Medical Professionals Tax checklist and deductions

Bottrell Accountants | Newcastle Accounting Firm | Maitland Accountants

Ensuring the financial well-being of your medical practice is akin to diagnosing health issues in your patients. At Bottrell Business Consultants, we understand the critical role you play in healthcare, and we believe it’s equally important to assess the ‘health’ of your personal finances.

As a medical professional in East Maitland, Newcastle, Gold Coast, or Gosford—whether you’re a doctor, specialist, physiotherapist, or radiologist—you appreciate the significance of experience in evaluating crucial matters, be it a medical condition or a set of financial statements. The expertise required for taxes is no exception.

Seeking professional advice at the end of each financial year is a strategic move. By entrusting your financial matters to our knowledgeable tax consultants, you not only save time but also ensure that your taxes are handled by experts well-versed in the intricacies of the tax system. At Bottrell Business Consultants, we are passionate about optimising your returns and are committed to securing every deduction you deserve.

For medical professionals employed by a company, initiating your tax return requires obtaining an income statement from your employer, summarising salary, wages, allowances, and bonuses for the financial year. While you won’t need a physical copy, we can access the information once your employer lodges it with the ATO, enabling us to assist you in determining your deductions.

Understanding what deductions, you can claim is crucial. As a medical professional, eligible deductions include car expenses, professional association memberships, indemnity insurance, work-related clothing, equipment purchases, self-education costs, first aid training, phone and internet expenses, home office expenses, and travel expenses.

However, certain expenses are not claimable, such as regular work clothing, childcare costs, daily meal expenses, grooming costs, and commuting expenses between home and work.

Effective record-keeping is vital for a successful tax return. Maintain a comprehensive set of receipts, which can be digital copies, ensuring readability of supplier name, expense amount, nature of goods or services, payment date, and document date. Receipts for expenses under $10, totalling less than $200, may be exempted from retention.

If you happen to make a mistake in your tax return, prompt correction is advisable. Contact Bottrell Business Consultants immediately, and we will assist you in making the necessary amendments to avoid penalties or prosecution from the ATO.

For any queries or assistance with lodging your tax return, consult our experienced tax consultants at Bottrell Business Consultants. Call 02 4933 6888 for details or book an appointment online at your nearest office.

Deductions for Healthcare Professionals see link.

About Bottrell Accountants, Tax Agents & Financial Planners

Our Accountants office, founded by Director Gavin Bottrell in June 2012, offers a range of advice services, including Personal Tax Returns, accounting, SMSF, business advice, and business growth to small, medium, and large businesses as well as individuals across Australia.

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Bottrell are your local team providing expert Tax Advice, Accounting, Audit, Bookkeeping, SMSF & Financial Planning services.

Contact us Today!

Take the first step towards maximising your tax refund – contact us today at Bottrell Accounting. Our dedicated team is ready to assist clients like you. Call us at 4933 6888 to schedule an in-person, phone, email or Zoom appointment.

Your financial well-being is our priority.