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Diagnosing health issues in your patients is an important part of your daily work life. But how often do you stop and assess the relative ‘health’ of your personal finances?
As a doctor, specialist or other type of medical professional, such as a physiotherapist or radiologist, working in a hospital or clinic, you know the importance of experience when it comes to assessing important matters, whether it’s a broken leg or a set of blood test results. It’s no different for your taxes.
Getting expert advice is the smartest thing you can do at the end of each financial year. Not only will you save a lot of time, you’ll also be putting your finances into the hands of someone who knows the tax system inside and out – which means they will make sure you get every deduction you deserve. Our tax consultants here at H&R Block are passionate about taxes (it’s true!) and embrace every opportunity to help you get the best possible refund.
To complete your return as a medical professional employed by a company, you’ll first need an income statement from your employer (previously called a “payment summary” or “group certificate”). This is a summary that outlines all of your salary, wages, allowances and bonuses for the financial year.
You won’t need to have an actual copy of this statement, as it should be lodged by your employer directly to the ATO. Once this has been lodged, we can download the information for you and then help you work out your deductions.
As you know, you’re entitled to claim deductions on any money spent during the financial year on products or services that directly related to earning an income. But there are two things you need to remember:
There is a wide range of deductions you can claim as a medical professional, such as:
There are several key expenses you can’t claim, including:
Strong record-keeping really important at tax time, so you need to stay on top of your receipts and have a comprehensive set receipts if you want to get a good tax refund. It’s a smart idea to create an easy and reliable system to help you keep on top of this throughout the year.
Remember, you don’t need to keep physical receipts, and it’s acceptable to keep a digital copy (such as a photo of a receipt or an email receipt) provided it is possible to read:
You also don’t need to keep receipts for expenses under $10 (as long as these don’t cumulatively come to more than $200).
It’s okay, we know this can happen to anyone and strongly recommend dealing with it as soon as possible. This is always the best approach. It’s essential that you take great care in putting together the information and supporting documentation when filing your tax return, and only claim deductions that are genuine to avoid penalties and possibly even prosecution from the ATO.
It’s easy to make an innocent mistakes sometimes, and if you self-lodge and realise you’ve submitted incorrect or unsubstantiated claims then you should contact H&R Block immediately and we will assist you in making the necessary amendments.
Still have some questions about lodging your tax return? Talk to H&R Block. Our experienced tax consultants will be able to help. Call 13 23 25 for details or find your nearest office and book an appointment online.
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