Discover Why Your Tax Structures Wont Make You Any More Money.

Can you please sort this out with my accountant

? is a statement that is made regularly by many of my clients upon our initial meeting. I usually suggest this process myself as it ensures my recommendation and the current tax structure are compatible. I work with all advisors and I am able to speak with them as a peer because I hold all the respective creditionals myself.

Transcript excerpt from IrevealTV Interview.

Brian: Hi, Im Brian Savic and welcome back. And today were discussing tax structures and how they benefit medical professionals.

Were lucky enough to be joined by Mark Scott, our resident property expert. And Marks been fortunate enough to be dealing with medical professionals for over ten years now, and from memory, our little discussions have been about his previous laboratory management and the fact that he has quite a Bachelor of Science himself.

So, Mark, welcome here today and thank you very much for joining me.

Mark: Thank you, Brian, thanks for having us.

Brian: Excellent. Now, tell me, Ive always thought medical professionals would pretty much have this type of stuff sorted out already.

Mark: Yes, they do, so Ill say yes and no when youre saying, about this sort of stuff, yes, they do have the structures sorted out, generally, and most do. Theres a few exceptions to that.

Thats because youve, obviously, got a, you know, a high income and they need, theres a vested interest to make sure they get the right structures.

So the point I want to make today is not so much about structures, what asset you put into those structures as an investment. So the structures are probably all set up in terms of, most likely you have many professionals might well, generally, theyd be a sole trader under that, theyll have a couple of trust structures, one trust which operates a practice perhaps. Often a family trust, and then under that family trust theres some companies, potentially some unit trusts and other things. So theres a lot of trust entities, all that sort of stuff. And if medical professionals arent familiar with their terms, then they be get to their accountant pretty quick or find a new accountant.

Brian: Yeah.

Mark: So theyre in place, generally. But what I find is an issue is that they often feel as though, Okay, well, Ive got all that structures in place, therefore, its all okay. And you put money into these structures and then where does that money go? Often it ends up in some run-of-the-mill managed portfolio, perhaps a share portfolio of managed shares, Im a property guy, obviously, but within that share portfolio thered be some, what they call property assets, so its about, I suppose, an analogy I use, its about getting your paddock all sorted out and having lots of green grass in there and all that sort of stuff, but if youre investments a donkey or if youve got a number of donkeys in that paddock, theyre still donkeys, no matter how fantastic that structure or that thing that surrounds them is.

Brian: So you can go through all of this trouble of building a costly structure, making sure youve dotted all your is, crossed all your ts in that regard and received all the expert advice in regard to the actual structure itself.

Mark: Yep.

Brian: But if the investment is rubbish to start with, then the structures actually cant add any value to it all?

Mark: Well, thats right, yes. So the structures also, you know, were saving some tax here and saving some tax there, but average returns then are far from what you should be achieving, because weve got medical professionals obviously made a big commitment to their profession, an ongoing commitment, its, you know, through their practice, through their, whatever activity theyre doing at the moment, and thats a big commitment and then you should expect better than average results, at least. And really sort of super charge results in that environment, because they deserve it.

Med Summation: Even though I have been serving medical professionals for over a decade, I only recently announced the services Medinvest provides due to the poor services currently offered

by: Medinvest

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