“Going the superannuation fund route may result in a lighter tax liability. Bryan states that pre-tax income contributions to the super only reap a 15% rate, but a 30% tax awaits doctors reaping at least $300,000. The super itself may be convertible into a pension fund provided that the doctor retires in their 60s; any properties bought under the super up to retirement will also be tax-free.
When you are getting ready for yearly duels with the Taxation Office about your numbers but have your hands full with cases, it can break you before long. Reputable accountants for doctors such as MEDIQ will take that burden off your hands.”
“When doctors get sick or injured from such work related incidents as needle stick injuries, bone dust inhalation, or even work-acquired HIV, their capacity to earn can greatly diminish. In some cases, this can render years of studies and training practically without value. Unfortunately, the nature of a doctor’s work and income is such that a regular life insurance policy may not be sufficient to cover the specific nature of their incapacitation or loss of income. What is needed is a comprehensive income protection for doctors that will give these professionals and their families adequate financial protection.
Finding the right insurance policy for doctors is not an easy job, and these physicians could easily fall into the trap of settling for a standard life insurance policy. Medical finance specialists, like those at MEDIQ Financial Services, can help find excellent income protection insurance for doctors. These financial professionals have trained and laboured to identify the sp
“New York Times blog columnist and editor Ron Lieber even says that among all professionals, doctors are some of the most vulnerable to the effects of financial blunders. While they may commit the same mistakes as the rest of the population, the amount of money they make can magnify the effects of these mistakes a few times over.
Several factors can lead to the mismanagement of a doctor’s finances, and Lieber cites three of these. First, doctors tend to be impatient with regard to investments, given that they often start late on a flourishing career. Second, Lieber cites doctors’ trusting nature, something nurtured by the openness of the medical profession in general.”