T: +61-7-3221 5677 - Enquiries: enquiries@walshs.com.au - Mortgage Broking: lending@walshs.com.au

Walshs

Navigating the financial twists and turns of a medical career

One of Queensland’s leading financial planning, accounting and lending firms for medical and private clients. Providing accounting, mortgage broking and strategic financial planning advice.

T: 61-7-3221 5677
Email: enquiries@walshs.com.au

Walshs
Level 24/10 Eagle Street, Brisbane QLD 4000

Open in Google Maps
  • Medical Clients
  • Private Clients
BOOK A MEETING

Walshs Insights

Navigating the financial twists and turns of a medical career
Tuesday, 26 November 2024 / Published in Walshs Blog

Navigating the financial twists and turns of a medical career

How do you keep your finances on track when a medical career demands so much of your focus and time?

The journey of a medical professional is unique, marked by long hours, intensive (and expensive!) study and unexpected relocations and other fun twists. Financial management is a critical part of sustaining this journey, yet it’s often sidelined due to competing demands.

For some Doctors, they know they can handle their finances intellectually, but finding the time to do it well is where the issue lies.

Taking steps to build financial resilience, from setting up income protection to strategic tax planning, can create a sense of stability and allow you to fully commit to your career. By focusing on tailored financial strategies suited to each stage of your career, you can create a solid foundation that supports both your professional and personal goals, empowering you to thrive through every stage of your medical journey.

Simon Farmer, Managing Director, Walshs, says, “Doctors and medical trainees face financial challenges at every stage, whether balancing study costs, managing income transitions, relocating or preparing for retirement. Our strength lies in our deep understanding of these unique challenges, allowing us to offer solutions that bring clarity and confidence to their financial path.”

Here are some ways you can help secure your financial future, regardless of what the next chapter holds.

Tailored tax strategies

Understand the complexities of tax planning for medical professionals and work to minimise your tax obligations while keeping you compliant, whether you’re a trainee on a limited income (or repaying debt) or an established doctor navigating a high tax bracket.

With Walshs by your side, you will have a proactive approach to managing your tax year-round, freeing you to focus on your career with peace of mind.

Income protection that evolves with you

The unpredictability of medicine means you may need a safety net. Walshs offers tailored income protection solutions that adapt to your needs, ensuring your income is safeguarded against unforeseen events.

“Income protection is vital for doctors because many decisions are made for family or asset growth based on assumptions of income. To leverage opportunity safely, insurance takes out all the doubt and secures the pathway forward.” Simon says.

Wealth creation for every career stage

Walshs also provides a comprehensive range of investment strategies that cater to each stage of a medical career. From debt repayments and foundational savings plans for trainees to advanced wealth-building strategies for established professionals, growing your financial portfolio should be practical and sustainable.

Simon says, “Our approach to wealth creation is designed to suit the demands and pressures of a medical career, offering you the best options for short term goals, and long-term financial growth.”

Debt management made simple

Whether it’s managing HECS-HELP debt, funding additional qualifications or making significant life purchases, debt can be a major concern and opportunity for medical professionals. Walshs provides personalised debt management plans, giving you a clear roadmap for reducing your debt while prioritising your financial health.

“We believe that effective debt management is not only about paying off loans, but it is also about keeping your finances balanced and optimising opportunities confidently, so you’re always in control.” Simon says.

Factoring finances into career moves

An example of leveraging financial planning applies to career transitions, like when Walshs’ Associate Tim Reece had a client considering moving overseas for an unknown period of time.

“With some Australian assets to take into consideration, we advised on the principal place of residence, as this can remain a CGT exempt asset for up to 6 years after you stop living in it.

“This is sometimes called the ‘6-year rule’. You can choose when to stop the period covered by your choice. However, if you sell this property while you are overseas, it will be taxed as sale of a non-resident asset,” said Tim.

The consequence of this is that there is no principal place of residence exemption, or CGT discount. Tim noted that this advice could have saved the client up to $500k.

