Doctors aren’t Supermen: Why Income Protection for Doctors Matters

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Fortunately, certain financial companies offer income protection for doctors as a safety net for when unfortunate circumstances happen. In essence, income protection is a type of insurance which pays out a benefit while you are unable to work. Different policies exist, but many will reimburse up to 75% of your pre-illness income till the age of 65, allowing you and your family to live comfortably as you recover from your ailment. Of course, you need to carefully choose which company to work with. Thankfully, trusted companies like MEDIQ Financial Services provide a comprehensive array of financial services, like income protection policies, loans or financing, and even lawful tax deductions for doctors. With their help, you can perform your duties as a medical professional without fear of the future.

Sound Medical Accounting Can Help Keep a Doctor’s Practice Afloat

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Given the nature of the work, however, minding these things is not always easy. After all, your primary concern is to provide top-notch care to your patients— not to crunch numbers. Without sound accounting, though, your beloved practice may soon go under. That’s why many doctors rely on medical accounting firms like MEDIQ Financial Services to help them keep tabs on their practice’s cash flow. These companies provide an array of accounting services, from tax return preparation, tax minimisation strategies, service trusts, and the like. With their help, doctors can know exactly how much they are earning and spending, allowing them to make better business decisions with regards to their practice. Indeed, being a private practitioner involves a fine balance between delivering excellent patient care and sustaining a successful business. Hence, sound financial planning for doctors— which includes accurate business accounting— is a must for a practice to thrive.

Tax Fraud and Crimes that Medical Accountants Could Help you Avoid

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As a medical doctor in Melbourne, it’s normal to find yourself stressed with trying to balance the performance of your profession and the management of your business─ especially since your practice is both. In this crisis, you should look into hiring reputable medical accountants from Melbourne firms like MEDIQ Financial; otherwise you might find yourself making mistakes that will warrant you a tax audit. In any case, you should be sure not to commit any of the following mistakes: Writing off personal expenses as business To avoid getting tangled into this mess, it’s best to list which is which before you file your returns. Your travel expenses, for instance, could be either depending on the nature of how you incurred them. So to keep yourself and the ATO from getting confused (and the latter from knocking on your doorstep to find out for sure), identify and classify each expenditure.

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