Frequently Asked Questions
1. Why a specialised accountant for Psychologists?
Psychologists have unique tax deductions, income types, and compliance needs—especially if you're a contractor, you run a private practice or work multiple jobs.
A specialised accountant understands your profession and can help you maximise your deductions while saving you time and stress.
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I felt like I was doing all the work myself.
My previous accountant didn’t specialise in my industry, and everything felt very general.
I often found myself researching the ATO website just so I could tell them what I might be able to claim. It was frustrating and left me feeling unsure if I was getting the right advice.
​- Joanne
2. Can I claim my supervision or professional development (CPD) costs on my tax?
Absolutely.
Fees for supervision, mentoring, and CPD courses related to your work are generally deductible. Keeping detailed records and receipts is important, and we can help you navigate what’s claimable and how to organise your expenses.
I'm not sure that my previous accountant was fully aware of the psychologist world. - Emma
3. I’m thinking of starting a private practice. What guidance can you offer?
We provide guidance on business structure, registering your ABN, bookkeeping, invoicing, GST, and BAS lodgement. We’ll help you set up systems to manage your income and expenses smoothly so you can focus on your clients.
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4. I’m considering becoming a contractor. What support can you provide?
We’ve done extensive research on contracts and analysed many contractor agreements over the years. While we’re not lawyers, we understand the tax and financial implications that come with different contract terms — particularly GST and managing mixed income streams.
We can walk you through what to look out for financially before you sign, help you understand how becoming a contractor will affect your pay, and set up simple systems to manage your tax and business expenses.
We’ve even written a book on this – Sorted for Contractor Psychologists – which goes into detail and can help you decide if contracting is right for you.
5. How do I know if I should register for GST?
If your private practice or business has a turnover above $75,000 per year, you must register for GST and lodge BAS quarterly.
Although, in many cases it's beneficial to register whether your business turnover is below the threshold or not.
Talk with us and we’ll help you understand your obligations and manage the paperwork.
6. Can you help if I have multiple jobs or contracts?
Yes.
Many psychologists juggle different jobs and contracts, which can complicate tax returns. We’ll help organise your income and deductions correctly to make sure you don’t miss out.
Here's a typical enquiry:
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I'm looking for an accountant who specialises in working with psychologists. Ideally, someone with experience of mixed income sources. I’m a contractor, an employee and I have my own practice one day a week. - Kate
7. Do I need to keep receipts and records? For how long?
Yes!
Keeping accurate records and receipts for work-related expenses is crucial if you want to claim deductions. The Australian Tax Office (ATO) requires you to keep records for at least five years after you lodge your tax return.
8. Can you help me with bookkeeping and BAS lodgement?
Definitely.
We offer ongoing bookkeeping services tailored to psychologists and allied health professionals, including BAS preparation and lodgement.​We can set you up with user-friendly systems and make sure you stay compliant.
Kristy, from the Accountant for Psychologists Team,made me feel very comfortable working through my financials and gave me confidence in how to keep improving over the coming year. - Owen
9. How much do your accounting services cost?
Pricing depends on your needs—whether you want a simple tax return, ongoing bookkeeping, or full business support. We offer transparent pricing. Contact us for a free initial meeting to discuss your situation.
10. How do I get started?
Simply book a free 90-minute initial meeting via the website.
That's right - 90 minutes. It may sound like a long time, but it gives us enough time to discuss your needs, answer your questions, and find the best way we can support you.​
Many thanks for our meeting. It was life-changing for me! After that, I quit my part-time job and I am 100% in my private practice. - Daniela
Thank you so much for your time, I’m feeling motivated and excited about getting a hold on my financial situation. - Kelli
11. Are your consultations in person or online?
Both. ​
We have clients all over Australia, so we offer online consultations via Teams or phone. This way, psychologists from anywhere in Australia can access specialised accounting support.
​We are based in Adelaide at 593 ANZAC Highway, Glenelg. If you're in Adelaide, we'd love to meet you in person. ​
I personallly walked away away from our session feeling empowered and less daunted. - Melissa
Accountant for Psychologists
FREE
No-Obligation Meeting
Book a free, no-obligation meeting with us today and experience the difference of working with a team who truly understands the finance side of psychology.
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Meet us online
or
at our office
593 ANZAC Highway, Glenelg, South Australia.
We'll take the time to listen to your needs and work with you to build a path to success.
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Let us help you reach your financial goals and focus on what you do best - helping others.
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Please fill in the form
or
phone us on
(08) 8376 0455