Tax planning means managing your financial affairs such that the amount of tax you pay is minimised as much as legally possible. The idea is that you pay all the tax you have to – but no more.
Optimising your tax planning unlocks enormous potential for your financial plan. In fact, getting the tax planning right is typically more important to your financial performance than just about any other aspect – including things like choosing the right investment. A good investment can become a bad one if you find yourself with a bigger tax bill than you needed.
Australia’s taxation system is deliberately designed to encourage people to do some things and not do others. This means that when we take advantage of quality tax planning we are actually doing exactly what the community wants us to do.
That said, it can be difficult to know exactly what the community wants you to do! Australia’s taxation rules are complex – in fact, according to the government itself, each Australian faces a potential 125 that they are liable to pay.
This makes it imperative that you seek qualified, quality tax advice provided by someone who is legally allowed to provide it.
All tax planning services arranged by our firm meet this criterion. Even better, by having us arrange your tax planning, you can be sure that the management of your tax obligations complements all other elements of your financial plan. No more situations where one hand does not know what the other hand is doing. The tax impact of everything you do is thought through before we recommend you do anything.
Terry Paul McMaster
Medical Tax Adviser
Terry McMaster (B.Comm, Ll.B) graduated in 1987 from Melbourne University with degrees in Law and Commerce. His early career included article clerkship and a brief employment with Philipps Fox solicitors, and some pleasant and productive years as a tax manager with Price Waterhouse.
Since that time, Terry has become one of Australia’s pre-eminent advisers to the medical profession. He has acted as a lawyer, accountant and/or financial adviser for more than 2,000 doctors, and is often called upon to present to groups such as General Practice Registrars Australia. He is also a regular columnist for Australian Doctor.
Terry has been writing extensively on financial planning and particularly on financial planning for doctors. He is noted for taking a wholistic, sustainable and practical approach to providing taxation and accounting services to medical doctors.
Terry Paul McMaster is an authorised representative (234601) of Dover Financial Advisers Pty Ltd (AFSL 307248).