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Services Trusts for Visiting Medical Officers and Anaesthetists

🕑 20 minutes read

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Services Trusts for Visiting Medical Officers and Anaesthetists

In the intricate web of Australia’s healthcare system, doctors stand as pivotal figures, orchestrating critical interventions and specialised care. However, beyond their clinical expertise lies a complex landscape of financial arrangements, particularly concerning service trust agreements. These agreements, often used as a means to navigate the fiscal challenges of medical private practice, are often not understood properly.

Join DPM Director and Principal Tax Consultant Craig Meade as he chats to Tracey Baldwin about the ins and outs of service trusts as well as addressing both Visiting Medical Officers and also anaesthetists, dissecting their intricacies and evaluating their financial implications. 

Visiting Medical Officers in the ACT, NSW, and QLD have quite specific and detailed circumstances when it comes to service trusts, service agreements, and ATO rulings. 

Our expertise around these two specialities allow us to provide clarity amidst the ambiguity surrounding these agreements and help you understand whether a service trust might be right for you, by navigating the regulatory framework and scrutinizing the potential benefits and drawbacks

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If you’d like to book a free, no-obligation consultant to find out how we can help financially empower you click here to book an appointment.

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Service Trusts

You might have heard about service trusts, possibly from co-workers or mentors, but do you know how they work, what the process is, how much it costs, and what it can actually provide for you?

There’s quite a lot to consider, but fear not, because DPM Principal Tax Consultant Craig Meade deals with service trusts regularly and is here to keep things simple and tell you the things you need to know about service trusts and how you can find out whether it’s the right decision for you, your private practice, or group.

The difference between a service trust and a traditional company structure

There are many different ways to structure yourself and your private practice as a doctor. There are many benefits and considerations to take into account when you choose how you structure your business. Craig details what the difference is and how it could work for you.

The biggest misconceptions doctors have about service trusts

Service trusts can potentially provide numerous benefits when used as a company structure, however is it right for you? Craig is here to bust some myths about what you may think a service trust can provide.

How service trusts can help with asset protection

Where should you be storing assets for maximum protection? The answer might not be what you think. Watch now to find out more about whether a service trust is suitable for your professional circumstances and career.

The up front costs of setting up and maintaining a service trust

Find out more about what is required to set up, as well as maintain, a service trust and what the costs are. There are a few essential things you need including a Trustee, a Service Agreement, and a Trustee Company.

How practitioners can avoid compliance issues with service trusts

Compliance can be a tricky situation to navigate in the medical and financial world. The ATO are watching, so staying informed on all the lodgements and rulings is key.

Red flags that a service trust might not be a good fit for a doctor

You might have heard plenty about service trusts, but are they right for you? And how do you know they’re right for you? Finding that out requires a bit of work, but it’s an essential process to do before establishing a service trust.

Visiting Medical Officers

Visiting Medical Officers (VMOs) are a specific type of medical practitioner working in Queensland, the ACT, and New South Wales. It can be a fulfilling and exciting career move to make, but understanding VMO contracts and how they can be optimised is a complex subject.

Craig deals with VMOs regularly and details the main things you need to be thinking about when either working as a VMO or if you’re just considering it as your next step.

Thanks to recent guidelines and exclusive intellectual property DPM has proactively and privately procured with the ATO, our consultants are in a unique position to provide specialist advice in this area. Click here to book a free, no-obligation consultation and contract review.

What is a Visiting Medical Officer (VMO)?

Curious about taking a new step on your career? A VMO could be an exciting new opportunity, but do you know fully what they are, and how they differ between states.

How VMO contracts differ in New South Wales, ACT, and Queensland

VMO contracts can be large and complex and understanding the differences between them is key to maximising your contract’s potential.

How a service trust can help VMOs in New South Wales, ACT, and Queensland

Understanding how a service trust helps you is a great first step in analysing your specific situation. If you’re doing work on behalf of the hospital, then that should be reimbursed via a service fee arrangement.

How VMOs can ensure their service fees are reasonable and within ATO guidelines

There are historical rulings and guidelines that have set out fee percentages, and specialists fall within them. You have to do the analysis to ensure your fee percentage nets you a profitable result.

Key information for VMOs

As someone that deals with VMO contracts regularly, Craig gives some advice on what to look for in understanding whether this could work for you.

Some useful resources

Interested to know more? Our website has a wealth of information in our knowledge centre, or feel free to book a free, no-obligation consultation with one of our tax consultants.

Get the most out of your VMO income with a free contract review 3 service trust

Anaesthetists

As an anaesthetist, you function in a very unique manner when compared to other specialist medical professions. This uniqueness results in anaesthetists having very specific circumstances and requirements when it comes to service trusts and company structure. It can be hard to tell what is the most financially optimal structure for your practice or group, however Craig is here to chat about things you can analyse and what you need to do if you’re considering establishing a service trust.

If you’d like a free structure review from one of our expert consultants then please book an appointment here. Thanks to recent guidelines and exclusive intellectual property DPM has proactively and privately procured with the ATO for Anaesthetists, our consultants are in a unique position to provide specialist advice in this area.

How a service trust can help an anaesthetist in private practice

What would make a service trust the right decision for you? Craig talks about things you should be thinking about if you’re an anaesthetist and are considering a service trust.

How anaesthetists can ensure their fees are reasonable and within ATO guidelines

Anaesthetists function very differently to other specialist doctors. How does that affect their service fees? Craig details our proprietary IP with the ATO and how it applies to anaesthetists.

The unique challenges groups face with service fees

Are you considering restructuring yourself or your anaesthetic group? It’s no small endeavour and there are a lot of considerations to keep in mind.

Additional considerations for anaesthetists when setting up service trusts

If you’re starting to believe that a service trust might be right for you or your group, what are some other additional considerations that you might not have thought about?

Top tips for anaesthetists setting up individual, or group private practice

Restructuring and setting up service trusts is a very specific and complicated process and it’s essential you’re prepared, Craig lists some advice that you’re going to want to hear.

Resources for anaesthetists going into private practice

If you’re looking for more information, our knowledge centre has ebooks and articles available, or if you’d like to speak to one of our expert team members, book an appointment here.

Get the most out of your VMO income with a free contract review 4 service trust

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