Specialist Tax Accountants for Australian Psychiatrists

Navigating complex service fee models, payroll tax compliance, and private practice growth with expert accounting tailored to the psychiatry profession.

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How we can help you

The "Service Fee" Structure & GST Risk

Many psychiatrists operate under a service agreement with a clinic. There is often confusion regarding whether the service fee is GST-inclusive and how to correctly report "Contractor Income" vs. "Personal Services Income" (PSI).

The Santoro Solution: We conduct a comprehensive Service Agreement Audit. Our team ensures your invoicing flow is GST-compliant and that your income is structured to satisfy ATO PSI rules, preventing unexpected tax debts at year-end.

Payroll Tax & the "Thomas and Naaz" Fallout

The Challenge: Recent Australian court rulings have changed how payroll tax applies to medical practitioners. Many psychiatrists are worried that their independent contractor arrangements will now be hit with a 5% (or higher) payroll tax bill they hadn't budgeted for.

The Santoro Solution: Specialized Payroll Tax Risk Mitigation. We review your current clinic contracts against the latest case law (including Thomas and Naaz) to provide a clear risk assessment and recommend structural adjustments to protect your practice's earnings.

Transitioning from Registrar to Consultant

The Challenge: The jump from a salaried registrar to a private consultant is a "tax cliff." New consultants often fail to set aside enough for quarterly PAYG installments or don't know which specialized RANZCP training costs and indemnity insurances are fully deductible.

The Santoro Solution: A "New Consultant" Onboarding Roadmap. We set up your professional structure (Sole Trader vs. Company/Trust) from day one and create a proactive tax-savings schedule, ensuring you never face a "tax surprise" during your first year of private practice.

Tax Deductions for Psychiatrists

1. Professional & Registration Fees

Psychiatrists face high mandatory costs just to practice. These are "above-the-line" deductions:

  • AHPRA Registration: Annual medical board registration fees.

  • RANZCP Membership: All annual fellowship and membership dues for the Royal Australian and New Zealand College of Psychiatrists.

  • Professional Indemnity Insurance: Premiums paid for medical defense (e.g., Avant, MIPS).

  • Medical Association Dues: Fees for the AMA (Australian Medical Association) or other specialty-specific bodies.

2. Self-Education & CPD

Since psychiatrists must maintain Continuing Professional Development (CPD), these are highly claimable:

  • Conference Expenses: Registration fees, airfares, accommodation, and meals for medical conferences (both domestic and international).

  • Supervision & Mentoring: Costs associated with clinical supervision or peer-review groups.

  • Specialized Training: Costs for specific therapy certifications (e.g., CBT, EMDR, or Psychodynamic Psychotherapy courses).

  • Journals & Books: Subscriptions to The Lancet, Psychiatry Online, or specialized medical textbooks.

3. Technology & Home Office

With the rise of Telehealth, these deductions are more relevant than ever:

  • The "Fixed Rate" Method: For 2026, a set rate per hour (usually around $0.70 - $0.85 per hour) covers electricity, gas, internet, and phone usage.

  • Depreciation: For assets over $300, such as laptops, high-quality webcams for Telehealth, and ergonomic office chairs.

  • Software Subscriptions: Fees for practice management software (e.g., Halaxy, Cliniko) or secure video conferencing tools.

4. Specific Clinical Deductions

  • Medical Equipment: Stethoscopes or specialized testing kits.

  • Travel: Claims for traveling between multiple clinics or hospitals (but generally not the commute from home to your primary clinic).

  • Stationery: Patient folders, notebooks for clinical observations, and specialized therapy tools.

Testimonials

  • The team are always helpful and happy to answer any questions or issues we have. I wouldn't go anywhere else for our accounting needs as these guys do it all and do it well.

    Vince S.

  • My name is Tony I am a director of two companies . I engaged Santoro & Co 15 years ago to manage my financial affairs , superannuation and tax reporting. I have been in business for more than 40 years and have experience with other accounting firms. Santoro & Co have been exceptional in their accounting practices . They are client focused , competent , efficient and very nice to to work with. I am very confident and more than happy to recommend Santoro & Co as an accounting practice .

    Tony S.

  • I have been with Santoro & Co for 20 years since then I was very happy with the services, tax returns and the professional advice when I need it. Thank to Mario ,the management and Simon for the assistance and for everything and I strongly recommend them for tax management .

    Dr Mohsen G.

  • We moved to Santoro & Co some years ago to have them manage our personal tax and our SMSF. It turns out to have been a very wise decision. Santoro & Co have always managed our financial affairs in a timely and professional manner and we would have no hesitation in recommending them to others.

