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Thinking of making the transition from an employed medical practitioner to running your own private practice? In this insightful episode, Stuart and Mena break down everything you need to know about structuring your business, protecting your assets, and optimising your tax position as a self-employed medical specialist.

The duo dives into the ongoing debate around sole trader vs. corporate or trust structures, shedding light on the real impact on asset protection and tax minimisation. They discuss how professional indemnity insurance plays a crucial role in shielding your assets and explore strategic financial moves—like using a partner’s name for property ownership or leveraging company and trust structures for investments.

On the tax front, they tackle personal services income (PSI) rules and how medical professionals can legally maximise deductions—whether through employing a spouse for admin work, utilising property equity for tax-efficient expenses, or making strategic superannuation contributions.

Wealth planning is also on the agenda, from the benefits of owning your practice premises via an SMSF to leveraging banks’ favourable lending terms for medical professionals. Whether you're considering private practice or looking to refine your financial strategy, this episode is packed with practical insights to help you secure your financial future.

If this episode resonated with you, please leave a rating on your favourite podcast platform. It helps us reach more incredible listeners like you. Thank you for being a part of the journey!

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SPECIAL OFFER: Buy a one of Stuart's books for ONLY $20 including delivery. Use the discount code blog here.

Work with Mena & Stuart's team: At ProSolution Private Clients we encourage clients to adopt a holistic and evidence-based approach when making financial decisions. Visit our website.

Follow us: Stuart: Twitter/X and LinkedIn. Mena: LinkedIn

IMPORTANT: This podcast provides general information about finance, taxes, and credit. This means that the content does not consider your specific objectives, financial situation, or needs. It is crucial for you to assess whether the information is suitable for your circumstances before taking any actions based on it. If you find yourself uncertain about the relevance or your specific needs, it is advisable to seek advice from a licensed and trustworthy professional.

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In this episode, Stuart and Mena explore the limitations of popular payroll solutions like Xero, QuickBooks, and MYOB, and why they might not be the right fit for every business. While these platforms work well for small to medium-sized enterprises, they come with restrictions that can create payroll compliance risks and inefficiencies—especially for larger organizations with more complex needs.

The discussion highlights key drawbacks, including limited scalability, missing advanced features, restricted pay templates, and weak integration with HR systems. Business owners relying on these off-the-shelf payroll solutions may find themselves manually handling tax and superannuation complexities, which can lead to costly errors.

Stuart and Mena also introduce an alternative comprehensive payroll platform like Employment Hero, which offers award interpretation, advanced rostering, time and attendance tracking, and cost centre management. If you’re looking for a payroll solution that grows with your business and minimises compliance risks, this episode is a must-listen. Tune in to learn how choosing the right payroll system can improve efficiency, ensure compliance, and support your business as it scales.

If this episode resonated with you, please leave a rating on your favourite podcast platform. It helps us reach more incredible listeners like you. Thank you for being a part of the journey!

Click here to subscribe to our weekly email.

SPECIAL OFFER: Buy a one of Stuart's books for ONLY $20 including delivery. Use the discount code blog here.

Work with Mena & Stuart's team: At ProSolution Private Clients we encourage clients to adopt a holistic and evidence-based approach when making financial decisions. Visit our website.

Follow us: Stuart: Twitter/X and LinkedIn. Mena: LinkedIn

IMPORTANT: This podcast provides general information about finance, taxes, and credit. This means that the content does not consider your specific objectives, financial situation, or needs. It is crucial for you to assess whether the information is suitable for your circumstances before taking any actions based on it. If you find yourself uncertain about the relevance or your specific needs, it is advisable to seek advice from a licensed and trustworthy professional.

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In this thought-provoking episode, Stuart and Mena dive into the future of accounting and how it’s set to transform by 2040. Gone are the days of paper-driven processes and purely compliance-focused roles. Over the past two decades, the industry has undergone a radical shift, with automation, AI, and prefilled data revolutionising how businesses manage their finances. But what’s next?

Looking ahead, accountants will no longer just be number crunchers; they’ll become strategic financial advisors, helping businesses navigate complex financial landscapes. Stuart and Mena discuss how AI and automation will redefine the profession, pushing accountants to focus on value-driven insights, financial planning, and business growth strategies.

What does this mean for business owners? The duo highlights the importance of embracing technology and working with firms that prioritise proactive advice over basic compliance. If you’re a business owner, accountant, or simply curious about the future of finance, this episode is a must-listen! Tune in to discover how you can stay ahead of the curve and leverage these changes to your advantage.

If this episode resonated with you, please leave a rating on your favourite podcast platform. It helps us reach more incredible listeners like you. Thank you for being a part of the journey!

Click here to subscribe to our weekly email.

SPECIAL OFFER: Buy a one of Stuart's books for ONLY $20 including delivery. Use the discount code blog here.

Work with Mena & Stuart's team: At ProSolution Private Clients we encourage clients to adopt a holistic and evidence-based approach when making financial decisions. Visit our website.

Follow us: Stuart: Twitter/X and LinkedIn. Mena: LinkedIn

IMPORTANT: This podcast provides general information about finance, taxes, and credit. This means that the content does not consider your specific objectives, financial situation, or needs. It is crucial for you to assess whether the information is suitable for your circumstances before taking any actions based on it. If you find yourself uncertain about the relevance or your specific needs, it is advisable to seek advice from a licensed and trustworthy professional.