Tax obligations go hand in hand with running a small business. While there’s the tax you should pay, many doctors who run their own practice pay more than they need to. This isn’t surprising, as finding the right strategy to minimise your tax bill can be complex and time-consuming.

Our Advisors at Sovereign can work with your current accountant, or you can benefit from the tax and accounting experts at our specialist accounting firm that we partner with.

The rewards of running your own private practice are enormous. As with any small business, however, there are risks and pitfalls along the way. As a registered doctor you have medical indemnity insurance in place, however this may not be enough to protect your business and personal assets, such as an investment property, if there are legal judgements against you.

Our advisors will help you develop asset-protection strategies including separate legal structures and other arrangements specifically to separate your business assets from your personal ones.

Should I invest more in my practice? What about shares or super? How about my property?

There’s no right or wrong answer to these questions. Just what’s right for you. You may want more income, maybe you’d like to grow the value of your practice, or simply protect your nest egg.

With a deep understanding of where you are now, what you want for yourself and your family, your attitudes to investing, risk and much more, we’ll carefully design an investment strategy that is aligned to your goals. You may have different financial goals, or maybe your goals require a mix of investments. That’s why it’s important to have a broad array of investment choices. Our own Portfolio manager will offer you multiple options to choose from or combine. These include direct shares, managed funds (including ethical options), fixed income, real estate, alternative assets and exclusive investments not normally available to individuals.

Super is the most tax-effective way to build your wealth for the future. We will help you find the right platform for your super, including setting up a self-managed super fund that lets you stay in control of your investments. We also work with you on an optimum contribution strategy to maximise your super balance.

We help you grow your practice and succeed through careful planning and strategy. Our unrivalled expertise when it comes to turning your business success into assets that safeguard the future of those you care about.

We can also advise on ways to improve profitability, simplify your administration and manage people. If you’re looking to expand or even exit your practice, we can advise on the best strategy for this too.