Showing posts with label MediQFinancial. Show all posts

When Should Doctors Seek Personal Financial Advice?

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Many high-income doctors need personal advice to wisely manage their finances. There are three general situations when personal financial advice should be sought. See which one fits your situation:

When you have specific issues
If you are an independent doctor who has a good grasp of financial planning, you may need help from time to time to resolve complex issues. You may become interested in an investment opportunity, perhaps a tax reduction strategy for the year, or other aspects relevant to your income. Straightforward and once-off advice on the concern can be provided by an advisor.

When you want to form a comprehensive plan
If you need guidance on your overall financial situation and wish to take control once a plan is set, an accounting and financial planning professional can use his/her expertise to create a detailed financial plan for you. The expert helps you set your goals and devise ways on how to accomplish those objectives. Diversifying your investments, fulfilling your retirement plan, and accomplishing other strategies will be your responsibility.

When you need long-term guidance

If you require hands-on or ongoing advice for your financial affairs, medical accountants can assist you every step of the way. You can reach agreements as to the professional’s level or length of involvement and the certain services you need. Your accountant can also handle aspects of your tax filing, investments, income protection, etc. and keep you informed or updated throughout the partnership.

Superannuation Tax Minimisation Strategies

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Contributing to superannuation in order to claim deductions on income tax is one of the most effective ways that doctors can slash their tax liability. Using a practice called salary sacrificing, doctors can contribute to the super using pre-tax income. This allows them to claim a deduction on their taxes and attract a 15 per cent rate, a significant reduction from their marginal tax rate of up to 46.5 per cent.

Doctors should be wary about contributing too much to superannuation, however. Concessional contributions, or contributions made before tax, are capped at a limit predetermined for each year by the Australian Taxation Office. When going above this limit, doctors may be charged an excess concessional contributions charge that would add a further 5.6 or 5.8 per cent to their tax liabilities.

Upon reaching the age of 60, doctors also have another superannuation tax minimisation strategy at their disposal: transition to retirement. This allows them to withdraw up to 10 per cent of their super account balance each year. This pension, which is tax-free, can then be used as an additional source of income.


When dealing with superannuation tax minimisation strategies, doctors should work with experienced accountants to ensure that these are correctly put into place. This will help them avoid any problems that they might otherwise be unaware of, as well as keep their tax minimisation efforts on track with the latest changes to caps and excess concessional contribution charges released by the ATO.

Three Useful Marketing Tips for Your Practice

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A medical practice needs a successful marketing strategy for profit, growth, and patient retention. With the proliferation of online advertising and social media, it’s easy for physicians to lose focus when trying to market their practices. The tips below can help you develop a sound marketing plan and keep help you choose the most efficient methods.

Implement a website content marketing plan.

Website content provides a unique opportunity for physicians. As an experienced professional, the knowledge you have acquired through the years can be invaluable to the patients you serve. This means that your website’s blog can prove to be an important resource for them.

Consider both online and offline marketing opportunities.

The Internet offers plenty of great opportunities for inexpensive (even free) marketing, but traditional marketing strategies also has its own rewards. Put simply, learn to harness these two marketing options well. A diverse marketing strategy that uses both online and offline opportunities will reach a wide variety of customers.

Turn loyal patients into passionate advocates.

Your current patients may very well be your best form of advertisement. Providing consistent, high-quality medical care, along with establishing client rapport, is the best way to turn patients into walking endorsers.


Once you have these marketing strategies in place, it is important for you to monitor the results. Hiring a reliable medical accountancy firm will be of great help to you in this regard.

Importance of Accountants for Melbourne Doctors

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While doctors play a very important role in preserving and improving public health, the reality is that they can’t sustain themselves without money. Even then, money brings with it a number of challenges, like budgeting expenditures and following tax regulations, which doctors may be hard-pressed to handle on their own. What they need are experienced and reliable accountants who can handle the financial aspects of medical practices for them.

Medical accountants do more than just count money; they are also responsible for obtaining a suitable insurance policy for the office in order to protect the doctor, his staff, equipment and workplace from harm, theft and other unforeseen events. Accountants also have the responsibility of calculating the costs of rather expensive procedures such as bypass surgeries, especially if they have to be outsourced to a separate, more-specialized medical facility.

Perhaps, more importantly, accountants formulate a suitable financial strategy that the medical office can use to maximize profits and keep operating costs low, without sacrificing the quality of service they provide. This involves determining the proper overhead, or operating costs, that the office should adopt. A fixed overhead allows for greater control of expenses, while a variable overhead allows greater flexibility in providing multiple services.    

How Accountants Help in the Medical Industry

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Medical science is an ever-expanding field – as diseases develop, become more virulent or mutate over time, doctors and medical researchers rush to develop means of protecting humans from their growing threat. Here are some reasons why having an efficient accountant could greatly benefit a doctor in this pursuit:

For one, scientists are looking into developing bionic devices to help treat Parkinson's disease and epilepsy, among other conditions that involve tremors. Some are even working on a “bionic spinal cord” that aim to provide paraplegics with robotic arms, which they can control. Indeed, this is just one of the many developments that the medical industry is counting on.

Even if a number of the studies are expected to be completed within the decade, none of the treatments, vaccines, and technologies can be expected to be available in the near future for all medical facilities and hospitals, much less private practices. Nonetheless, having all these cutting-edge resources should not remain a pipe dream for both patients and medical practitioners alike.

While many of the heralded advancements remain in the hands of researchers, medical practitioners might want to formulate plans on how they can eventually acquire and offer these new treatments. Forward-thinking accountants for doctors might be able to help them in this regard. These professionals can help medical practitioners implement financial strategies, manage their incomes, and maximise tax refunds so they can build a fund for future investments that will support their practice and better serve their patients. 

Proper Financial Advice for Your Practice

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As a medical professional in Melbourne, you are bound to have plenty of other concerns outside of your practice. Providing exceptional health care comes with an array of contributions along with record keeping, client and health card billing, expenses, and bookkeeping. Minding all these complex details will only add to your already busy workload, so it’s best to get the support of an expert.

Medical accountants can offer guidance beyond that of the usual taxation and accounting. More than just reducing your tax burden, an accountant can assist you in streamlining operations and practice management. If you’re planning to expand your practice, a practice accountant can help determine the best loans and financing options.

With a sound financial strategy, you can realize opportunities for enhancing your medical wealth. An accountant can offer sound advice for investments for both short and long-term goals. Being exposed to inherent risks unique to your medical practice, you need the advice of a professional that knows the ins and outs of insurance policies. 


Medical accountants who are fully focused on medical practitioners and their families have updated strategies and extensive experience in the field that will surely steer your practice in the right direction. You can have effective solutions to tax or accounting difficulties and a financial methodology customized to your needs. 

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