February 2nd, 2012
No one likes paying tax, possibly the most obvious statement anyone can make about business in Australia, but this does not mean we cannot work within the law to ensure the amount of tax is at its absolute minimum. Medical professionals are high income earners which is reflective of the rate of tax applied against […]
Continue readingFebruary 2nd, 2012
Being a GP is an opportunity to access one of the most stable incomes in the medical world and perhaps even the whole professional world. There is a range of incomes within general practice, with procedural GP’s (e.g. those who do anaesthetics, obstetric care, minor ops, skin cancer work) having access to increased financial rewards […]
Continue readingFebruary 2nd, 2012
With limited exception, a meeting with a financial planner will always involve a discussion around the risk profile of the client. This usually takes the form of several structured question to determine the client’s perception of how they view investment ‘risk’ and how volatility in their investments might impact their emotions and decisions. An aggressive […]
Continue readingFebruary 2nd, 2012
This debate is as old as the hills and will no-doubt continue forever, which is the better investment – Property or Shares. Australians are well known for their love affair with property, the dream of the quarter acre plot has been built into our psyche as a nation. It would also be fair to say […]
Continue readingFebruary 2nd, 2012
One of the biggest surprises a medical business faces in the Australian taxation compliance regime is payroll tax. The old perception that payroll tax is a tax for business with lots of employees has unfortunately created a dangerous misnomer. Payroll Tax is not a federal tax such as income tax and GST it is a […]
Continue readingFebruary 2nd, 2012
Medical professionals who derive any portion of income via the public system have the opportunity to save tax by salary packaging various items that would otherwise not be deductible for personal tax purposes. For many this would include mortgage payments, utility bills, entertainment expenses etc. This works well for both the employer and employee as […]
Continue readingFebruary 2nd, 2012
More than most professions, every doctor has undergone extensive education to achieve their vocational qualification. The importance of quality education is clear and this usually translates to a desire to educate the next generation in high quality schools and tertiary establishments. It seems that every year around this time there is a scattering of articles […]
Continue readingFebruary 2nd, 2012
Being a medical professional you will always pay your fair share of income tax for the wider community. Ever ask yourself ‘when will the tax office do something for me?’ Well the following is a series of concessions for Small Business that may be available for your medical practice. To be eligible for these concessions […]
Continue readingFebruary 2nd, 2012
This is a common discussion we have with our clients seeking to accumulate a specific lump sum, to maybe take the sting out of private education costs or possibly to give a child a helping hand with the deposit on a first property. Whether it be the wish of the parent or the grandparent, investing […]
Continue readingFebruary 2nd, 2012
It would not be a surprise to anyone that the accounting in your medical practice at the bottom of priorities. The paperwork, the management of cash, your debtor and creditor list create a compliance program that does distract you from what you are trained to do, practicing medicine. However the power of accurate, timely accounting […]
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