In brief
Financial planning for doctors looks at uneven income, insurance and super. This is general information. Advice is provided by MGB Financial Services. It does not arrange a loan.
General information. Reviewed 16 October 2026. Rules, caps and benefit tests change. Check the Australian Taxation Office, Moneysmart or Services Australia before you rely on a figure.
Who it's for
Doctors in training, whose income is still a salary and whose insurance has often been left on a default. Registrars and new fellows whose billings have started to move. Specialists in private practice, including people with rooms near a hospital precinct. Families in which one person is the clinician and the household depends on that income.
Clinicians who work in Western Sydney, including the Westmead precinct, can read how meetings are arranged on the Parramatta page. The North Shore, the Eastern Suburbs and the Hills District have their own pages, because the working day and the drive are not the same.
The page is also for doctors who are not sure they want advice yet. Reading it does not create an engagement. Nothing here is a recommendation to a particular person.
How we help
What the work can cover
Personal insurance is usually the first practical subject, because a medical income stops if the person cannot work. Income protection, life cover, total and permanent disability and trauma are described on the personal insurance page. For doctors, the definitions matter: own-occupation and any-occupation wordings are not the same, waiting periods interact with sick leave and practice expenses, and cover inside super can be narrower than cover held outside it. This page does not say which wording a doctor needs.
Superannuation comes next. Employer contributions, and any extra contributions, generally count toward the concessional cap, published at $32,500 for 2026–27. Higher incomes can also meet Division 293 tax, an extra tax on concessional contributions once income plus contributions cross a threshold published by the Australian Taxation Office. The threshold and the cap should be checked with the ATO. They are not a reason, on their own, to contribute more or less.
Retirement planning for people who start saving later is the same discipline as on the retirement page, with a shorter contributing life. Cash flow through training, exams, a first practice and school fees is part of the Financial Services Guide's budget and cash flow work. None of those topics is settled by a paragraph.
- Income protection and other personal insurance, including the risk of replacing a policy.
- Superannuation contributions and the published caps, confirmed with the ATO.
- Division 293 tax, explained only in general terms.
- Cash flow through training and the early years of practice.
- Retirement planning where saving started later than for a salaried career.
How a consultation with a doctor proceeds
A time that fits a roster
Meetings are in person in the area you actually work or live, or by video. Shift changes are a reason to use video. The conversation is still an introduction, not advice.
Scope before any recommendation
MGB Financial Services says which of the authorised services the question touches, and quotes the fee, before personal advice is prepared.
Documents you can read
You receive the Financial Services Guide. If advice proceeds, you receive it in writing. Policy documents, where a product is involved, come from the issuer and should be read.
No lending on this page
Practice loans, home loans and other credit are not part of this conversation. If credit is ever discussed, it is a separate matter under the credit licence, and it is not offered here.
Limits
- An insurance definition that does not match medical work can fail at claim time. Premiums can rise after a health change.
- Replacing cover can restart waiting periods. A gap in cover is a financial risk for a household that depends on one income.
- Contribution caps and Division 293 can create tax that was not expected. The published figures change.
- Starting retirement saving later leaves fewer years of contributions. That is a description, not a shortfall this page can fill.
- A busy roster is a poor reason to sign a document unread.
Questions
FAQs
Who is financial planning for doctors written for?
Doctors and medical specialists, from training through private practice, who want general information on personal insurance, superannuation, cash flow and retirement planning. It is not written as lending advice, tax advice or legal advice. Personal advice is provided by MGB Financial Services if you ask for it.
What insurance questions come up for a medical career?
Income protection, life cover, total and permanent disability and trauma, including whether cover is inside or outside super. Definitions, waiting periods and exclusions decide claims. Policies differ. This page does not recommend a policy or an insurer, and it does not say that any doctor is under or over insured.
How do super contributions work for a doctor, in general?
Employer contributions and many extra contributions count toward the concessional cap, published at $32,500 for 2026–27. Doctors with higher incomes may also be affected by Division 293 tax. Confirm both with the Australian Taxation Office. Nothing here is an instruction to salary sacrifice or to claim a deduction.
What is Division 293 tax?
Division 293 is an extra tax on concessional super contributions once income and those contributions cross a threshold set in law. The threshold is published by the Australian Taxation Office and can change. This page explains that it exists. It does not calculate it for any person.
Does this page arrange loans for doctors?
No. Home loans, practice finance and other credit are not offered on this page. The services described here are the financial advice areas in the Financial Services Guide: insurance, superannuation, retirement, wealth accumulation, cash flow and government benefits where relevant.
Can we meet around a hospital roster?
Yes. Meetings are arranged in person in the area being discussed, or by video when a shift makes travel a poor use of the hour. Video is the same introduction. It is not a lesser one, and it is not advice. The Parramatta page describes Westmead in particular.
What happens at the first conversation?
Vermilion asks what you want help with and explains that advice, if you want it, is provided by MGB Financial Services. No advice is given in that meeting. If you continue, you receive the Financial Services Guide and a fee is agreed in writing before advice work begins.
Is this page personal advice for my practice?
No. It is general information. It does not consider your income, your health, your policies or your super. You need to consider your own situation before acting. Personal advice is provided by MGB Financial Services Pty Ltd, Authorised Representative 428617 of Charter Financial Planning Limited.
The advice provider
Credentials of the practice
Financial advice is provided by MGB Financial Services Pty Ltd, Authorised Representative No. 428617 of Charter Financial Planning Limited. The practice gives personal advice only through people who are registered to do so. This website does not name an individual adviser.
You can search the ASIC Financial Advisers Register for the practice and for the people authorised to give personal advice. The Financial Services Guide sets out the services, how the practice is paid, and how to complain.
Complaints can be raised with MGB Financial Services, then with Charter Financial Planning using the details in the Financial Services Guide, and then with the Australian Financial Complaints Authority ( afca.org.au, 1800 931 678).
General advice warning
This website contains information that is general in nature. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information.
