we will do it together
You are working hard to get to where you are. Yes, you are one of the very unique occupations with heaps of rules attached to you.
Reduce tax is not the only way. You need to manage tax while focusing on increasing your wealth.
This is what we do, improve your position with a holistic apporach.
Paying tax is a duty, paying more is not!
Give us a call or fill the ask us form to start the conversation.
helping you in the Pros and cons
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You are working hard
Medical professionals are working so hard and many doctors don’t want their kids to start on the same journey.
You need more than just accountants who can help you in sorting out tax. Our financial advisers can help you to generate wealth over a long term and brokers can help you to leverage.
PSI vs pSB
It is important to first find out the criteria of being qualified as PSI, and if it is, an individual need to ensure that if any specific tax rules are applicable to the income. If the PSI is not qualified for the current condition, the business will be a Personal Services Business (PSB). Once an individual is classified as a PSB, apart from the requirement of declaring any PSI on a tax return, there is no changes to the individual tax obligations.
As for PSB determination, two ways to be classified as using Personal Service Income Tool or Completing the PSB determination application form. Unusual business circumstances occur if following is met
- Business is temporary (< 12 Months) and out of the ordinary
- An individual passed the test in one or more previous income years
- An individual can reasonably expect to pass the test in following income year
Did you know ...
- The general rules do not necessary apply to you in medical profession
- There are heaps of ATO rulings around you
- We can help
- You can …
“paying tax is duty, paying more is not."
— Panbo Ye.
plan of action
know your Goals
Do NOT trap yourself into selecting the best solution as there is no such thing. Each option is double edge sword and there are pros and cons. It is important to know your goals before discovering solutions with us. What your goals? Tips: pay less tax and earn more wealth are NOT goals, they are habits.
Think about your goals and what you really need.
Stick to your plan but don’t be stubbon. Do it right.
Review your plan, review the situation and adjust them accordingly.