MEDIQ IQ+   

Grow Your Medical Practice

How You Can Boost Patient Volume to Grow Your Medical Practice

Posted in IQ+,06th November 2017

Medical professionals spend years in study, but as a doctor, your medical education probably didn’t directly prepare you for running a business. Growing a medical practice can be a challenge in a competitive environment, but it’s achievable if you have the right strategy. As we’ll see, getting the right team together and becoming customer-centric can

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mediqfinancial - Using a Buyers Agent to Purchase Investment Property

Using a Buyer’s Agent to Purchase Investment Property

Posted in Industry News,26th September 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

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MEDIQ Financial - Why You Shouldn’t Divert PSI to Your SMSF

Why You Shouldn’t Divert PSI to Your SMSF

Posted in IQ+,11th September 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

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mediqfinancial - Review Your Personal and Practice Insurance

When and Why You Should Review Your Personal and Practice Insurance

Posted in Info Articles,14th August 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

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The Essential Guide to Starting Your Own Medical Practice

Posted in Financial Strategy,19th June 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

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mediqfinancial - The Top 5 Forgotten Tax Deductions for Doctors (2)

The Top 5 Forgotten Tax Deductions for Doctors

Posted in Accounting & Taxation,15th May 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

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mediqfinancial - Is Debt Recycling a Smart Financial Strategy for Doctors

Is Debt Recycling a Smart Financial Strategy for Doctors?

Posted in Industry News,17th April 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

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SMSF

Is a Self-Managed Super Fund Right for Doctors?

Posted in Investments & SMSF,27th February 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

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prosandcons

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

Posted in Accounting & Taxation,06th February 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

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Tax Deductions Every Doctor Should be Claiming

Posted in Accounting & Taxation,20th December 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

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