This is my second video in a series of quick wins that you can implement to make the most of your finances this financial year.
Today we are talking tax planning for medical professionals.
The key points I want to make are:
1) You need to do your tax planning at the start of the financial year, so July or August at the latest. Why would you wait until April or May? It just doesn’t make sense!
2) You need to work with a specialist accountant – make sure you find someone who specialises in medical and dental clients. Otherwise you could miss out on valuable tax deductions, or worse, be exposed to penalties due to using illegal structures and tax savings strategies
3) You need to accept that the opportunities to save tax on your exertion income are limited. There is only so much you can do. Instead, focus on what you do with your after-tax money.
a. Make the most of your cash flow as I explained in my previous video
b. Use tax-effective structures such as superannuation, family trusts and investment bonds
c. And please don’t get sucked into tax-effective schemes such as agribusiness schemes or new investment properties with high depreciation business
For more tax tips, please download my ebooks available from my website at affluenceprivate.com.au/free-resources.
Yves Schoof
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 yves@affluenceprivate.com.au 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.
DISCLAIMER
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.
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