As experts in providing quality professional advice to medical practices we commonly see tax deductions that are easily overlooked. Here are the top five most commonly missed tax deductions.
- Education Costs.
Ensure you report ALL expenses that are associated with education courses and materials.
Example: Education Fees, Clinical Materials, Textbooks, Student Service Fees, Travel.
- Accounting Expenses
Always report the expenses for consulting with your accountant and lodging your tax return.
Medical professionals are often members of various associations which can include subscription costs. Tax deductions can include the journal, subscriptions, medical registrations and even membership fees.
All doctors need to purchase professional indemnity insurance. This is a cost that you can report as a tax deduction. You may also be able to claim for Income Protection, Tax Audit Cover, Cover for inquiries.
- Items Associated with your work.
Most items that you need for work are tax deductible. You will need to keep a record of how much you spend on these items. Items you may be able to claim for can include:
-Bag or Briefcase
-Medical Equipment, Supplies and Medicine.
If you require a tax service of someone that specializes in Medical Practices and Doctors contact Armada today for quality professional advice.
By: Robyn Crombie | Associate Director of Tax and Accounting
T: (08) 6165 4000