1. Live on Less Than You Earn – Aim to Save a Minimum of 10% of Gross Income Use a reliable app to track your monthly income and categorise expenses. Understanding your cash flow helps identify areas for saving or reallocation. Pay yourself first – save before spending what’s left. This is key to financial planning for doctors. 2. Use Debt Sensibly to Build Wealth Minimise bad debt by prioritising… Read More »10-Point Money Checklist for Doctors
Before making any investment, it is crucial to understand the impact of taxes on interest from investments. Taxes can significantly alter the true value gained from investing or borrowing money. For example, when calculating compound interest over time, taxes can erode potential gains if not carefully considered. To truly grasp the real cost of interest in after-tax dollars, we must take into account your specific tax rate. By understanding how… Read More »The Real Cost of Interest
Australia has a progressive income tax system. This simply means that higher income earners pay a greater proportion of their income in tax than low-income earners. It is achieved by applying a different rate of tax to each income band or “bracket”. The tax brackets and relevant tax rates applicable from 1 July 2020 are as follows: Tax bracket Tax rate (excl Medicare) $0 – $18,200 0% $18,201 – $45,000… Read More »Don’t let tax creep up on you
When it comes to getting the most (money) from your annual tax return, there is usually a lot to think about, so we’ve identified a few options that could open the door to some opportunities to save on tax. The key here is to plan ahead Deductions — lower your tax liability Pay now for some of next year’s expenses If you have some spare cash available, paying for certain… Read More »Get your Tax ready for June 30 – NOW!
When most people think of salary sacrifice they think of superannuation. It’s pretty easy to see why. If someone earning $100,000 a year takes the last $10,000 of that amount as cash salary, they will pay $3,900 in tax and the Medicare levy. Salary sacrifice that same amount as a concessional contribution to super and only $1,500 will be lost to tax. The reduction in the annual concessional contribution cap… Read More »Salary sacrificing is not just about super!
A health crisis can occur at any time of life, but the risks obviously increase as we age. Unfortunately, due to this increased risk of illness or injury the cost of insurance for those over 50 can be high. As a result, people in this age group are tempted to drop their insurance cover altogether just when the need is at its greatest. If age 50 is on the horizon,… Read More »Prepare for the unexpected
At Wealthmed, we create services that are simple to use while being detailed enough to meet compliance obligations with the ATO. In this blog post, we will discuss three key areas we can assist you if you are planning on locum sole trading. Tax Perspective Becoming a locum sole trader is a big change – you need to manage your own future tax liabilities, as tax is no longer deducted… Read More »The Wealthmed Journey of Locum Sole trading
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