As the financial year draws to a close, many doctors start thinking about their tax return.
A GP contractor I spoke with recently had just made the move from employee to contractor. More money hitting her account each month, no tax withheld — it felt, for a while, like an instant pay rise.
Then I asked what she'd set aside for her tax bill.
She hadn't. Which isn't unusual. As an employee, PAYG withholding quietly takes care of it in the background. As a contractor, that responsibility moves to you — and most doctors don't think much about it until tax season arrives.
That's usually when the bigger questions start appearing.
Is my structure still right for contractor income?
Am I setting aside enough for tax as I go?
Has anyone actually reviewed my super strategy?
Am I building long-term wealth, or simply earning a higher income?
A tax return tells you what happened last financial year. It doesn't tell you whether your setup is right for how you're earning now.
That's the gap this checklist is built for.
Most EOFY checklists are written for employees with a single payment summary and a handful of standard deductions. That's not the position most of our clients are in.
GP contractors, locums, IMGs and specialists in private practice are usually managing multiple income sources, ABN income subject to PSI rules, their own superannuation contributions, and a structure that may or may not still suit their current income level. None of that gets picked up by a generic checklist — and most of it gets missed entirely if nobody flags it.
We built the Doctor's EOFY Financial Checklist to cover both sides of that gap: the documents and deductions you need to have ready, and the financial decisions worth reviewing while you're at it.
Income documents. Income statements from every employer and practice, ABN income summaries, trust distributions, dividend and managed fund statements, rental income, and capital gains records for shares, ETFs, or property.
Deductions doctors commonly miss. AHPRA registration, medical defence and indemnity premiums — among others.
Superannuation. For contractors specifically, this is the section most often overlooked. Personal deductible contributions, the Notice of Intent to your fund, your total super balance, and whether you're making use of any unused concessional contribution cap.
Property and lending. A review of loan structures, depreciation schedules, fixed rate expiries, and borrowing capacity if a purchase is on the horizon.
The decisions that actually move the needle. Structure, debt versus investing, surplus cash, and whether you're building toward something specific — financial independence, practice ownership, or simply a clearer sense of direction.
Risk and estate planning. Personal insurance, TPD and life cover, and whether your estate planning and binding nominations are still current.
Most people only think about their finances when something forces them to — and for doctors, tax season is usually that moment. The documents are already out, the numbers are already in front of you, and the natural next question is whether everything else lines up.
That's the opportunity this checklist is built around. Not just getting the return lodged correctly, but using the moment to check whether the bigger picture — structure, debt, super, direction — is actually working for where you are now.
The full checklist is free to download and takes a few minutes to work through.
[Download the Doctor's EOFY Financial Checklist 2026 →]
If you'd like a broader view of your financial position once you've worked through it, the Doctor Financial Scorecard takes around five minutes and gives you a clear read across tax, debt, super and planning.
[Complete the Doctor Financial Scorecard →]
We've also started taking appointements for doctors and medical professionals with their FY2026 tax returns. If you'd like help
with your return, feel free to contact us.
1300 173 103
info@verityadvisory.com.au
Tommy Li, CA
Director, Verity Advisory | Registered Tax Agent | Authorised Financial Adviser (ASIC Rep No. 1261831) | Member, Chartered Accountants Australia & New Zealand
Tommy is a Chartered Accountant with 20+ years advising medical professionals on tax, financial structure and practice ownership decisions. He founded Verity Advisory to provide integrated advice for doctors at career-defining financial inflection points — combining tax, lending and financial planning into a single structured approach.
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