After scrimping for years, you’re finally earning an income.
It is important to put mechanisms in place to ensure financial success. Without taking the appropriate steps, you could be jeopardising the financial freedom you have worked so hard to achieve as a healthcare professional.
Whilst we do stress the importance of having a specialist medical accountant, below are a few things you can do now to start you on the right path if you have not yet had the time to come see us.
Consolidate your debt
Debt is a part of life, particularly during medical and dental school. Unless you have been fortunate enough to have been funded by someone close to you, you may have accumulated a debt to finance your studies and life outside of.
Consolidating this debt and finding the right product which meets your needs is important. Luckily, our wealth of knowledge and experience from helping graduates over the past decade can help you with this!
As a healthcare professional and by working in the public healthcare system you can sacrifice up to $9010 of your salary, and in turn reduce your taxable income. On top of this, you are entitled to $2650 which you can use for meal and entertainment purchases, in addition to your salary. By reducing your taxable income, you’re reducing the income tax you pay.
The fringe benefit year runs from April 1 – March 31. Which means you can sacrifice and utilise $9010 before March 31 this year.
Book an appointment with our intern/graduate specialist online who can ensure you’re maximising everything you’re entitled to.
Organise your income protection insurance
Insurance is an easy purchase to delay. Unfortunately you do not see the true value of insurance until you need to claim. It is these healthcare professionals who will tell you it is their most important monthly expense.
Everyone thinks bad things won’t happen to them, but the fact is, these things do happen. On top on this, the longer you leave it to organise your income protection insurance the harder and more expensive it may become.
As healthcare professionals, you will be surrounded by disability on a daily basis so it is vital that if you end up on the other end of the clipboard, you’re protected.
So there you have it, our financial checklist for your success.
Did you know we offer an Intern Exclusive package to assist you in the above and that it’s complimentary? Read more about it and what’s included here.