Precise & Methodical
A specialisation backed by detailed and thorough understanding of Australian Tax Law. Elixir Wealth Advisory consults with medical and dental professional on specific, highly tailored and complex tax matters. As the pivotal and key discipline in our strategic approach to wealth, we believe our tax management skills bring a modern, solution oriented proposition for high income earners and medical professionals.
Your practice bookkeepers will have access to our Tax Division for support and management queries. The yearly compliance, PAYG instalments and preparation and lodgement of tax affairs are administered in house by a team of expert accountants.
Obtain personalised advice and recommendation from us on small business capital gain tax, trust distributions, medical practice partnerships, salary sacrifice as well as tax planning for hospital and clinic staff. [connect with us]
Areas of expertise:
Strategy & Consultation |
Taxation planning for doctors |
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Entity Establishment & Structuring
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Medical Practice Payroll & Financial Statements
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Practice accounting systems review
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Trusts, SMSF & Audit
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Lease & Fixed asset schedules
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Tax returns
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Bookkeeping – Support & Advice
High Income
In the 2013 financial year the government introduced Division 293; it’s effectively a tax on high income earners as it requires you to pay an additional 15% tax on your superannuation contributions if your adjusted income exceeds $300,000.
To understand if you’re liable to pay this additional tax it’s not as simple as saying my taxable income is less than $300k. What you’ll notice in the table and graphic below is that your taxable income is merely the starting point of the calculation; you need to add back things like reportable fringe benefits, rental losses and salary sacrificed superannuation to get to your Adjusted Income. The example is basic, but it gives you idea of how Division 293 might apply to you. [read more]
Negative Gearing & Property
Negative gearing (Gearing) is when your investment expenses exceed the income generated off those investments; this includes property, shares, managed funds or other types of investments. It allows you to increase the amount you have invested and offers a range of potential tax benefits; remember the amount invested/borrowed is directly correlated to risk (Gains and Losses). As Gearing is inherently risky it’s best to seek professional advice before making any long term commitments. [read more]
A collaboration like no other
The coherent partnership of our Board of Tax with wealth management allows us to develop unique and highly effective blue print strategies for Physicians. The full picture view and our distinct approach in viewing and managing tax brings about desirable results and outcomes for our clients. Over our working lives with High Income Earners and doctors, we have thoroughly identified the requirement for accounting and tax management for your profession and the unique problems for medical & dental practitioners/practices. [read real life scenarios]
Consult with us on how to run and optimise the profitability of your practice or private consultancy. We assist you to develop plans to improve operational efficiency in your medical business, harness the opportunities of revenue and focus on managing and growing your patients base.