Preparing for retirement, on your terms

The demands of a medical career often make retirement planning seem distant, but starting early can be a game changer. Walshs offers retirement planning solutions that are flexible enough to adapt to changing plans and give you a robust foundation for the future.

Simon says, “Retirement is the end game, however, getting there without wasting a cent or worse, causing financial stress, requires careful planning. At Walshs, we build retirement strategies that allow you enjoy the journey without sacrificing the destination.”

For further information and advice pertaining to your personal circumstances give Walshs a call on 07 3221 5677 or book a meeting here. 

  • Tweet
Tagged under: accounting, brisbane medical accounting, doctor in training, fellowship, financial advice, financial planning, home loan, home loans for doctors, investment, medical accountants, medical finance brisbane, medical professional, Mortgage Broker, queensland, Queensland Property, retirement, SMSF, Superannuation, Tax planning, tax strategy

What you can read next

Navigating the financial twists and turns of a medical career
Understanding Offset Accounts in Home Loans for Doctors
Navigating the financial twists and turns of a medical career
COVID-19 dominated the 2019/20 financial year
Navigating the financial twists and turns of a medical career
What you need to know about refinancing

Recent Posts

  • Winners of Walshs Medical Bursary, Hannah Rienks and Fiona Edwards and their prize amounts

    Meet our 2025 Walshs Medical Bursary winners – changing lives near and far!

    We’re absolutely thrilled to announce the winne...
  • AOA and Bongiorno National Network partnership

    Empowering orthopaedic surgeons nationwide: The BNN becomes an official national alliance partner of AOA

    Walshs is delighted to announce that the Bongio...
  • Navigating the financial twists and turns of a medical career

    Beyond Tax Time: What Year-Round Support Looks Like with Medical Accounting Services

    Medical accounting services shouldn’t just come...
  • student at desk working out loan debt with a clock and graduation cap on the desk

    What’s Happening with the Government’s Promised 20% HECS-HELP Reduction?

    You may have seen headlines about the Albanese ...
  • Busy Medical Centre reception area with a visiting family and two staff in scrubs

    Starting a Medical Practice in Queensland: How to set up for financial success

    Establishing your own medical practice is one o...

Contact

  • PHONE: 61-7-3221 5677
  • FACSIMILE: 61-7-3221 5744
  • EMAIL: enquiries@walshs.com.au
  • MORTGAGE BROKING: lending@walshs.com.au

Location

  • OFFICE: Level 24/10 Eagle Street, Brisbane City, QLD 4000
  • POSTAL ADDRESS: GPO Box 12, Brisbane QLD 4001
Navigating the financial twists and turns of a medical career

Connect with us

MAKE AN ENQUIRY OR BOOK A MEETING HERE
Navigating the financial twists and turns of a medical career
Navigating the financial twists and turns of a medical career
Navigating the financial twists and turns of a medical career
Navigating the financial twists and turns of a medical career
Navigating the financial twists and turns of a medical career
Navigating the financial twists and turns of a medical career
Navigating the financial twists and turns of a medical career
All advice on this site is general in nature and does not take into account your personal circumstances. Please do not hesitate to contact one of our adviser accountants or financial planning advisers if you have a query that is specific to your circumstances.
ABN 11 248 978 295 Walshs Financial Planning Pty Ltd AFSL 432636 ABN 82 122 293 912 Corporate Authorised Representative No. 463774 of Walshs Finance Australian Credit Licence 459119

Liability limited by a scheme approved under Professional Standards Legislation.
  • Privacy Policy
  • Financial Services Guide
  • Credit Guide
  • Complaints Policy
TOP
lending-15-min-ph

If the time you would like is not available, please contact our office on 07 3221 5677.

Make a booking with Darole Evans

If the time you would like is not available, please contact our office on 07 3221 5677.

GET IN TOUCH

If you would like a Walshs adviser to contact you or to receive marketing material from Walshs and/or be advised of upcoming seminars and events please provide your contact details.
[contact-form-7 id=”18018″ title=”Contact form 1″]

Book 15 minute lending call

If the time you would like is not available, please contact our office on<br>07 3221 5677.