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Podcast | Transitioning From Registrar To Consultant

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Anthony Pane has been working in tax and accounting for over ten years. He specialises in working with doctors at different stages in their careers with an ethos of putting the client first every time. 

In this podcast, Anthony will detail considerations you should be aware of when transitioning from being a registrar to fellowship and consultancy. The topics include tax, super, insurances and leave. As well as what an ABN is, why it’s necessary, and what you need to know about GST.  Anthony will also cover:

      • Setting up your own rooms or joining an existing group.

      • Understanding the legal and financial side of setting up your own private group.

      • Different strategies to optimise your tax strategies.

    If you have more questions or wish to talk to one of our Tax Consultants about the financial implications of upcoming changes in your career, click here to book a no-obligation free initial consultation.

    DPM hopes you enjoy this podcast but please remember that the information discussed here is of a general nature and is not intended to serve as personal advice as it does not consider your personal circumstances. DPM Financial Services recommends you obtain medical financial advice concerning specific matters before making a decision.

    DPM Financial Services recommends you obtain personal advice relevant to your circumstances concerning specific matters before making a decision.

    After completing tax returns for medical professionals for more than 50 years, our tax team has helped medical professionals like yourself with various questions to help you stay or become financially healthy, with your finances serving your goals and objectives.
    In regards to transitioning from employee to sole trader, there are a few key considerations you should be aware of:

    For tax:
    o Make sure you don’t have your tax withheld, or having to save it yourself.
    o Any tax holiday and or honeymoon,
    o Planning for payments and PAYG instalments with the help of an accountant
    o Registering for GST and lodging BAS, use of bookkeeping software like Xero

    In terms of Super, you should consider:
    o Not having it paid for you, and having the option to make personal contributions
    o Annual limits and potential carry forward unused cap space
    o The tax benefit assuming a top marginal tax rate, div293 and excess contributions tax
    o Seeking advice from a financial adviser with respect to how much/when and other super strategies

    In regards to insurances and leave:
    o No leave being accrued on private work, saving for this as well so you can take a well deserved break when needed
    o Importance of having insurances like income protection in place to ensure you continue receiving an income if you are injured long term.
    o What is life insurance? What is TPD? Why is it not deductible?
    o Own occupation definition and seek advice from an insurance expert like those at DPM.

    Considerations for methods of work and payment includes:
    • Private assisting, asking yourself:
    o How it works
    o Who to invoice and how
    o Using a billing service
    • Service Fees, considering:
    o What is a service fee?
    o Who is it paid to
    o Deducting the expense and claiming GST

    Lastly, you should also consider groups and structures by:
    • Starting your own vs joining an existing group of surgeons
    o Typical structure (benefits of a Trust versus risks of partnership)
    o Hiring staff and renting rooms
    o Software (practice for billings like cliniko or genie and bookkeeping for payroll and tax)

    Choosing a specialist firm to help you with your medical finances is an important decision.
    The team at dpm, which includes tax and accounting, wealth, insurance and lending services, can find out how they can work with you to create a tailored plan for your specific needs.

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