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Tax & Accounting

As a doctor, tax and accounting may not be a high priority. But you can’t ignore it. If you earn an income in Australia, you must pay taxes and every year at tax time, you need to go through the complicated process of lodging a tax return with the ATO.

You can meet your obligations in a variety of ways:

• DIY – using your own knowledge, time and tools available online and via the ATO.
• Tax Accountant – using the services of an accountant or accounting firm that specialises in tax returns who may or may not understand the distinctive challenges of medical accounting.
• Specialised Medical Accountant – using a business like DPM that specialises in both tax returns and providing medical accounting advice to help you fully integrate your financial life, all in one place.

Taxation and accounting are highly regulated, ever-evolving industries. As you progress through your career, and potentially become a high income earner and business owner, the complexities of taxation and medical accounting increase. The medical industry itself is complicated. You need relevant structures in place to meet your obligations, suit your individual circumstances and give you a continual high level of asset protection and taxation efficiency.

DPM tax consultants have years of experience and understand the challenges of your financial journey as a medical practitioner. Our specialised advice and expertise helps you legitimately minimise your tax in the future, enabling you to build wealth and achieve your financial goals.

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Personal Insurance

Personal insurance is unlike any other insurance. It’s about insuring your biggest asset: you.

You’ve spent a long time studying, learning, perfecting. Now you get to finally enjoy practising what you love. Personal insurance can give you the peace of mind of knowing that, should something happen to you, all those sacrifices you made are not in vain.

There’s a vast array of insurers out there marketing Life Insurance, Income Protection Insurance, Business Expense Insurance, Total and Permanent Disablement Insurance and Trauma Insurance. How do you know you’re paying the right amount and getting what you need?

At DPM, we don’t simply answer this question and send you on your way. First, we’ll help you figure out whether you need personal insurance and, if you do, which insurer, product and policy best fit you.

Ask yourself these personal insurance questions:

• If I suffer a medical crisis, do I want a lump sum of money?
• If I suffer a disability that prevents me from earning my normal income, do I want a replacement income beyond my annual leave or sick leave?
• If I die, do I want to leave any money to anyone?

Did you answer “yes” to any of these questions? Then you need personal insurance.

Your DPM insurance consultant will help you choose the right insurance product, review your ongoing cover and provide full assistance in the event of a claim. We’re able to deal with every insurer in Australia and give you advice on existing or proposed cover.

* The information contained in this site is general and is not intended to serve as advice. DPM recommends you obtain advice concerning specific matters before making a decision.

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Private Wealth

Accounting/tax structuring and financial planning are two very different disciplines. Accounting looks at your income and assets in terms of your taxation requirements and obligations. Financial planning looks at your financial situation as a whole, assessing your position now and into the future and making recommendations to achieve your financial goals. Your accountant is not qualified or licenced to give you financial planning advice.

Just as you are a specialist in your particular area of medicine, our financial advisers are specialists in financial strategies to build your wealth over time. Our private wealth service complements your accountant’s advice and looks at different aspects of your finances:

• investments (shares, property, cash/bond)
• asset protection
• estate planning
• gearing strategies
• superannuation strategies and/or Self Managed Super Funds
• retirement planning

Are you asking yourself whether you really need professional financial advice? You’re capable and smart, and there are plenty of online DIY options for share trading and managing super. Think about people who Google their health symptoms and self-diagnose – it doesn’t mean they get the right diagnosis or treatment. It’s the same with online financial advice.

With expert advice from your DPM private wealth consultant, you’ll know you’re being guided by a professional focused on growing your wealth for the long term and helping you maintain peak financial health.

* The information contained in this site is general and is not intended to serve as advice. DPM recommends you obtain advice concerning specific matters before making a decision.

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Self Managed Super Fund

Self Managed Super Fund (or SMSF) is essentially a DIY superannuation option. Is it right for you? It’s a tough question to answer without knowing your personal circumstances.

In fact, we can’t answer without reviewing your entire super position. Many things come into play when considering a SMSF. Asking yourself these questions can help you figure it out:

Am I interested in the legal responsibilities of being a trustee?
Having a Self Managed Super Fund means you’ll become a trustee of the fund, bringing with it the responsibility of administrative and reporting duties.

Do I have enough money in super to justify a Self Managed Super Fund?
A SMSF gives you transparency and control over how your money is invested but you’ll need to factor in the amount you currently have in super against the obligations you agree to carry as a trustee and whether it’s worth your while.

If you decide to know more about SMSFs or to become a trustee, know that you aren’t alone. While you remain legally and solely responsible over your investments, our Self Managed Superannuation Fund service team will work with you, your financial planner and your accountant to take some of that admin burden off your shoulders and ensure your SMSF remains compliant.

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Finance

DPM’s finance service is one of a kind in the market and one of the most popular amongst our clients. As a doctor, you’re busy. You’re not living a nine-to-five lifestyle. Finding the time to research and compare loan rates, mortgages and different institutions is a huge time burden. Our finance service saves you time and stress by doing that work for you and acting as a preferred line of contact rather than you going direct to banks and other lenders.

Our finance team effectively become private bankers at your service. They use deep insights into your journey and needs as a doctor to approach the right lenders on your behalf and will always work with your existing tax structuring to recommend the best solution.

DPM’s finance service has excellent preferred and long-lasting relationships with lenders across Australia, meaning we can stretch the boundaries that little bit further than if you deal direct. For example, we can offer our clients an option to borrow up to 100% on their primary residence* and even approve a loan backed by income confirmation letters, rather than full evidence of income.

* Conditions apply

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Property Advocacy

Considering buying a house and unsure if you need a property advocate? Thinking it’s an expensive service and an added cost to the burden of buying a house?

A property buyer advocate can save you considerable time and thousands of dollars, while cutting weeks or months out of the complicated process.

The property market is full of costly pitfalls for non-professionals:

• inexperience in reading the play when bidding at auctions
• lacking understanding of property market conditions and misinterpreting sales data on which to form views on market value
• revealing too much information to the agent who will play against you in later dealings
• negotiating privately without the transparency of auction to be able to determine whether or not there is real and threatening competition

Your property advocate can be as involved and hands-on as you want or can manage your project end-to-end for you. You won’t waste time searching in the wrong place or for properties you can’t realistically afford. Your property advocate can help you find a suitable house within your price range and guide you to avoid over-capitalising, for example, on renovations.

DPM’s property advocacy service works on capped, flat rate fees. No matter how long it takes to find the right property, you won’t have to think about how much the service will cost.

Engaging a DPM property advocate gets you a highly professional and informed service and the confidence of purchasing the property you want at the right price.

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