Tax Minimisation Strategies of Doctors
blog Tax Minimisation Strategies of Doctors Claiming deductions: Medical professionals can claim various deductions, including depreciation on equipment and vehicles, professional development expenses, home office expenses, and more. By keeping accurate records of all expenses, medical professionals can reduce their taxable income. Utilising income-splitting strategies: Medical professionals can distribute income to family members in lower […]
Personal Service Income and Medical Practitioners
blog Personal Service Income and Medical Practitioners Setting up a new medical practice is an exciting venture, but it’s important for healthcare professionals to address a range of tax questions before opening for business. The tax implications of Personal Services Income (PSI) and service entity arrangements can significantly impact medical professionals in establishing their own […]
Top 20 Tax Deductions for Medical Practitioners
blog Top 20 Tax Deductions for Medical Practitioners Work-related car expenses: This includes expenses for work-related travel in your own vehicle, such as travel between different medical practices, hospitals or home visits. Continuing professional development (CPD) expenses: This covers costs for attending conferences, seminars, workshops, courses or other education and training that are related to […]
Benefits of Being Proactive with Finances early in Life
blog Benefits of Being Proactive with Finances early in Life It is important to become proactive with finances early in life for several reasons: Building good financial habits: Developing good financial habits at a young age can lead to long-term financial stability. By learning how to budget, save, and invest early on, individuals can […]
Why people choose to work with financial advisors?
blog Why people choose to work with financial advisors? Financial advisors can provide a variety of benefits to their clients, including: Objective Advice: Financial advisors can provide objective advice because they do not have any emotional attachment to their client’s finances. They can provide advice based solely on what is in their client’s best interests. […]
How to achieve financial independence
blog How to achieve financial independence? Here are ten ways to achieve financial independence: Create a budget: Establishing a budget is crucial for understanding your income and expenses. Make a list of all your income and expenses, and set spending limits to avoid overspending. Save money: Consistently saving money can help you achieve financial […]
