An update following on from the Queensland election, the changes to payroll tax which the LNP state government promised to act on and steps by the other states now towards favourable payroll tax changes.

What are the implications of the QLD LNP’s abolishment of Payroll Tax for GP practices? We at Doctors Wealth look forward to advising clients of this significant change, hoping the detail is as good as the announcement.

The 2024 Federal Budget was announced on Tuesday, 14th May. It remains to be seen whether the government can avoid the Budget spending stoking inflation, and any resultant impact on interest rates.

By now the medical community is well aware of the recent pronouncement by the Queensland State Revenue Office. Importantly, the ruling applies to medical centres and health professional businesses.

Most Australians need a 20% deposit to avoid paying lender’s mortgage insurance (LMI). The good news as a Doctor is that some lenders only require a 5-10% deposit with no LMI needed.

Australia’s insurance regulator, APRA, is set to mandate further regulatory changes that will have a major impact on Doctors seeking income protection cover. So, what does this mean going forward?

Let’s consider the third wealth creation mistake Doctors can make: not remaining disciplined and managing their emotions and its impact on growing and protecting wealth.

James Freudigmann – PMC Property Buyers co-founder, qualified property valuer and property investment advisor weighs in on the potential pitfalls and wealth-creating possiblities of investing in real estate.

In Part 1 we considered the first of the biggest wealth creation mistakes Doctors make: Procrastination. Now let’s consider the second – poor choice of investment strategy.

What are some of the biggest mistakes you should avoid to create wealth, achieve financial security and enable you enjoy your life more? Let’s unpack how to maximise your financial opportunity and grow wealth.

Your personal and practice insurance cover are very important for you, your family and your practice. You can either choose to accept he potential enormous downsides, or pay to transfer these risks to a major reputable insurer.

Time spent on identifying your ideal patient type or types can reward you. Even a small increase in your number of ideal patients could have benefits for you, your patients and your practice.

A major expense in your life could be investing in your children’s education. It’s not uncommon to see parents trying to scrimp and save to put their children through private school—but there is a better way.

What if you focussed on the main activity in your practice that you enjoy, achieves the best health outcomes for your patients and is the most profitable? Jim Collins defined this as the “flywheel effect”.

Putting a prenup in place is risk management. Pre-nups are a safety precaution that becomes even more relevant when you consider that every third marriage in Australia ends in divorce.

It is possible to claim on your Income Protection or Critical Illness/Trauma insurance for all kinds of health events. In this post we unpack into what you can commonly claim on so you do not miss out.

For the first time in more than 15 years, parliament has passed changes to property depreciation legislation in the Housing Tax Integrity Bill 2017. Here are some key takeaways.

Let’s focus on one aspect of super – the concessional tax rate available only to superannuation funds. Super funds pay tax on contributions into the fund at a rate of 15%.

It’s often said that Doctors are more likely to divorce their spouse than switch banks. But with plenty of competition in the home and investment property loan sector, refinancing can be a good move.

Are you paying $1,000s – or even $10,000s – each year for an income protection policy that will not actually protect you the way you expect it will? You are certainly not alone – many Doctors unwisely believe their income protection policy will protect them.