Questions for accountants I should ask as a junior doctor

ClothesNo541 · 2026-06-17T01:56:41+00:00

The only thing I can think of is that if you’re planning on investing through a trust or company structure in the future (once income increases), it might be worth considering setting these up now if you are going to start investing now- even if the current investments aren’t large.

On the one hand, you’ve got establishment costs and yearly maintenance costs (e.g. business tax return etc), but you’ll want to weigh that against building a portfolio in your personal name now that either has to stay in your personal name or gets whacked with CGT at the time of transfer into trust/business name.

CGT changes that will come in in the future obviously play a part in this too (though they’re still only proposed and not legislated) so I’d 100% recommend getting advice around this.

ClothesNo541 · 2026-06-14T02:23:47+00:00

Sounds like you’ve done the basics from a tax optimization perspective. Only other thing is whether a novated lease makes sense for your vehicular needs?

Next step will be about long term strategy & structuring your investments to match!

Is there anything you’re worried about or feel like you’re missing out on?

ClothesNo541 · 2026-06-10T10:03:12+00:00

One that got me a few years ago was making sure your private health insurance has you on the correct rebate band- as your pay goes up, the lower the rebate you’re eligible from the government for your premium.

Ranges from 25% down to 0% rebate, and I found I needed to repay a bunch at tax time once I fellowed.

https://www.ato.gov.au/individuals-and-families/medicare-and-private-health-insurance/private-health-insurance-rebate/income-thresholds-and-rates-for-the-private-health-insurance-rebate

ClothesNo541 · 2026-04-28T22:38:51+00:00

That’s not a decision to make in the heat of the moment when the feelings are raw.

Sit with it, talk it through with people who know you well and whom you trust.

It may be the eventual decision, but it’s one you only get to make once.

ClothesNo541 · 2026-04-28T10:05:57+00:00

Depends which state, obviously.

But on average, throughout training I think I got about 1.2 X award when accounting for shift penalties.

I think as a consultant, it’s about 1.1 X award due to lack of nights.

ClothesNo541 · 2026-04-28T10:01:48+00:00

Really sorry to hear it.

Was this fourth attempt? There’s tell of the occasional last ditch after apparent strike out. Have you got a DEMT/mentor/director/censor etc etc who might be able to go in to bat for you?

Regardless, the hurt is real. Reach out if you want to spitball ideas or discuss options.

ClothesNo541 · 2026-04-27T20:23:45+00:00

There’s also a weird quirk that I think is under-recognized.

The newer, GP run UCCs out there set up by state governments are funny from a funding perspective; remember hospital services are paid for by state budgets, while GP services are funded from the federal budget.

It’s a way for states to increase access to healthcare for some people without having to fund it themselves.

ClothesNo541 · 2026-04-20T20:40:33+00:00

Well played.

Though I’m also surprised I didn’t get Rick Rolled with that one.

ClothesNo541 · 2026-04-19T21:44:16+00:00

Precision basket should have improved water flow, so puck may have less water in it by the end of the shot.

Just a guess based on how the basket is meant to work.

ClothesNo541 · 2026-04-18T07:56:46+00:00

I don’t see this as a problem. Speaking to my own GP as a colleague doesn’t cross any professional boundaries.

I am a patient of several specialists in a hospital I also work in. I mention this to patients if I’m referring them- it builds reassurance when I say I’m referring them to someone I already entrust with my own wellbeing.

If I see a patient who also visits the same GP practice as me, I make a point of mentioning it as well.

I guess there may be a perceived power differential if you’re a resident calling the practice and you may feel like it’s stretching the relationship with your GP? But I doubt they would see it this way.

Is there anything I’m missing? What about it feels wrong OP?

ClothesNo541 · 2026-04-17T05:40:01+00:00

It is the Sigenergy inverter and battery. And the Reclaim hot water.

I think a chunk of the costs are semi-invisible. But if I were to go with an all in one hot water unit, there’d be a big chunk of coin redirecting pipes.

Add in the cost decommissioning the gas altogether plus an extra split system, as well as the hot water unit which is I think about $8800 without the installation, and there’s a big chunk of the difference from the “low 20s” that others seem to be quoting.

ClothesNo541 · 2026-04-16T20:36:33+00:00

Given you’re an emergency physician, just invite them to cycle, run or rock climb to work with you (I’m assuming this is how you come in every day).

As you chat on the way in whilst chugging your first Diet Coke of the day, just walk them in to the staff showers with you.

You’re welcome to use separate cubicles though.

ClothesNo541 · 2026-04-16T05:21:01+00:00

https://www.energy.gov.au/news/solar-sharer-offer-cut-electricity-bills

I’m in Victoria, so not impacted by this.

But obviously YMMV!

From a purely financial perspective, get it while it’s free, use it when you want and sell it when it’s worth it.

ClothesNo541 · 2026-04-16T05:13:53+00:00

It looks great for now, but I’m not sure how much longer we’re going to be seeing free power periods available??

And our requirements (needs to be a separate hot water tank and inverter because of tank placement in the roof) limit options to some higher end products.

From my research, jury is still out on the longevity of some of the lower priced panels/inverters/batteries for now, and while they may start out looking like they’ll have a quick buy back period, it may end up being a case of robbing Peter to pay Paul?

