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[ SMSF Annual Trust Deed Update ](https://www.cutcher.com.au/cutcher-smsf-annual-trust-deed-update/) - [ Careers ](https://www.cutcher.com.au/careers) - [ Contact ](https://www.cutcher.com.au/contact) - [Home](https://www.cutcher.com.au/) - [Insights and news](https://www.cutcher.com.au/insights-and-news) - Navigating your internship with our wealth building tips # Navigating Your Internship with Our Wealth-Building Tips ![Our 8 Top Tax Tips for New Interns](https://www.cutcher.com.au/hubfs/Cutcher_Neale/Blog%20Images/Medical%20Blog/iStock-1293373180-2.jpg) Written by **Nick Carter, Partner, Medico Division** Published on **14 August 2023** Updated on **07 March 2024** Time to read ** minutes** [✉](mailto:your@email.com?subject=Cutcher%20Insights&body=https://www.cutcher.com.au/insights-and-news/navigating-your-internship-with-our-wealth-building-tips) [in](https://www.linkedin.com/shareArticle?mini=true&url=https://www.cutcher.com.au/insights-and-news/navigating-your-internship-with-our-wealth-building-tips) [X](https://twitter.com/intent/tweet?url=https://www.cutcher.com.au/insights-and-news/navigating-your-internship-with-our-wealth-building-tips) [f](https://www.facebook.com/sharer/sharer.php?u=https://www.cutcher.com.au/insights-and-news/navigating-your-internship-with-our-wealth-building-tips) Taking the time to ensure all aspects of your finances are reviewed and ready from the very beginning of your professional life goes a long way to securing future wealth creation. But knowing what’s important can be the hardest part. Our [WealthStart Advisors](https://www.wealthstart.com.au/about-us) are here to make it easier for you! Here are our top tips to get you set up for financial security. ### 1. Plan for Your Financial Future If you have an idea of where you want to end up, it’s easier to start. Figure out what your financial goals are and keep them front of mind. They may seem like a long way off now, but having a plan will keep you on track. ### 2. Get Your Salary Packaging Right There are a lot of tax benefits available for doctors, and it pays to know what they are so you can take advantage of them. You can speak to one of our advisors to help find the right strategies that work best for both your short and long-term plans. For Qld Health employees, your salary packaging is managed via Remserv and Smart Salary. ### 3. Maximise Your Tax Deductions You’re able to claim a tax deduction for expenses related to your employment and income earning. Ensure you keep receipts as a record of proof of the expense incurred. ### 4. Avoid the Medicare Levy Surcharge If your adjusted taxable income is greater than $90,000 (or $180,000 for couples), an annual 1-1.5% surcharge will apply to you at tax time. The easiest way to avoid this surcharge is to consider implementing a Private Health Insurance policy. Generally, the surcharge is not payable in your first year as an intern, however, the surcharge will likely be payable in your second year once overtime and salary packaging is accounted for. [![Contact us today!](https://hubspot-no-cache-ap1-prod.s3.amazonaws.com/cta/default/479958/d41a6b9b-b040-4792-8967-3378dfe1b181.png)](https://hubspot-cta-redirect-ap1-prod.s3.amazonaws.com/cta/redirect/479958/d41a6b9b-b040-4792-8967-3378dfe1b181) ### 5. Invest Early The rewards of compounding interest are a wonderful thing. Investing early in property or the share market is a fantastic way to set up passive income streams that will help you get ahead. Understanding your investment options is something we can guide you in. ### 6. Structure Your Loan for Flexibility Looking to take out a loan for a new car or first home? There are unique financing options available to you as a medical professional, so take advantage of your situation. ### 7. Insure Your Income After all, it is your livelihood. Income protection insurance offers you that little extra peace of mind, so you know you’ll be protected throughout your entire career in case anything should happen. ### 8. Kickstart Your Superannuation Doctors often start their careers later than most people due to years spent studying and training. Knowing how your Super is being invested and understanding your options for additional contributions is important as you start out. Using these top tips as a guide during your early years as an Intern and Doctor in Training will give you the foundational knowledge you’ll need to understand your finances and build them up alongside your career! Still unsure about your financial options or how to get yourself set up? At Cutcher & Neale, we offer a wide range of services so you can rely on one trusted advisor for all your financial needs. [Get in touch](https://www.wealthstart.com.au/contact) with one of our WealthStart Advisors today for personal advice. [![Nick Carter, Partner, Medico Division](https://www.cutcher.com.au/hubfs/Nick%20Carter-3.png) ](https://www.wealthstart.com.au/about-us#team) About The [ Author](https://www.cutcher.com.au/insights-and-news/author/nick-carter) > Nick Carter joined the firm in 2005 and became Partner in 2025. Specialising in guiding medical professionals through their financial journey, Nick is known for his motivated, analytical, and trustworthy approach. He played a key role in growing the wealthstart client base beyond 200, helping early-career doctors gain confidence and clarity in their financial future. [Accounting](https://www.cutcher.com.au/insights-and-news/tag/accounting) ## Read On [![Two female first year university students studying together in a park](https://www.cutcher.com.au/hs-fs/hubfs/Cutcher_Neale/Blog%20Images/iStock-1467685152.jpg?width=352&name=iStock-1467685152.jpg) ](https://www.cutcher.com.au/insights-and-news/what-is-help-debt-indexation) ### [What is HELP Debt Indexation and can you avoid it?](https://www.cutcher.com.au/insights-and-news/what-is-help-debt-indexation) {% module_block module "widget_c265a20e-0cbc-4d81-9a77-f98114c14c47" %}{% module_attribute... 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