee invoices and fee collections are one of the most sensitive and complex areas of medical practice bookkeeping. Whether your practice operates with contractor doctors, employed doctors, service entity arrangements, or a mix of all three, consistency is critical. Billings and service fees must be documented and calculated consistently every period and clearly reported. Many medical practices use tools like Cubiko Calculate to help calculate doctor service fees accurately and efficiently. Purpose-built tools significantly reduce errors, disputes, and reliance on error prone spreadsheets. Attach Receipts and Invoices to Every Transaction Clean bookkeeping is well-documented bookkeeping. Every transaction in Xero should ideally have a source document attached. Using tools such as Dext and Hubdoc make this much easier by allowing receipts and invoices to be captured digitally and fed directly into Xero. This approach speeds up BAS and tax preparation, reduces back-and-forth with your accountant, and creates a strong audit trail for verifying transaction or any future ATO enquires. Review Reports Monthly A monthly review is a critical control in medical practice bookkeeping. This review should include at least the Profit and Loss and the Balance Sheet. Particular attention should be paid to payable accounts such as wages payable, superannuation payable, PAYG withholding, and GST balances. Reviewing these accounts ensures payroll and super obligations are correctly recorded, liabilities aren’t understated, and the practice is genuinely meeting its compliance obligations. This step is often overlooked but is one of the most important for practice owners. Lock Periods After BAS Is Lodged Once your BAS is finalised, the period should be locked in Xero. Locking periods prevents accidental changes to reported figures and protects the integrity of your bookkeeping data. This is especially important when practice managers, admin staff, or external bookkeepers have access to the file. Why Medical Practice Bookkeeping Matters Clean medical practice bookkeeping isn’t about perfection, it’s about clarity, control, and confidence. When your bookkeeping is done properly, you trust your reports, understand true profitability, reduce compliance stress, and make better decisions for your practice. Need help keeping your books clean and under control? The GrowthMD bookkeeping team specialises in medical practices and understands the complexities of doctor payments, service fees, and healthcare compliance. As a Platinum Xero Partner, GrowthMD has deep expertise in setting up and managing Xero for medical practices, ensuring your bookkeeping is accurate, compliant, and genuinely useful, not just at BAS time, but all year round. If you’d like support with your medical practice bookkeeping, reach out to the GrowthMD team to see how we can help. Disclosure: Kelly Chard is a director of Cubiko Holdings Pty Ltd and Cubiko Calculate Pty Ltd. Cubiko Calculate is mentioned in this article as an example of a purpose-built tool used by some medical practices to assist with doctor service fee calculations. The inclusion of this tool does not constitute financial advice or a recommendation that it is suitable for every practice.