Saving tax with a medical service entity

Yves SchoofFinance

Doctors’ main frustration is that they pay a significant amount of tax and have very limited ways of reducing this. The main type of income that you will receive as a doctor is known as personal services income; i.e. income from your personal work and exertion. The principle is that if you do the work, you pay the tax. Despite … Read More

Doctors Should Not Have To Worry About Money

Yves SchoofFinance

medical financial advice

Medical financial advice It is my sincere belief that many medical professionals are unnecessarily stressed or worried about their finances. About 10 years ago I had the opportunity to work with a group of ambitious, young doctors who were absolutely passionate about medicine and providing the highest level of care to their patients. Unfortunately, this meant that they did not … Read More

Doctors and divorce: should you consider a ‘pre-nup’?

Yves SchoofFinance

The divorce rate in Australia is still quite high, and statistically you have a 1 in 2 chance that your relationship will end prematurely. As a doctor, you will accumulate a significant asset base throughout your career, and so it makes perfect sense to protect yourself in the event of a relationship breakdown. So let’s have a look at how … Read More

Tax deductions for doctors

Yves SchoofFinance

Medical professionals typically have a high level of work-related tax expenses, so it is important to keep accurate records throughout the year, to ensure you can claim all your allowable deductions when lodging your tax return. In order for an expense to qualify as a deduction, there must be a causal nexus between the outgoing or loss and expected assessable … Read More

Doctors and school fees

Yves SchoofFinance

Doctors, like other parents, want the best for their children, which includes a good (private) education. However, this is becoming quite expensive, as the cost of education is rising exponentially compared to the broader consumer price index. Unless you are certain that you will be able to fund these expenses from your cash flow, it is best to start planning … Read More

Medical practice fraud: how to prevent it

Yves SchoofFinance

All too often you hear about doctors being the victim of medical practice fraud. The theft or fraud often occurs by way of misappropriation of cash, often in small amounts over a long period of time. In one case I heard about, the staff member was pocketing the cash payments from patients. The loss to the doctor amounted to well … Read More

Investment for doctors: should you trade shares and currencies?

Yves SchoofFinance

Quite often I hear doctors talking or enquiring about actively trading shares or even currencies. In this article I would like to explore how investment for doctors should be approached, and whether certain investment strategies are a waste of time (and money). Investment for doctors versus speculation One leads to wealth accumulation the other often to wealth destruction: do you … Read More

The Sandwich Generation’s struggle to retire

Yves SchoofBusiness, Investments

The ‘Sandwich Generation’ is the term typically used for the Baby Boomers who are being ‘squeezed financially’ by both their children (who are living at home longer) and their elderly parents, who also may require care and financial support. These pressures are making it very difficult for this so-called ‘Sandwich Generation’ to retire comfortably. I was recently interviewed by various … Read More