Financial Strategy

mediqfinancial - Investment Properties for Doctors

What Property Investors Should Know About Negative Gearing

Posted in Financial Strategy,18th December 2017

Property investing offers an alternative to the volatility of the stock market, and for high-income earners like medical doctors, it’s an attractive investment option. Along with the tax advantages of negative gearing, property holds the potential for high capital growth. If you’re thinking about investing in property, read on to find out more about the

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

Posted in Financial Strategy,11th November 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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How to Create A Budget For Your Medical Supplies

Posted in Financial Strategy,28th October 2016

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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5 Things Every Doctor Needs To Know About Their Superannuation

Posted in Financial Strategy,27th September 2016

Maximising your superannuation and investing in your own future is a hallmark of any savvy Australian. For doctors, who spend a few additional years in training compared to most other university trained professionals, starting your plan early is doubly important. If you haven’t started yet, it’s not the end of the world. However the sooner

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Why Use a Specialist Medical Accountant?

Posted in Accounting & Taxation,25th November 2014

There are a great many reasons why all medical personnel should use a specialist medical accountant when it comes to dealing with your finances. These range from changes in Medicare policies that may affect you differently to those in other professions to ensuring you are receiving the correct deductions for your industry. We’ve put together

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How Doctors Can Beat the Taxman

Posted in Accounting & Taxation,20th February 2014

While the taxman is targeting investors hiding assets overseas, there are much less complicated ways to cut your tax bill. Here are 6 legal tax-minimising strategies that you can easily use – and they can make a significant difference to your overall wealth creation.  Not only are these legal ways to cut your tax bill,

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Year Starter Financial Tips for Doctors

Posted in Financial Strategy,16th January 2014

Welcome to 2014! The start of a new year is often seen as a chance to start afresh.  For 2014, why not start a resolution to stop rushing things and completing them a few days before the deadline and start planning ahead.  Having a proper financial plan helps you to ensure that your financial future

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Strategic Business Tips for Running a Medical Practice

Posted in Financial Strategy,10th December 2013

Running a medical practice is essentially the same as running any other financial businesses.  Questions is, is your medical business “on track”? … However, not all medical practice groups can provide a clear-cut answer to this question.  Why?  Because they have not established the business objectives for their medical practice. Here’s a strategic business tip:

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