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