Topic
Doctor money calendar: what changes at each career stage
A doctor’s tax changes most at a few points: salary packaging in a public hospital, picking up locum or private work through an ABN, becoming a consultant with private billings, and opening rooms with staff. These guides cover what changes at each stage, and when it becomes worth having an accountant and a structure.
What these guides cover
- Salary packaging in public hospitals
- Your first private income and what it means for tax
- Consultant life: hospital salary plus private billings
- Opening rooms: staff, payroll and premises
Guides in this topic
Guides for this topic are on the way.
Frequently asked questions
When do I need an accountant?
Usually when you first earn outside your salary: locum shifts, private billings or rooms of your own. If all your income is salary, Sleek’s individual tax return service is usually enough.
When should I think about a company?
When your private income is growing and steady, and especially when you take on staff or premises. The PSI rules matter here; our structures guides explain why.
What changes when I become a consultant?
Many consultants combine a hospital salary with private billings. That means two income streams, BAS if you are registered for GST, and planning for the tax on your private income.
Does salary packaging change when I move hospitals?
It depends on your employer. Public and not-for-profit hospitals can offer packaging that private employers can’t, so check with each new employer.
What does DrBooks do at each stage?
We look after doctors from their first ABN income to running rooms with staff: bookkeeping, BAS, tax returns, payroll and tax planning, for a fixed fee.
Sources
Last reviewed: · Colin Lua, registered tax agent