Accountants for Intern Doctors

Your Medical Career Starts Now. So Does Your Financial Life.

After years of study, exams, placements and living on a student budget,you’ve finally reached an important milestone—your first year as a doctor. For many interns, it’s also the first time they’ve earned a meaningful income. While your focus is naturally on becoming a great clinician, your internship is also the ideal time to establish strong financial foundations.

The decisions you make now can have a significant impact on your cash flow, tax position, superannuation and long-term wealth creation. Unfortunately, most doctors receive little or no education about personal finance during medical school.  That’s where we can help.

At Tolevsky Partners, we’ve been helping doctors navigate their financial affairs for over  35 years. We understand the unique challenges facing intern doctors and can help you avoid common mistakes while making the most of the opportunities available to you.

Understanding Salary Packaging 

One of the most valuable benefits available to many public hospital employees is salary packaging. When used correctly, salary packaging can increase your take-home pay by allowing certain expenses to be paid from pre-tax income.

Many interns are aware that salary packaging exists but don’t fully understand how it works or how to maximise the benefits available to them.

If you’re rotating through multiple hospitals or undertaking rural placements during the year, you may be able to salary package multiple times. Making informed decisions early can potentially save you thousands of dollars.

HECS- HELP Debt and Unexpected Tax Bills

Many intern doctors graduate with a significant HECS- HELP debt. One of the most common surprises we see is an unexpected tax bill at the end of the financial year. bThis often occurs because doctors don’t realise that salary packaging can affect how HECS- HELP repayments are calculated.

While salary packaging may improve your cash flow throughout the year, it can also influence your compulsory debt repayment obligations. Understanding this interaction early can help you avoid unpleasant surprises when your tax return is lodged.

Making the Most of Your Tax Deductions

As an intern doctor, you may incur a range of work-related expenses throughout the year. e.g.

• Professional memberships
• Medical equipment and tools
• Scrubs and protective clothing
• Education and training costs
• Textbooks and professional resources
• Work-related travel expenses
• Home office expenses

Understanding what you can and cannot claim is an important part of managing your tax affairs correctly.
Click here for a checkist of tax deductions for doctors.

Building Good Financial Habits Early

The first few years of your medical career provide a unique opportunity to establish habits that can benefit you for decades. Learning how to budget effectively, manage debt, understand your superannuation and plan for future goals can make a significant difference to your long-term financial position.

The reality is that doctors often earn substantial incomes over their careers, but income alone does not create wealth. Developing a financial strategy early can help ensure that your hard work translates into long-term financial security.

How We Help Intern Doctors 

Our complimentary Intern Package is specifically designed for doctors entering the workforce. e.g.

• Understand and maximise salary packaging opportunities
• Manage HELP debt obligations
• Identify legitimate tax deductions
• Understand your superannuation options
• Develop sound financial habits from the start of your career
• Build a roadmap for your future financial goals

Most importantly, we explain things in plain English so you can make informed decisions with confidence.

Your First Tax Return is FREE 

As part of our commitment to supporting doctors from the very beginning of their careers, we will also prepare and lodge your student and first intern tax return completely free of charge. Why do we do this? Because we believe in building long-term relationships, not just preparing tax returns.

An internship is the beginning of your medical career. While your finances may be relatively straightforward today, they’ll become more complex as you progress through residency, registrar training and eventually into private practice.

By helping you from day one, we get to know your situation, provide advice as your career evolves, and be there to support you throughout your medical journey.

Arrange Your Complimentary , No -Obligation Meeting 

Your internship is about more than learning medicine. It’s the beginning of your professional and financial journey. If you’d like advice tailored to your situation,  make an appointment  for a complimentary, no-obligation consultation.  Simply fill in your details on the top right hand side of this page and we'll be in touch.