It’s that time of the year again when many of us are scrambling to get together all of our tax files! It almost seems like an afterthought for many doctors and dentists, a nuisance even to lodge your tax return. You are nervously anticipating your tax bill, and wondering how much extra you will have to pay this year… But … Read More
Unfortunately, this time of the year many doctors and dentists get either an unwelcome or very pleasant tax surprise. Either of those should not really happen at all. We like to make sure all of our clients know what to expect before lodging their tax return. Why? Well, it is never ideal if you either get hit with an unexpected … Read More
As part of our series of ‘quick wins’, today we cover 3 important tax planning considerations. All too often, tax planning is left to the last minute and too much focus is put on pre-tax rather than after-tax strategies. We also see serious tax issues where medical professionals do not work with a specialist accountant. Click HERE to learn more.
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? … Read More
Unfortunately, there are some costly financial mistakes doctors make over and over again. In this article I have listed the 3 most common and also most costly mistakes. 1) Having a mortgage that is too big If you do not have the cash flow to pay off your home mortgage in 10 years time, then you have borrowed too much. … Read More
The Government has announced some changes to its 2016 Budget proposals in relation to superannuation. Please find below a summary of the proposed superannuation changes and how they affect Doctors in particular. Non-concessional Contributions The $500,000 lifetime Non Concessional (i.e. after-tax) Contributions (NCC) Cap has been dropped. Instead, the Government has announced a reduction of the current annual limit of … Read More