Why You Shouldn’t Divert PSI to Your SMSF

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 […]

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When and Why You Should Review Your Personal and Practice Insurance

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 […]

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The Essential Guide to Starting Your Own Medical Practice

  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 […]

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The Top 5 Forgotten Tax Deductions for Doctors

  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 […]

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Is Debt Recycling a Smart Financial Strategy for Doctors?

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 […]

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Is a Self-Managed Super Fund Right for Doctors?

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 […]

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The Pros And Cons Of Salary Packaging (From An Employer’s Perspective)

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 […]

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Tax Deductions Every Doctor Should be Claiming

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 […]

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The Best Ways to Choose, Manage and Retain Employees For Your Medical Practice

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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How to Create A Budget For Your Medical Supplies

When it comes to running a medical practice, you want it to thrive and grow. And the best way to do that is by creating a 12 month budget. When you have a budget for your medical practice and you stick to it and revise it on a yearly basis, you can increase your chances […]

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