Principal House Officer (PHO) with 457 Visa
Samantha trained and worked in the UK, and was excited about coming to Brisbane for a working holiday with friends. She had already planned out her trips to Sydney, Melbourne, and scuba diving on the Barrier Reef.
She had arranged a job with Queensland Health working in ED when she arrived, but had not thought too much about her finances or making the most of her money whilst she was in Australia, and was pleasantly surprised by the higher pay compared to the UK.
Doctors Wealth was recommended to Samantha by one of her friends who was in the same situation (but who arrived the year before), when she mentioned she wanted to get her finances under control, make the most from her situation and minimise time and stress.
Following the initial meeting, Samantha engaged Doctors Wealth to set things up properly, make the most of her money whilst in Australia and maximise any tax savings available.
The following was then arranged and completed by Doctors Wealth with Samantha:
1) Samantha and Doctors Wealth came up with a simple, practical cash management system for Samantha, which allowed her to still live comfortably, but also begin consistently saving for her holidays and future house deposit each fortnight.
2) Doctors Wealth Accounting team discussed the work-related tax deductions available in Australia to doctors to reduce their tax which are not available in the U.K. and many other countries. By being aware of this, Samantha was able to prepare and claim for many expenses
3) Doctors Wealth liaised with Remserv and QSuper on Samantha’s behalf, and arranged for her salary packaging to be set up and tax savings maximised whilst she was with Qld Health. They also fixed her superannuation to obtain her free contributions from Qld Health, plus make an extra tax saving on her contribution.
4) Doctors Wealth was able to recommend and implement income protection for Samantha that was specific for doctors (e.g. covered her for needlestick injuries), and protected her full income through to age 65. The premium was fully tax deductible, and covered her until she returned to the U.K. and obtained an income protection policy back there.
What was the Outcome?
Samantha was able to save over $7,150 extra in her first year, as follows:
|Financial Areas Addressed||Yearly Benefit/(Cost)|
|Tax Planning and additional deductions||$1,600|
|Salary Sacrifice/Packaging and QSuper tax savings||$4,100|
|Superannuation extra contributions (from QHealth)||$2,200|
|Total Benefit (b)||$7,900|
|Income Protection cover (net cost)||($ 850)|
|Total Cost (a)||($ 850)|
|Total Net Benefit (b-a)||$7,150|
This saving is in addition to:
- Avoidance of stress, knowing she was getting the most out of the system.
- The ongoing savings provided by having a structured cash flow system, and being protected if anything went wrong.
- Samantha’s peace of mind knowing that she can contact Doctors Wealth for ongoing advice on any financial matter.
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