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You need a comprehensive plan to safeguard and grow your wealth

Even though every doctor’s situation is unique, there are some sound financial strategies which apply to the majority of medical practitioners and their practices.

Here are the most important financial planning rules for doctors:

Choose the correct legal structure

Choosing the correct legal structure for your practice will allow the maximum amount of income to be distributed to lower tax rate beneficiaries, including an investment company.

Eliminate non-deductible debt

Minimise or even eliminate non-deductible debt connected to home purchases and renovations, through the careful management of practice and investment cash flow.

Defer tax as far as possible

Defer tax as far as possible and use the improved cash flow for investment strategies and non-deductible debt-elimination.

Claim all deductions

Claim every single deduction that is legitimately claimable including cars, home office expenses, phones, IT, medical indemnity and income protection insurance as appropriate.

Structure all your debt

Structure all your debt so it is connected to your practice and deductible at the highest possible marginal rate.

Maximise superannuation payments

Pay the maximum amount of Superannuation annually (up to the Government allowed limit- the RBL) and use gearing through non-recourse loans as needed.

Use gearing in investments

Use gearing in investments and SMSF to maximise the returns on your investments and to match tax deductions to reduce taxable income.

We’ll take the stress out of organising your finances

Most of our new clients benefit from help and advice across a range of strategies. Our goal is to work with you to organise and structure your finances to get the best financial return for your practice. We are transparent in our approach and encourage you to take an active role in your financial planning to align our strategies with your evolving financial goals.

Need Help With Your Financial Strategy?

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We understand the complexities of medical wealth

Medical Wealth Strategy is a specialist field. The different structures and rules that apply to doctors are distinct from any other profession, and it is important that your financial adviser is a specialist in the medical industry. This means that they will fully understand the industry-specific rules and opportunities for doctors and can give you the most relevant financial advice.

MEDIQ Financial is uniquely positioned to offer you clear, prudent and conflict-free advice that is strategically designed for you to achieve your personal and business financial goals.

Get in touch with us today to arrange a FREE consultation

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    © MEDIQ Financial Planning Pty Ltd ABN 41 147 795 444 is owned by MEDIQ Holdings Pty Ltd AN 13 625 285 458. MEDIQ Holdings is an indirect subsidiary of Focus Financial Partners LLC, a leading global partnership of wealth management firms incorporated in the USA. Connectus Australia, through its subsidiary Focus Australia Services Pty Ltd ABN 15 644 395 808, employs financial planners and administration staff to assist in the operations and the provision of advice by MEDIQ Financial Planning. MEDIQ Financial Planning Pty Ltd ASIC No. 392550 is a Corporate Authorised Representative of Connectus AFSL Ltd ABN 64 109 808 577 AFSL 300878, and remunerated by, Focus Australia Services. Focus Australia Services does not hold an Australian Financial Services Licence. For further information, please read our Financial Services Guide and privacy policy found on this website.

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