    David C.

  • Reliable, timely and professional service.

    Adriana G.

  • I have been a client of Santoro and Co for decades and have always found them to be consistently attentive to my questions and information that I require. In recent years when I have a private financial advisor, the transfer if information between them has been seamless. The accountant who looks after me, Simon Grieco, is a great example of the provider of the kind of service that I have come to rely on.

    Dr Carmella L.

  • I would like to express my appreciation to Santoro & co for their team in providing us with an excellent level of service in the past eleven years. The staff at Santoro are always helpful to us especially, Mario & Simon Grieco. I would like to compliment all their staff for their professionalism and assisting us in a timely manner . I would not hesitate to recommend Santoro & Co to anyone who wants their accounts done professionally.

    Arsenios L.

  • My wife and I have been dealing with Simon and Santoro & Co for over 7 Years. We have always been impressed by the level of expertise,professionalism and efficiency in their response time. We have in the past and will always refer family and friends to Simon and Santoro & Co for their accounting needs.

    Stefano & Carla M.

  • Fast, reliable and honest service from the team at Santoro & Co

    Victoria S.

  • Very much valued Simon’s assistance and insight for personal tax matters. No question was too simple or difficult for him and he balances professionalism with having your best interests at heart. Would recommend Simon and the team at Santoro & Co.

    Luca C.

  • Santoro & Co have been fantastic with helping us set up our business structure and helping us with our yearly taxes. Simon has explained our tax obligations as we have started our own small business and transitioning from sole trader to a company. Communication was great, Simon responded very quickly and was available and happy to answer any of our questions. Highly recommend!

    Daniel & Linda L.

  • Simon is fantastic, always available to help us and answer any questions when needed! Extremely helpful and nothing is a problem. Highly recommend.

    Karly & Brad S.

  • I have been dealing with Simon from Santoro & Co for the past 5 years. Simon is very thorough, pro-active and all in all, great to deal with.

    Vince I.

  • Santoro & Co have been looking after my business and private accounting affairs for a number of years now. The staff in general are most polite and caring. Mario and Simon in particular have always been responsive to my requests and available to assist with all my accounting needs whether it be matters concerning my accounts, staff, tax and even assisting me with my lending needs. They care about their clients and provide guidance and advice when required. I would have no hesitation in recommending them.

    Rosa P.

  • Simon Greico has been looking after our personal finances for many years now. He is efficient, reliable, and is always there to answer any questions we have with the utmost professionalism. We will continue to recommend Simon and Santoro & Co.

    Adriana & Frank P.

  • Simon and the Santoro & Co team have been invaluable in helping to set up and run our business’ accounting needs. We have absolute peace of mind knowing that our bookkeeping, payroll and taxation is taken care of by Simon and the team, which allows us to spend more time working on the business. We highly recommend the Santoro & Co team and their services.

    Domenic & Sara R

  • Simon has been looking after my personal and business taxes for the past 4 years. In this time, he has been extremely responsive, honest and thorough with every question I have asked and any document I’ve given him to review. I highly recommend Simon and his services.

    Sebastian P.

Frequently Asked Questions

Still have questions? Take a look at the FAQ or reach out anytime.

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  • This is a major concern regarding payroll tax. If your clinic collects patient fees on your behalf and remits them to you net of a service fee, Revenue NSW (and other state bodies) may deem those payments as "taxable wages." At Santoro & Co, we review your service agreements and payment flows to ensure they are structured to mitigate this risk.

  • Generally, medical services that are necessary for the appropriate treatment of a patient are GST-free. However, if you provide medico-legal reports, coaching, or work with third parties (like insurance companies), those services may attract GST. If your total GST-taxable turnover exceeds $75,000, registration is mandatory.

  • While many start as Sole Traders for simplicity, a Company or Trust structure may offer better asset protection and tax flexibility as your earnings increase. However, because your income is likely Personal Services Income (PSI), the tax benefits of "splitting" income can be limited. We provide a tailored structural analysis based on your specific career stage.

  • Yes. Annual RANZCP subscriptions, AHPRA registration, and Continuing Professional Development (CPD) are fully deductible. If you travel for a conference, you can claim flights and accommodation, provided the primary purpose is professional education. We help you calculate the correct "apportionment" if you add a few days of holiday to the trip.

  • Many psychiatrists face a "tax shock" in their second year of private practice when the ATO enters them into the PAYG installment system. Typically, you should set aside 30%–40% of your gross income. We provide our clients with a tax-savings roadmap so you always have the cash ready when the BAS is due.