Hanging up the Stethoscope

Are you considering hanging up the stethoscope and transitioning into retirement? We are here to support you.

We understand that the thought of retirement can be overwhelming, but we are here to guide you in making that transition and direct you to the professionals.

With first-hand knowledge of the industry and previous experience supporting GPs and Practice Owners into their retirement, we can support you and offer resources to help develop your retirement plan to make that leap into your new lifestyle official.

We have a range of resources to support you into your transition to retirement. Some areas where you may require professional advice:

advice on business decisions
advice for financial decisions
advice for legal decisions
advice for commercial property decisions
advice on human resources decisions
advice on communication plans

Things you may need to consider:

Succession planning
Continuity of care
Fair Work Requirements
Tax Requirements

Selling a Practice

So, you own a medical centre or a general practice, and you want to sell?

Even if you’re only considering your options at the moment, it’s still worthwhile learning more about the selling process before you venture down that road.

To help here’s more information about how to sell your medical practice and what you need to know.

Selling your Business Guide

Closing a Practice

If you are an owner of a medical centre or general practice and have made or are considering making the difficult decision to close, it is important to be aware of the necessary steps to ensure a smooth and efficient closure.

Before initiating the closure process, it's essential to work with trusted advisors such as lawyers, accountants, and practice management consultants to develop a comprehensive exit strategy that takes into account legal, financial, and regulatory issues.

The Importance of Succession Planning

Succession planning is a crucial aspect for medical practice owners and general practitioners to consider. Not only does it ensure the long-term sustainability of the practice, but it also protects its value, identifies and develops talent, and manages potential risks.

In this context, it is essential to have a proper plan in place to ensure a smooth transition of ownership and operations, preventing any disruptions to patients, staff, and other stakeholders.

Other Helpful Resources

Value your business | business.gov.au

Advertise your business | business.gov.au

Manage employees when you sell or close your business | business.gov.au

Capital gains tax for business | business.gov.au

GST and the disposal of capital assets | Australian Taxation Office (ato.gov.au)

Types of adjustments | Australian Taxation Office (ato.gov.au)

CGT concessions | Australian Taxation Office (ato.gov.au)

Changing, selling or closing your business – things to consider | Australian Taxation Office (ato.gov.au)

Employment termination payments | Australian Taxation Office (ato.gov.au)

RACGP - Your practice’s team

RACGP - Patient considerations

Employee entitlements on a transfer of business | Fair Work Ombudsman

Dismissal & notice | Fair Work Ombudsman

Final pay | Fair Work Ombudsman

Redundancy | Fair Work Ombudsman

Retirement in Tasmania

I want to start planning

Tasmania is a retirement haven that can offer you natural wilderness, historic buildings, vibrant culture, and gastronomic delights. Its breathtaking landscapes, rich cultural heritage, and relaxed lifestyle make it an ideal location for retirees to spend their golden years.

The island state is home to some of the most stunning natural landscapes, including rugged coastlines, unspoiled wilderness, and serene lakes. This provides retirees with ample opportunities to indulge in outdoor activities such as hiking, fishing, and birdwatching in a pristine environment.

In addition to its natural beauty, Tasmania also boasts a rich cultural heritage that is celebrated through its numerous museums, galleries, and festivals. The state is renowned for its world-class food and wine, and its thriving arts scene offers retirees a chance to immerse themselves in local culture.

Discover Tasmania

Top 10 Attractions in Tasmania

Everyone Retires!

Meet Snowcone, the retired dairy cow who is enjoying her golden years on a picturesque farm, lovingly tended to by the award-winning Tasmanian artist, poet, and photographer, Gina.