Doctors And Super: Should You Top Up Before 30 June?

Yves SchoofFinance

By now you may be familiar with the reduced super contribution limits that will kick in on 1 July 2017. To refresh your memory, the concessional contribution limit will reduce to $25,000 p.a. irrespective of your age and the non-concessional limit will reduce to $100,000 p.a. or $300,000 if you bring forward 3 years (down from $180,000 p.a. or $540,000 … Read More

Dear Doctor, What Are Your Good Intentions?

Yves SchoofFinance

Most people, I am sure this also includes many doctors, set good intentions around this time of year, but very few people actually follow through and make positive, lasting changes. One of the most common good intentions people set is around money, typically they want to start saving more. I am sure many doctors find themselves in the same position, … Read More

Doctors and financial stress

Yves SchoofFinance

Do doctors experience financial stress as well, despite their higher than average incomes? Yes, in fact I believe that many doctors do experience financial stress, whether it is as a result of a lack of time or knowledge to manage your financial affairs, or whether it is because your lifestyle is putting pressure on your cash flow. Doctors are like … Read More

Why Doctors need to think in after-tax dollars

Yves SchoofFinance

Most doctors earn a fairly high level of income…before-tax that is. The mistake many doctors make is that they think in pre-tax dollars. What I mean by that is that earning a high income can be deceiving, and lead to issues such as procrastination, over-spending and borrowing too much, all of which are typical reasons why doctors do not accumulate … Read More

Doctors and property scams- how to avoid them

Yves SchoofInvestments

It is no secret that many Doctors have a love affair with property. There are some very simple reasons for this: property is perceived to be safer than shares, doctors can easily borrow money for property, and property investment offers many tax deductions. Yet, there is also such a thing as a bad property investment, and I have seen many … Read More

Doctors Need To Act Now – Super Reform Bill Passed in Senate

Yves SchoofBusiness

The Senate has now passed the key Bill that gives effect to the much discussed superannuation reforms. These measures will affect many doctors, as previously discussed in my article on this topic (click HERE). The key measures affecting Doctors include: • Introducing a $1.6 million transfer balance cap that limits the amount that can be transferred to the retirement phase, … Read More

Do Doctors In Private Practice Share Dentists’ Business Concerns?

Yves SchoofPrivate Practice

A recent BOQ Specialist report into the dental industry highlights the main concerns Australian dentists have in the current climate. In this article I want to delve a bit deeper into those concerns and other points raised in the report, and relate it back to how Doctors in Private Practice might be experiencing the current environment. Dentists’ main business concerns … Read More

The Weekend News For Doctors

Yves SchoofFinance

There was some interesting news for doctors in this weekend’s Australian Financial Review. Please find below a brief summary of how various news items affect doctors. High-end property harder to finance Banks are starting to enforce stricter lending terms and conditions for multimillion dollar properties. These types of property deals will be more closely scrutinised, which may force buyers to … Read More

The 3 Most Costly Financial Mistakes Doctors Make

Yves SchoofInvestments, Tax

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 One Thing You Need To Know About Tax Planning For Doctors

Yves SchoofBusiness, Finance

There is no doubt that the biggest frustration for doctors is paying too much tax. However, if you too aggressively and blindly pursue tax savings it may actually and up costing you more, due to investment losses for example. So what is my number one rule in terms of tax planning for doctors? Well, it I my sincere belief that … Read More