Employed Doctors: Here is your pre-30 June tax checklist
Tax is one of the largest expenses you have, so it makes sense to be smart about tax and not pay any more than you need to. Here are our tips to help you get on top of tax before it gets on top of you!
Ensure your salary packaging is tax effective.
Salary packaging or salary sacriﬁcing is where you agree to forego part of your salary or wages in return for your employer providing you with beneﬁts of a similar cost. In practice this means you decrease your earnings, without actually decreasing income.
To get the most out of your salary packaging arrangement, ensure the expenses you choose to package are not tax deductible to you. i.e. an expense you can claim a tax deduction for anyway.
Common salary packaged items are:
Home loan repayments
Car loan repayments
Maximise your tax deductions!
Claim a tax deduction for your out-of-pocket work-related expenses. Ensure you claim everything you are entitled to claim.
Here are some costs you can claim:
Car expenses - log book or 5,000km
Travel to visit your accountant / advisor
Conference travel expenses
Computer, telephone, internet, home office and laundry expenses
Self-education expenses which are directly related to your work
Medical registration and memberships
Income protection insurance
Medical / professional indemnity insurance
If you have any further questions about pre-30 June tax checklist then feel free to get in touch.