If you are a medical practitioner, you are more likely to spend more time working. However, your unique skills will not protect you from losing money. You are more likely to lose more money paying unwanted taxes. It is better to hire a specialised tax accountant to prevent you from paying unwanted tax and save you money.
What Use a Service Trust Arrangement?
A lot of medical practitioners pay unnecessary taxes because of poor tax planning. It is difficult for most medical practitioners to manage their tax deductions. If you want to avoid paying unnecessary taxes, you can use a service trust arrangement to manage your overall tax strategy and tax deductions.
What Are the Benefits of Using a Service Trust Management?
Firstly, service trust management allows medical practitioners to split their income for tax purposes. The medical practitioner can split their income between the stakeholders of the trust and their business.
Secondly, medical practitioners can use a service trust management to quarantine some assets outside of their business. If the medical practitioner faces litigation, these assets will not come under threat. Therefore, the medical practitioner will not risk losing their assets by paying insurance claims.
The medical practitioners will pay service fees to the trust, so they can claim a deduction for these service fees.
Recommended reading: Importance of Accountants for Private Medical Practices
What are the Risks of Using a Service Trust Management?
The service fees the medical practitioner pays to the trust are tax-deductible. This has led to more medical practitioners charging their patients more money for their services. They mostly charge more money to cover the service fees of the trust. This might sometimes backfire.
How can Griffiths Advisory Help?
Griffiths Advisory can help you avoid losing money since you may be paying more tax than you should. The specialised tax accountants of Griffiths Advisory will help you minimise your tax and position you to grow real wealth. They can even help you adjust your service trust arrangements.
The main goal of Griffiths Advisory is to help medical practitioners become financially secure and create wealth. If you want, they can help you grow your medical practice. They can handle your medical accounting and tax.
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It is beneficial to move more of your income into a trust. You will save more money every year on tax payments. If you are searching for a trustworthy specialised tax accountant for your business operating in Perth, Western Australia, feel free to contact Griffiths Advisory to reap the full reward of all your hard work.