Doctors United - Published in Pindara Magazine
01 July 16
Exploring why it makes sense for Doctors to unite.
• save tax
• protect assets
• provide for succession and
• understand family law benefits.
The medical profession, unlike many other occupations, historically has operated with individual practitioners. There is often a tendency to avoid partnerships, companies or other jointly owned structures.
As a consequence, the medical profession is perhaps the highest taxed line of work, due in part to this reluctance.
Innovative practitioners are seeing real benefits by banding together in bespoke ownership arrangements, for example, to jointly own premises, rooms, day surgeries, medical centers and even hospitals. The reduction in back office expenses together with the ability for the joint entity to be owned by related structures (such as family trusts) allow the service entity to charge commercial rates which divert income and provide for commensurate planning opportunities.
The result is that medical specialists can receive passive income streams, which are none-the-less still related to their specialty, in ways that have not been achieved in the past. This can place medical specialists on a similar, if not identical, footing to other professionals and result in huge tax savings.
Additionally, this set up provides the ability to move income and asset ownership away from the at-risk specialist, and can provide significant asset protection benefits in the unfortunate event of an uninsured claim.
In family law proceedings, these assets can be transferred to a child maintenance trust which can super charge tax benefits in the payment of child support – not that we are advocating divorce for tax planning purposes! However, it is important to know that there are many options available to help ease the stress of divorce.
Due to the multi-disciplinary structure of our firm, our legal specialists can offer advice and solutions on a range of issues that are often overlooked by boutique and blinkered practices. To discuss your specific needs please call us on 0755526666 or email firstname.lastname@example.org
Contact Us Now
|Phone:||+ 61 7 5552 6666|
|Fax:||+ 61 7 5528 0955|
|Address:||Level 2, 17 Welch St Southport, Qld, 4215|
|Postal:||PO Box 1876|
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