07 Feb Tax Deduction Tips for Health Professionals
It’s true of course that no one likes paying tax but we all have to. That being said everyone should look for ways to ensure the amount of tax is at its minimum.
Medical professionals are traditionally high income earners so the use of tax deductions against their high rate of tax is an effective strategy to utilise.
So any expense incurred in producing your assessable income is a tax deduction. That is, if the cost was paid in the practice of your profession you can make the tax deduction claim.
If you work as a health professional, in a hospital, agency or private practice, some of the tax deductions you may be able to claim on your personal tax return are:
- Medical supplies, equipment, medicines and materials (this could even be a nurse’s fob watch)
- Professional subscriptions, accreditations, memberships and reading materials
- Education relating to current employment or income
- Travel outside of regular commute (keep a log)
- Computer and office equipment (depreciation over time may need to be applied)
- Professional Indemnity Insurances
This list of potential deductions is not an exhaustive list but may assist in lowering your taxable income and saving tax. Remember that it may not always be clear if an expense is deductible so keep your receipts!
The best advice I can give is to maintain an orderly record keeping system to allow easy review of all your expenses at tax time. You never know the tax saving you might find.
To make the most of your deductions at tax time or if you need tax advice, contact me at email@example.com