Doctors And Tax Time

Yves SchoofTax

30 June is fast approaching and many people, including doctors, are now scrambling to finalise their tax planning.

We believe in more sustainable tax planning, a process which is started just after 1 July, rather than just before 1 July, which is how most people plan.

So what do we believe to be the main tax planning strategies for doctors?


For most doctors it still makes sense to maximise your concessional super contributions, despite disincentives such as the Division 293 tax, which will now cut in at $250,000 of income.

The newly proposed First Home Buyer Super Saver scheme may be attractive for young doctors saving for their first home deposit. Tax savings of approximately $5,265 per individual may be achieved when accumulating the maximum $30,000 contribution.

For doctors (or their spouses) nearing retirement and who have not yet reached the $1.6m limit, you may consider making non-concessional (after-tax) contributions to build your super balances.

Superannuation is still a very tax-effective environment and can be the cornerstone of a (mostly) tax-free retirement.

Private practice – service trusts

Whether you are starting or already running a private practice, it makes sense to explore this tax strategy with a specialist accountant, as there may be substantial long-term tax benefits – read more HERE.

Investment and education bonds

These bonds can be very useful when savings for children’s school fees, but can also serve as an alternative for family trusts. When held for 10 years they can be converted into a tax-free income stream or you may withdraw tax-free lump sums. Other than for school fees, they can thus be used for a home deposit for your children, financially assisting elderly parents or for personal retirement funding prior to being able to access super.

Family trusts

A family trust can be an excellent vehicle to achieve both tax benefits and asset protection. We are using trusts with our clients to accumulate diversified wealth outside of the superannuation environment.

You can read more HERE.

Negative gearing

A word of caution about negative gearing. I have seen doctors accumulate portfolios of highly negatively geared properties, which led to significant income losses. We believe in buying quality assets, rather than trying to maximise your tax losses. You should always seek professional real estate advice and build a diversified portfolio of assets.

If you would like to consider your personal tax planning opportunities, please contact us 08 6160 5918 or

Yves Schoof
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Yves Schoof

Author | Specialist Adviser for Medical Specialists and Surgeons at Affluence Private Wealth
I specialise in managing and coordinating the financial affairs of medical professionals and have been recognised as one of the best financial planners in Australia. I am a Certified Financial Planner and member of the Financial Planning Association of Australia.

As I understand your time is extremely valuable and scarce, I am able to offer flexible meetings times, including outside business hours and during the weekend. I can even come and meet you somewhere convenient, or talk via videoconference on Skype.

My first consultation is free. I allocate up to 90 minutes to discuss your personal circumstances and to establish how I may best assist you. Where you already have an existing adviser, I would be happy to offer a second opinion. I always quote a fixed dollar fee before we start working together.

Please contact me on or call me direct on 0432 885 295. You can follow me on Twitter @YvesSchoof or connect with me on LinkedIn to receive new articles.

Yves Schoof and Affluence Private Wealth are Authorised Representatives of Synchron, AFS Licence No. 243313. 

The information posted is intended to be general in nature and is not personal financial product advice. It does not take into account your objectives, financial situation or needs.
Before acting on any information, you should consider the appropriateness of the information provided and the nature of the relevant financial product having regard to your objectives, financial situation and needs. In particular, you should seek independent financial advice and read the relevant product disclosure statement (PDS) or other offer document prior to making a decision.
Yves Schoof
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