Set up a PSI Trust For Medical Doctor
Important information:
A personal services income trust, or PSI Trust, is a trust specifically designed for a medical professional person running a practice that is not a business for income tax purposes. All net income from the practice must be distributed to the professional who generated it, in accordance with the Australian Taxation Office’s public rulings and pronouncements. Net income cannot be distributed to other persons.
PSI Trusts are not suited to professional practices that are businesses.