Dental practice tax planning checklist

May 2019

30 June 2019 is fast approaching so it’s time to review your records and start getting organised! Here is what you and your practice manager need to know to properly prepare.

Service Fees

Service fees are one of the biggest expenses for a dentist. Ensure your service fees are being paid in line with your written agreement and all cash transfers are completed prior to 30 June. 

Review Your Expenses

Review your expenses to ensure explanations are clear and any private use has been excluded from items such as conferences and travel.

Prepay Expenses

Prepay any expenses such as conference fees, professional memberships or subscriptions to bring forward your deduction. 

Obsolete Equipment

Ensure any obsolete equipment that can be written off before the end of the tax year. 

Asset Write Off

The $30,000 instant asset write off applies for the year ending 30 June 2019.

Superannuation Limit

To maximise your concessional superannuation limit of $25,000 - remember payment should be made no later than 25 June to ensure it reaches your fund on time. 

Purchased or Sold Assets?

Have you purchased or sold any assets during the year? Let’s get that information together now. 

Personal Super Contributions

If you are making personal super contributions, a “Notice of Intent to Claim” is always required to be completed.

Please don’t hesitate to contact one of our award winning advisors if you’d like to discuss Tax Planning. 

Get in touch

Topics: Practice, Dental, Dental Services, Dentists, Surgeon

Recent Posts