Helping those who help others. 

[H1] Financial Planning for Doctors and Medical Professionals

You chose medicine because you wanted to make a difference. The financial complexity that comes with a medical career — the debt, the delayed start, the high income that somehow never quite stretches far enough, the tax obligations that arrive faster than you planned for — was not part of the arrangement.

At My Financial Mentors, we work with GPs, surgeons, dentists, anaesthetists, specialists, and healthcare professionals across Australia. We understand that your financial life is genuinely different from most of your patients’ — and from most of the people your colleagues at other firms typically advise. We know the ATO rules around personal services income. We understand salary packaging in public hospital settings. We know what an SMSF can and cannot do for a doctor buying practice premises. And we know how to build a plan that respects the fact that your time is your most limited resource.

We work with medical professionals at every career stage: interns and registrars building their first financial foundations, consultants juggling private practice income with hospital sessions, practice owners planning for growth or succession, and senior specialists thinking about what life after clinical work actually looks like.

 

[H2] Superannuation Strategies for Medical Professionals

High earners in medicine often come late to superannuation thinking — a consequence of years of training during which super contributions were minimal. The good news is that the superannuation system has a number of mechanisms for catching up, and with the right strategy, medical professionals can build significant super wealth in a relatively short window.

We help medical professionals understand and maximise concessional (before-tax) contributions, which reduce taxable income — particularly valuable when you are earning in the top marginal tax bracket. We also work with clients on non-concessional contributions, spouse contribution strategies, and the carry-forward rules that allow you to contribute more than the annual cap if you have unused cap amounts from previous years.

For those considering a Self-Managed Super Fund (SMSF), we provide advice on whether this structure is appropriate for your situation, and if so, how to use it effectively — including the option of purchasing commercial property (such as practice premises) inside your SMSF, which is a strategy particularly well-suited to doctors in private practice.

 

[H2] Salary Packaging and Tax Strategy

Salary packaging opportunities for medical professionals — particularly those working in public hospitals or not-for-profit healthcare settings — can deliver meaningful tax savings. However, these benefits are not automatic and require structuring to capture fully.

For doctors in private practice, the ATO’s personal services income (PSI) rules mean that income earned through a company or trust structure is treated differently than it would be for a retail business or tradie. Using the wrong structure can create compliance issues and missed opportunities. We work with your accountant to ensure your practice structure is both compliant and tax-efficient.

We also help medical professionals plan ahead for large annual tax obligations — a source of significant stress for many doctors — through cashflow modelling and dedicated tax provisions built into your financial plan.

 

[H2] Income Protection: Your Most Important Financial Asset

Your ability to earn is the foundation of everything else in your financial plan. For most doctors, a period of illness or injury that prevents clinical work would be financially catastrophic without the right protection in place. Yet income protection insurance for medical professionals is not straightforward — the definitions, waiting periods, and benefit periods that matter to you are specific to your occupation.

We advise on income protection policies that provide ‘own occupation’ definitions — meaning a benefit is paid if you cannot perform your specific medical role, not just any work. We also advise on agreed value versus indemnity policies, appropriate benefit periods and waiting periods, and how to structure premiums to be tax-effective.

For practice owners, we also look at business expense cover to ensure the practice can continue operating if you are unable to work.

 

[H2] Managing Wealth on a High but Time-Pressured Income

A high income does not automatically translate into wealth. Many medical professionals find that despite strong earnings, their financial position does not reflect their effort — because there has never been time to implement a proper plan. Student debt, lifestyle costs, school fees, mortgage, and practice investment all compete for the same income, while superannuation and long-term investing fall down the priority list.

We build cashflow models that reflect how and when you actually earn — whether that is regular hospital salary, variable private billing, or a combination. We identify where money is leaking, help you separate personal and practice finances for clarity, and build an investment strategy that works within your real constraints.

 

[H2] Planning for Career Breaks and Life Transitions

Medicine is rarely a straight line. Parental leave, sabbaticals, shifts from public to private practice, moves interstate or overseas, and the gradual wind-down from full-time clinical work all have financial implications that benefit from planning in advance rather than managed in arrears.

We help medical professionals plan for these transitions: building income reserves, restructuring super contributions during lower-earning periods, maintaining insurance continuity, and thinking through what the next phase of your career looks like financially.

 

[H2] Retirement Planning for Doctors

Many doctors work well into their sixties not because they want to, but because they have not built a financial plan that makes stepping back viable. Peak earning years in medicine can be shorter than in other professions — particularly for those in procedural specialties — which makes the timing and structure of retirement accumulation especially important.

We help medical professionals build retirement income strategies using superannuation, transition-to-retirement pensions, and investment portfolios that can sustain the lifestyle they have built. We also work with clients on estate planning and the transfer of practice value at the end of a clinical career.

 

[H2] Why My Financial Mentors

Our clients include surgeons, GPs, dentists and specialists as well as practice owners and aspiring interns right across Australia. Each has a different story, but the same goal: financial clarity without complexity, from a team that understands their world.

Daniel Degrassi, Financial Adviser and Director at My Financial Mentors, works with medical professionals to build financial plans that are specific to the realities of a clinical career — not adapted from a generic template. We collaborate with your accountant, practice manager, and other advisers to ensure every decision is coordinated.

We are a Corporate Authorised Representative of Madison Financial Group Pty Ltd (AFSL 409 445).

Not sure if we’re the right fit? Our two-minute Medical Financial Assessment is designed for exactly that question.

 

This page contains general information only and does not constitute personal financial advice. Financial product advice is provided by My Financial Mentors, a Corporate Authorised Representative of Madison Financial Group Pty Ltd (AFSL 409 445). Your personal circumstances have not been considered. Please contact us to discuss your individual situation.

​

​