Key financial issues for doctors nearing retirement

Yves SchoofFinance

You have worked hard your entire career and want to make sure that your affairs are structured in the best possible way, so you can enjoy a comfortable retirement. What financial issues should doctors nearing retirement be reviewing? Superannuation strategies There is no doubt that superannuation should be high on your agenda. Below is a non-exhaustive list of issues that … Read More

Key financial issues for doctors in private practice

Yves SchoofFinance

There is no doubt that doctors in private practice face many different challenges and complexity. Let’s have a look at some of the most important financial issues you will be facing when running your private practice. Superannuation If you are not employed in any way, and run a private practice, personal deductible contributions would allow you to grow your super … Read More

Key financial issues for Fellows and Medical Specialists

Yves SchoofFinance

Doctors face different financial issues at different stages throughout their career. In this series of articles, I would like to explore these issues in more detail. In this article I will outline the key financial issues affecting Fellows and Medical Specialists in Private Practice. Repaying your mortgage In previous articles (click HERE) I have highlighted the advantage of paying off … Read More

Key financial issues for interns and registrars

Yves SchoofFinance

Doctors face different financial issues at different stages throughout their career. In this series of articles, I would like to explore the main financial considerations at specific stages of your career. Let’s start with the key financial issues for interns and registrars. Buying a house Property ownership is a common goal for many young professionals, and it is no different … Read More

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 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

Doctors and holiday homes

Yves SchoofFinance

As I am spending a few fabulous days with my family in Western Australia’s glorious South West region, I can’t help but think about how many people will fall in love with a holiday home here. Summer holidays are typically the time of year when people believe buying a holiday home might also be a wise investment decision. After all, … Read More