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Taxing times - why playing the long game is the key to surviving political uncertainty

Posted by Matt Connor on 22 May 2019
Taxing times - why playing the long game is the key to surviving political uncertainty

It's always an interesting time during election campaigns, when the country waits with bated breath to see what changes are going to be made (or not made) by the successful candidates, and how this will affect their day to day lives. Right now its nice to have a reprieve from the relentless advertising.

In the lead up to our most recent polls, there were many people (including lots of accountants) sweating on changes to tax law that didn't eventuate. It's a good reminder that when it comes to your finances, the best protection you can give yourself is to invest in some solid professional planning, so that you're prepared for circumstances where you don't know the outcome, and over which you have little control.

Similar to investment decision making, effective tax planning means playing the long game - putting in place long-term strategies that are based on more than knee-jerk reactions to political movements or personal whims. Making sudden changes to your affairs will have immediate effects - some you expect and some longer-term effects you don't.

It's important to remember that while media hype around party policy and commentary on the possible impacts of these changes is unavoidable, it's important to absorb all the information with a healthy layer of reason.

Political ideologies aside, contentious topics such as changes to negative gearing and capital gains discounts, for example, are inevitable the rules in Australia are quite different to other countries - so it's important to ensure your tax strategies have you covered for fluctuations in these areas.

Similarly, self-managed super funds have always been a moving target, and will continue to be so. The popular strategy for doctors to buy their medical premises within an SMSF will continue, and the lack of appetite for the banks to lend is driven more by the general property cycle than by tax law considerations.

So to ensure you're on the front foot when it comes to your tax planning, make sure you're getting advice from a tax professional you trust and dealing with knowledgeable lenders who understand the medical industry and are equipped to assist doctors with their business planning.

Author: Matt Connor
Tags: Tax Financial planning

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The information on this site is of a general nature. It does not take your specific needs or circumstances into consideration, so you should look at your own financial position, objectives and requirements and seek financial advice before making any financial decisions.

The financial planning services are provided by Medical Financial Pty Ltd trading as Medical Financial Planning (AFSL 506557)