We made the 2022 AFR BOSS Best Places to Work list! Click here to learn more

Insurance and Financial Planning for Pharmacists

No matter what age you are, having the right insurance and financial planning structures in place is essential to your financial security and to protect your current lifestyle, business and retirement plans.

Are you confident that you have the right insurance in place? Do you have a financial planner that is working closely with your accountant? Guild Financial Planning advisors can work with you to review your current policies and finances to ensure that you have the right strategy in place to meet your needs, both now and in the future.

Case study: How getting it right can save you a significant amount


  • James is a self-employed pharmacist aged 59
  • He had Life, TPD and income protection all through his industry fund
  • The fund had a balance of approximately $500k, and James would typically just pay the maximum concessional contributions into super. He had never made any non-concessional contributions in the past
  • He has a significant amount of wealth comprising of residential and commercial properties all held outside of the superannuation environment
  • James sits in the top marginal tax rate with all rental income received from his various properties being taxed at the top marginal tax
  • There is non-deductible debt against his income of approximately $500k

How was Guild Financial Planning able to help?

  • Due to the amount of wealth James had, the insurance cover that he had in place was not required
  • Recommended that he establish a Self-Managed Super Fund (SMSF) with the view of transferring one of his personal commercial premises into the fund
  • Funds within his Hesta Super Fund were rolled over into the new SMSF to fund part of the transfer of the commercial property
  • James’ SMSF paid him $500k representing part of the value of the commercial premises. These funds were then used to extinguish his non-deductible debt
  • Rental income from the commercial property is now being directed into his SMSF which only pays tax at 15%


  • James saved approximately $2,300 per annum in premiums on the insurance policies that he did not require
  • He saved approximately $21k per annum in tax as a result of transferring one of his commercial properties into a lower tax environment, being the SMSF
  • Paid off his non-deductible debt saving him interest of approximately $20,000 per annum.

Speak with your Guild representative today, to find out how a Guild Financial Planning advisor can help you tailor the right level of cover for your needs.

This information is general in nature and is provided by Guild Financial Planning. 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.