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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:
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.
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 and use the improved cash flow for investment strategies and non-deductible debt-elimination.
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 so it is connected to your practice and deductible at the highest possible marginal rate.
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 and SMSF to maximise the returns on your investments and to match tax deductions to reduce taxable income.
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.
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.