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Business By Design
Business by Design is the podcast for owners who want to start, scale or exit a business. Each week, Stuart Wemyss and Mena Abraham unpack the four things every business must get right: value, engine, reach and team. Using the VERT flywheel, they show how these fit together to build a business that runs without you, and how the choices you make inside the business flow through to your personal wealth, lifestyle and exit options. Every episode is short and to the point, with no fluff and no sales pitches. Go to https://www.vertflywheel.com
Business By Design
Ep 116: Becoming a self-employed medical specialist - here’s what you need to know.
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Thinking of making the transition from an employed medical practitioner to running your own private practice? In this insightful episode, Stuart and Mena break down everything you need to know about structuring your business, protecting your assets, and optimising your tax position as a self-employed medical specialist.
The duo dives into the ongoing debate around sole trader vs. corporate or trust structures, shedding light on the real impact on asset protection and tax minimisation. They discuss how professional indemnity insurance plays a crucial role in shielding your assets and explore strategic financial moves—like using a partner’s name for property ownership or leveraging company and trust structures for investments.
On the tax front, they tackle personal services income (PSI) rules and how medical professionals can legally maximise deductions—whether through employing a spouse for admin work, utilising property equity for tax-efficient expenses, or making strategic superannuation contributions.
Wealth planning is also on the agenda, from the benefits of owning your practice premises via an SMSF to leveraging banks’ favourable lending terms for medical professionals. Whether you're considering private practice or looking to refine your financial strategy, this episode is packed with practical insights to help you secure your financial future.
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Work with Mena & Stuart's team: At ProSolution Private Clients we encourage clients to adopt a holistic and evidence-based approach when making financial decisions. Visit our website.
Follow us: Stuart: Twitter/X and LinkedIn. Mena: LinkedIn
IMPORTANT: This podcast provides general information about finance, taxes, and credit. This means that the content does not consider your specific objectives, financial situation, or needs. It is crucial for you to assess whether the information is suitable for your circumstances before taking any actions based on it. If you find yourself uncertain about the relevance or your specific needs, it is advisable to seek advice from a licensed and trustworthy professional.
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