You are an expert in your field. So are we.
We need dedicated professionals just like you to keep our society functioning smoothly. Your focus absolutely must be on perfecting your craft. From a dentist to a podiatrist, every single medical professional plays an essential role in the community.
Being a professional means that you concentrate your study and skills on a particular subject. This leaves you with little time for other matters.
You might not be a financial expert, but that doesn't give you leave to ignore the way cash flow will affect your career.
You need to know the basics of things like:
- Tax requirements
- Personal risk insurance
- Debt repayment and more
This is all even more important when you're in private practice. Nitschke Nancarrow has the information you need to know.
Medical professionals have unique financial needs and goals
The work you do as a medical professional makes a difference in people's lives. It's lifesaving, in fact. That's why workers in your profession are often well paid.
No doubt, you got into this line of work both because you wanted to help people and because you wanted to maintain a comfortable standard of living.
But a higher paycheck comes with higher income tax.
The more you earn, the more important it becomes that you pay attention to details and report everything accurately. You probably need some help with your accounting and financial planning to make sure you meet your financial obligations and obtain all benefits that you’re entitled to.
Areas to consider for medical professionals
- Superannuation Compliance
- Litigation Protection
- Life and Income Protection
If you and your family require a certain standard of living, then you need to plan ahead to ensure that level of comfort will continue, no matter what.
A large income comes with large expenses and a lot of factors to think about, but Nitschke Nancarrow, an accounting and financial planning firm that specialises in advising medical professionals, will help you sort through your obligations and options with a common-sense approach.
With loan products designed exclusively for medical and dental professionals, our mortgage broking division will help you find the solution that's right for you. Careful planning now with Nitschke Nancarrow will help you make the most of your assets and ensure your family's security.
More blogs and content for medical pros:
Trust the Service Trust for asset protection. Read more.
Top 10 missed tax deductions for doctors. Read more.
The amazing finance incentives available to doctors. Read more.
As if the medical profession wasn't challenging enough, making the leap into private practice adds on even more responsibility and stress.
But if this is your personal goal as a professional, then you need the transition to be as seamless as possible. How can Nitschke Nancarrow help?
Setting up your business structure
- Sole Trader
- Family Trust
- Unit Trust
- Partnership of Trusts
You'll need to decide whether you'd like to join up with an established clinic or blaze your own trail.
Next, we'll consider funding your business with matters like overdraft, GST requirements and loans or other payment options for the equipment you'll need.
Do you know how you'll have to pay your taxes?
We'll also discuss:
- Personal Services Income
- Service Entity Establishment
- Medical Billing
- Revenue Collection
Every step of the way, our team will be there for you. From finding the ideal location for your practice to setting up your IT system, Nitschke Nancarrow has the solutions you need.
Tax and budgeting
Some medical professionals have more than the average level of knowledge on taxation requirements. It's pretty universal however, that medical professionals don't have much time to spend on guaranteeing tax compliance.
In other words, even if you know what you need to do, it can be too time-consuming to actually do it.
That's where Nitschke Nancarrow comes in. We have the extensive experience needed to get the job done right for you, freeing up your valuable time.
Our advisors will even project your cash flow to see how your assets could be put to a more productive use.
We strongly emphasise careful budgeting to make a success of your plans. It's much easier to make sense of your resources when they're all out on the table. This helps us take a long-range view of all the possible scenarios.
By taking a look at the bigger picture, you can make the most of your assets and plan wisely for the future.
For accurate, timely and rewarding tax advice and budgeting help, talk to Nitschke Nancarrow.
Another reason to choose Nitschke Nancarrow?
We know how busy you are. We're more than happy to do all this communication with you via email, at your convenience.
Doctors-In-Training and interns
You might have a number of personal reasons for choosing the career you did. But no matter why you chose it, you need to think carefully about how you spend the money you earn.
What are your priorities? What standard of living are you trying to maintain? Are others dependent on you to support them? What are your plans for the future, specifically, retirement?
Even during their training years, many doctors look to start build up up their wealth in assets such as property and shares.
Let Nitschke Nancarrow help you reach your financial goals, even now while your career is just beginning.
First of all, we'll help you structure your debt so as to maximise your long-term benefits. Improperly structuring your debt repayments will only make things harder for you down the road. It can also lead to paying extra tax. That's why we make debt restructuring a priority.
Personal risk insurance
Medicine is business, after all. You plan and intend for everything to go right, but in the off-chance something goes wrong, you need a financial cushion.
The right insurance will keep your craft thriving. Too many new professionals settle for the bare minimum of personal risk insurance simply because it's the cheapest option at the time. When the test comes, however, you'll be glad you had your insurance tailored to your needs, circumstances and financial goals.
While searching for your first personal risk insurance policy, watch out for these common pitfalls:
- Underestimating your need for tailored personal risk insurance
- Assuming the insurance inside your super is sufficient
- Not taking the time to get insurance set up
- Being under-insured because of an outdated policy
- Not thinking long-term about how insurance affects your future
It's also important that you give plenty of thought to the intentional large expenses that will surely come to you, at some point. These include property and starting a family.
When we give you advice here at Nitschke Nancarrow, we tailor it to both your current circumstances and your future plans.
To meet all your needs, we offer a complete package at a fixed price that includes:
- Financial planning for debt consolidation and budgeting
- Tax return counselling
- Insurance advice and reviews
- Assistance with buying or upgrading a car
- As many meetings with the team as you need
- Loan structuring
- Access to medical profession-specific loan products
- Complimentary RP Data research reports (the #1 property research tool in Australia)
- The option to pay a retainer fee, guaranteeing ongoing and unbiased advice
Get your medical career started off the right way. Contact our team at Nitschke Nancarrow to learn more about the help we can specifically offer medical professionals.