There are so many medical experts offering a wide variety of medical services in Australia. Some of the most common are nurses, doctors, dentists, pharmacists, orthodontists, and general practitioners. These are professionals who are also expected to file tax returns. However, there are so many tax deductions that can be claimed by the medics. These are mainly work-related expenses, which may be difficult to keep track of.
Fortunately, at Numbers Pro, we’re here to help you get all of the lawful deductions on your tax return. Here’s a comprehensive guide to the different tax deductions that apply to medical experts.
Work-related travel expenses
You must declare all travel expenses directly related to your work. This included paying fares and using your own vehicle for such trips. 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 through the claims process. For example, you are not entitled to travel to and from work.
Rent car costs
Toll roads for bridges and roads
Due to the busy lifestyle of medical professionals, it can be difficult to keep track of travel expenses for the entire year. It is advisable to have your record updated regularly to facilitate the submission of the deductions.
Medical equipment and appliances
There are certain tools and equipment required to provide services. If you bought a scale, stethoscope, thermometer, or even an appointment-taking diary, they should be included in the tax credit. As long as these are directly related to the work you do as a doctor, they should be included in your tax deductions.
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Some of the tax deductions for work equipment and tools include:
Computers, tablets and laptops
Software and programs installed
Telephone costs (strictly work-related calls)
Insurance premiums for medical equipment
Service and maintenance costs for medical equipment
Home Office Expenses
This is one of the tax deductions that medical professionals miss. If you have to do some homework, you qualify for tax deductions. If you have designated an area in your home that is used specifically for work, you can declare the ongoing costs. This is usually claimed as the amount actually incurred or at a rate of 52 cents per hour. Only do the relevant tax deductions so as not to get in trouble with the ATO.
Expenses for self-study
Medical professionals continue to expand their knowledge to better serve patients. Have you applied for a tax deduction for education costs? There are quite a few relevant expenses you can claim as a tax deduction, and some of the most common are:
Fees for short courses
Meals and accommodation
Equipment and tools required for the course
Keep in mind that for self-study expenses, claims must be based on expenses directly related to the current job. As such, a nurse cannot claim a deduction for a course to become a physician.
Need Help With Tax Deductions for Medical Professionals?
In most cases, employers in the medical sector reimburse personnel costs and costs. As such, these cannot be part of the tax deduction. You only submit claims for professional medical expenses that you have paid and that have not been reimbursed.
Numbers Pro, Melbourne’s best accountant, is on hand to help you keep your records in order and file tax deductions on your next tax return.