Hi there, I am asking the following for a friend who is seeking an accountant who might be able to help him out with his situation. He’s had a tough time finding the right accountant, so I thought I’d ask on his behalf on here:
Hi, I am single man in my 30s who works a doctor (GP) and hhave an interest in having a side business. I have an ABN, am an employee and have a company.
My GP work:
Sole trader with ABN: contract to various GP clinics. PSB income.
Casual employee with a recruitment company/ locum company that contracts to government institutions e.g. QLD Health.
I am looking for an accountant who can help me with strategic tax planning:
Can you help structure my businesses so that I can invest in my company using my personal/ABN income and claim deductions/ losses against my personal income? E.g. Can I shift money from my ABN income to “invest” in my company (as an Early Stage Investment Company), and claim tax deductions where applicable (such as the ESIC tax offset, or as I would with claiming interest on home loan repayments)?
I also have an investment property (real estate) on an interest-only loan with an offset account, and a principal place of residence on a principal + interest loan.
I am thinking of investing in some of the following options: shares, commercial property, Early Stage Venture Capital Limited Partnership (10% tax offset), Early Stage Investment Companies (20% tax offset). I’m wondering whether I should do this in my own name or in my company.
Should I contract my medical work out as an employee of my own company, instead of a sole trader?
Is it worth considering SMSF, income protection and life insurance?