By | September 26th, 2017
Using an agent to help you sell your property is not an unusual concept, but a more recent player in the Australian real estate market has been the emergence of buyer’s agents. This guide looks at what they do, the advantages of using one and what to look for when engaging their services. What does […]
Continue readingBy | September 11th, 2017
Minimising the amount of tax you pay should always be an important consideration, but it is also important to know the point at which tax minimisation becomes tax avoidance in the eyes of the ATO. Former tax saving strategies such as distributing profits to lower tax-rate individuals in a business and paying the key person […]
Continue readingBy | August 14th, 2017
As a medical doctor, you can reduce your risk exposure by taking out appropriate personal and practice insurance. Personal insurance like income protection, life and disability, and trauma products can protect you against unexpected events. Public liability and medical indemnity insurance shields you and/or your practice against professional risks. Knowing when to review your insurance […]
Continue readingBy | June 19th, 2017
Are you a GP or specialist thinking about setting up your own medical practice? Taking the next step into independent practice enables you to achieve your lifestyle and wealth-building goals. However, making the leap from employment to running your own business can be daunting, and you’ll want to make sure you’re ready and supported […]
Continue readingBy | May 15th, 2017
Tax time will soon be starting again, so it’s the perfect time to review individual tax-deduction strategies – especially deductions often overlooked by doctors. We surveyed our senior medical accountants and asked them “what are the top 5 forgotten deductions on individual tax returns?” – that is, deductions people can claim but often forget […]
Continue readingBy | April 17th, 2017
Professionals, like doctors, typically maintain high standards of living and carry high levels of debt. As a doctor, overspending and debt-servicing expenses can be a common challenge, so how do you turn around your debt situation? If you haven’t considered debt recycling, now could be the time to look into it as part of your […]
Continue readingBy | February 27th, 2017
The idea of managing your own super through a self-managed super fund (SMSF), appears to be a popular one in Australia, with over one million Aussies opting to secure their retirement nest egg in a SMSF, with total assets of $621.7 billion. However, SMSFs can be complex to manage and maintain. For medical professionals seeking […]
Continue readingBy | February 6th, 2017
We all know that salary packaging is popular with employees, as it allows them to reduce the amount of tax that they pay. It allows the employee to pay for expenses, such as a car, laptop, or additional superannuation expenses from their pre-tax earnings, which in turn reduces the total income that can then be […]
Continue readingBy | December 20th, 2016
Medical professionals often incur a significant amount of work-related expenses, so it’s vital to ensure that you do keep records of all of these so that you can claim on them. To make sure that you do take advantage of all your allowable tax deductions, keep detailed records on an app or spreadsheet. Retain your […]
Continue readingBy | November 11th, 2016
Whether you’re opening a new medical practice or replacing a staff member, it’s important that you dedicate a lot of time and resources to hiring and managing your employees. Hiring incompetent staff can cause a lot of problems. For example, a receptionist who doesn’t always send out appointment reminders or test results to patients could […]
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