"Scientists are also looking into developing bionic devices to help treat Parkinson’s disease and epilepsy, among other conditions that involve tremors. Moreover, they are working on a “bionic spinal cord” that can have paraplegics controlling robotic arms in five years. 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. Availability might be influenced by factors as simple as distribution, or by ones as decisive as cost. Nonetheless, having all these cutting-edge resources should not remain a pipe dream for both patients and medical practitioners alike."
http://www.mediqfinancial.com.au/accountants-for-doctors-more-needed-in-the-face-of-medical-advances/
Accountants for Doctors: More Needed in the Face of Medical Advances?
When Should Doctors Seek Personal Financial Advice?
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: Swelling Over Time
Superannuation or simply "super" is
Australia's version of America's 401(k). One of the many differences, however,
is that the super rate increases over time. According to the Australian
Securities & Investments Commission, the rate is expected to increase from
9.25 percent at present to 12 percent by the year 2019.
Is this increase a bad thing? Hardly, because the
"super" fund shows just how serious the government is about retirement benefits. The
rate may be increasing, but the increase in contributions allows professionals such
as doctors to retire early. Employers, in turn, are obliged to contribute the
correct amount to their workers' super funds. Workers themselves can, however,
choose to contribute to the fund.
Super contributions can continue up to age 70, but
workers can withdraw from their Supers as early as age 55 to 60. This is
possible by creating a "transition to retirement" (TTR) account.
Designed for people planning on working beyond the preservation age of 55, a
TTR can allow them to withdraw up to 10 percent of their super savings without
tax infractions.
The math may appear simple, but superannuation is just
the tip of the tax iceberg. There are other taxes that must be accounted for to
mitigate confusion.
