There are so many medical experts who offer a wide range of medical services in Australia. Some of the common ones include nurses, physicians, dentists, pharmacists, orthodontists, and general practitioners. These are professionals who are expected to lodge tax returns as well. However, there are so many tax deductions that can be claimed by the medics. These are mainly work-related expenses, which may be hard to keep up with.
Fortunately, at Accurate Business & Accounting Services we are ready to help you get all the rightful deductions in your tax return. Here is a comprehensive guide on the various tax deductions applicable to medical experts.
Work-related Travel Expenses
You should make claims for all travel expenses that are directly related to your work. This included paying fares and using your own vehicle for such travel. However, it is worth noting that there are some exclusions and this is what you need to have a professional tax agent to help you with the process of the claims. For instance, you cannot make claims for travel to and from work.
- Bus fares
- Train fares
- Taxi fares
- Hire car expenses
- Plane flights
- Bridge and road tolls
Due to the busy lifestyle of medical professionals, it may be hard to keep up with the travel expenses for the whole year. It is advisable to have your record updated regularly to make it easier to file for the deductions.
Medical Equipment and Work Tools
There are certain tools and equipment needed for service delivery. If you have bought scales, a stethoscope, thermometer, or even a diary for noting appointments, these should be included in the tax deductions. As long as these are directly related to the work that you are doing as a medical practitioner, they should be included in your tax deductions.
Some of the tax deductions for work equipment and tools include:
- Computers, tablets, and laptops
- Software and programs installed
- Computer accessories
- Phone expenses (strictly work-related calls)
- Protective equipment
- Medical equipment
- Insurance premiums for medical equipment
- Service and maintenance fees for medical equipment
Home Office Expenses
This is one of the tax deductions that medical professionals miss. When you are required to do some work from home, then you are eligible for tax deductions. If you have designated an area in your home which is used specifically for work, you can make claims for the running expenses. This is usually claimed as the actual amount incurred or at a rate of 52 cents per hour. Only make the relevant tax deductions so as not to get in trouble with the ATO.
Medical professionals keep advancing their knowledge so as to serve patients in a better manner. Have you been claiming tax deductions for the education expenses? There are quite a number of relevant expenses that you can claim as tax deductions and some of the common ones include:
- Fees for short courses
- Phone expenses
- Travel costs
- Meals and accommodation
- Training manuals
- Equipment and tools required for the course
Please note that for the self-education expenses, the claims should be based on expenses that are directly related to the current job. As such, a nurse cannot claim deductions for a course on becoming a doctor.
Want Help with Medical Professionals Tax Deductions?
In most cases, employers in the medical field reimburse staff expenses and costs. As such, these cannot be part of the tax deductions. You only file for claims for medical professional expenses that you have paid for and have not been reimbursed.
Accurate Business & Accounting Services, Sydney’s best accountant, is ready to help you keep your records in order and file for tax deductions in the next tax return.