Salary Sacrifice: Medical Practitioners have a wonderful opportunity to salary sacrifice up to certain limits in respect of many non-deductible expenses – Make the most of this opportunity by speaking to one of our financial advisers.
Private Health Insurance: Medicare levy surcharge is a levy that applies to you if you or your dependants did not have an appropriate level of private patient hospital cover for the whole of the income year, and your income is above the surcharge threshold.
Income Protection Insurance: This is tax deductible and provides an extra saving on this essential insurance. Your income is your foundation to create wealth and financial security, and protecting this asset is vital to all practicing doctors.
Superannuation: Sacrificing Superannuation Contributions to “top up” the compulsory 9% superannuation guarantee amount to the relevant concessional cap. The concessional cap for the 2011 financial year is $25,000 for people under 50 years. Please discuss with your financial adviser to determine if this strategy is right for you.
Structuring: Companies, Trusts & Superannuation Funds – Use these structures to protect your assets, legally minimise tax and grow your wealth.
Going into Private Practice: It is important you have your affairs structured correctly. You may require new structures, GST registrations and specialist advice to organise your tax affairs effectively and plan out your future tax obligations.
There are many things you can do to maximise your wealth and opportunities and to create financial security you need right advice.