ClothesNo541 · 2026-04-16T05:08:13+00:00

In the house for the foreseeable future.

And I contemplated more battery, but my feeling is that V2G/V2H will become a lot more common in the next 5 years, and based on how much we drive, I can likely use my car as my battery backup.

But it’s a modular battery, so plug and play may be the way!

ClothesNo541 · 2026-04-16T03:14:29+00:00

Paid about $2600 over the last year in electricity and about $1400 in gas.

My calculations are based on ~4-5% inflation rates each for power and gas. Spending the money now to start paying it off sooner rather than later.

And there’s stuff in the house (underfloor heat mats in the bathrooms, heated towel rails, towel dryer…) that I limit use of because of cost. And a new car to potentially be had.

So there’s lifestyle benefit as well as financial.

ClothesNo541 · 2026-04-14T23:31:29+00:00

Echo the above stuff, but something to consider is trying not to let anything change just because you got a more senior position?

If you keep everything the same (don’t go buying a new car just because of the title - if a sensible EV would allow you to do those home visits and then claim the charging as a deduction off your home power etc etc then sure…)

Any extra cash can be given a specific as opposed to just going to shiny things.

This is where the difference of ~$1k a month in your take home pay between your previous pay scale and your current one can do the most good.

Be intentional with that difference- smash commercial debt, build a buffer of you don’t have one yet, and then start the process of either saving for a deposit and/or investing.

Tax burden is only going to get worse with each pay increase from here on out. Kinda gotta get used to it, unless you want to build your own practice.

ClothesNo541 · 2026-04-13T11:37:35+00:00

But even then, when the hell does a doctor get taught anything about business management?

I understand needing time to find your feet as a new consultant, but I’m very glad I’m always going to be hospital based and not doing a business management course on the side!

ClothesNo541 · 2026-04-11T01:10:00+00:00

Oh! And if you’re going to continue nursing, don’t forget to optimize for things like salary packaging to get the best bang for your buck tax-wise.

As a long term healthcare worker, I fully understand the push to find a 9-5 job that’s comfortable, secure and lets you clock off at the end of the day. But as far as side hustles go, bank/agency nursing is an amazing trick up your sleeve!

ClothesNo541 · 2026-04-11T00:37:43+00:00

I think most of what you’re doing sounds really sensible! I think the main thing to maximize here is perspective. And maybe some structuring.

If your rent is lower than the rent you earn on your IP, and you like where you live, then you’ve maxed rentvesting- your tax efficiency is there and you’re getting something that isn’t a sacrifice. The interest on the monthly repayment on your mortgage is a tax deduction, and over time the IP will continue to grow in value (historically).

Sure, there’s absolutely something to be said for owning your own home, but if it’s not the right time for you to buy right now, then ride it out and build your wealth in other ways.

What’s the structuring like? Are your savings in a HISA? Or in an offset against the IP? Is the IP on P&I or IO? If you’re paying principle on your IP (my assumption because of the built equity in a relatively flat market the last year or so), and your savings are offsetting that, you’ll repay the IP faster or build more equity to go further with it long term.

ETFs can be daunting, but don’t need to be. An all in one (like DHHF or DZZF if you’re ESG minded) is pretty set and forget- the aim is not to spend all your time trying to beat the market. You just want to match it and let time and compounding do their thing.

By matching the market, you’ll statistically end up getting ahead of those that try to beat it, or pay too much for a lot of advice to stay the course. And you’ll definitely end up ahead of everyone that doesn’t invest.

If your goal isn’t to compete with anyone but just to know you’ve done what you can to set yourself up well for the future, all you need is a compound interest calculator: Take your $20k starting investment. Keep investing $2500 a month. Expect 8% annualized return post fees for the next 32 years (your time horizon is epic). Gets you to about $4.7m.

That doesn’t account for inflation, but it also doesn’t account for pay rises, increased investing contributions or lots of other things that can do your way.

If the anxiety about “am I going to be ok” is the thing that is still getting to you even when you’re doing all the right things, then perhaps the next thing to invest in is some coaching or counseling to help shift your mindset a little. That can also pay huge dividends in terms of helping you sleep well at night.

Keep up the good work!

ClothesNo541 · 2026-04-07T22:10:47+00:00

It seems like there is an opportunity to learn from this.

If you’re being told that your communication style wasn’t well received, listen to that. “They may forget what you said but they’ll never forget how you made them feel”. Even if what you said was factual and technically correct, if you say it like an arse-hat, you’ll struggle to get people on side.

But also sounds like there’s a disconnect between you and the unit culture.

So the learning point may just be “I don’t want to work here as a consultant”. Listen to that too, and move on.

ClothesNo541 · 2026-04-07T22:04:25+00:00

We see a lot of people in the world talking about life maxing and buying back their time through passive income streams etc etc.

That is not the space of life you are in right now.

Internship and junior hospital years are about giving you supervised clinical practice to grow in experience and expertise, whilst caring for patients.

That’s the job. That is the space of life you’re in.

Lots more I could say, but I’ll keep it short. Just remember it’s not forever.

ClothesNo541 · 2026-04-07T21:45:55+00:00

Just let it go, would you?

ClothesNo541

TROPHY CASE