Starting your internship is an exciting milestone in your medical career journey, but it also comes with a whole new level of financial complexity. Whether it’s understanding your payslip, navigating tax, or working out how to buy your first home, the early decisions you make can have a big impact on the rest of your life.
Enter your qualified financial advisor! Seeking expert advice early on isn’t just about getting your tax return right. It’s about setting up the right systems and strategies from the start, with a trusted partner who’s got your best interests in mind.
Here’s what that can look like in real terms:
1. Buy your first home sooner
It’s the Australian dream, but many young people delay buying their first home because they’re unsure of their borrowing power or don’t have a savings plan in place. A qualified advisor can help you plan out your finances, access special lending options exclusive to your profession, and plan a pathway into the market earlier than you might have thought possible.
Why is this important? Well, the financial benefit of buying even a year or two sooner can be significant. Property values typically grow over time so entering the market earlier means your asset has more time to grow, and you start building equity faster.
2. Save tax with salary packaging
Salary packaging can be a powerful way to reduce your taxable income. With strategic use of otherwise non-deductible payments ranging from mortgage interest and rent to insurance premiums and even school fees, it is possible to unlock tax savings by reducing your taxable income by up to $9,000 per year.
An advisor can help you set up a compliant salary packaging plan that maximises your take-home pay without the stress of figuring out the rules on your own.
3. Maximise your tax refund
A qualified advisor knows how to spot the deductions and offsets you’re entitled to and how to organise your finances to ensure your refund works harder for you. That might include deductions for professional development, travel, work-related expenses, or even investment strategies that deliver better tax outcomes.
4. Understand your super and retire with more
Too often, super is the “set and forget” item in a young professional’s finances. But the sooner you engage with it, the more you can take advantage of compounding returns and make informed choices.
Hundreds of thousands of dollars! That could be the difference between an underperforming fund and a well-managed fund, together with maximising your annual super contributions, over the course of your career. A qualified advisor can guide you through your super options, including salary sacrifice, personal contributions, and fund selection, giving you a head start on long-term wealth.
Start as you mean to go on.
Financial success isn’t about luck, it’s about strategy. The earlier you start working with someone who understands your goals, your profession, and the systems available to you, the better those outcomes will be.
wealthstart by Cutcher & Neale is our service tailored specifically for medical interns like you. Your dedicated advisor will be there to assist you every step of the way, including help lodging your tax return, reviewing your finances, providing advice on salary packaging, finance and super strategies, and more. To claim your complimentary initial consultation today and start your journey to financial success, contact us on 1800 988 522 or email medical@cutcher.com.au.
Nicole is passionate about working with clients to assist in wealth creation and wealth accumulation strategies. Nicole takes the time to understand their goals and motivations to provide them with tailored advice. Working closely with clients to better understand their needs, she draws on years of experience to help clients achieve their goals.
