Maximising your income
Remember these tips to help you maximise your income when negotiating.
Try to be paid via billings rather than by receipts
Being paid via receipts means that your income can be spread out over a longer period. You may also find that you have some exposure to bad debts.
Negotiate a short billing cycle
A billing cycle is the amount of time after which your practice calculates your billings/receipts vs your base wage. Shorter billings cycles can be financially advantageous.
Annual leave will be paid to you upon termination if you do not use it
According to the NTCER, annual leave is paid at your base rate. If you are earning more than your base rate and have a longer billing cycle, taking annual leave will be financially disadvantageous, as it may be consumed by your payment for billings/receipts (unless specified otherwise in your employment agreement). However, remember your wellbeing is important, so the desire for extra income must be balanced with the need for time out.
Align your leave with your billing cycle
If you have a fortnightly billing cycle and want to take two weeks annual leave, align your leave with your billing cycle.
If your billing cycle is longer than a fortnight, you may be financially better off taking leave without pay. In this way, your annual leave will be paid out upon termination at your base rate. Note that you do not accrue leave during periods of leave without pay.