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Employed Doctors: Here is your pre-30 June tax checklist

April 2019

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!

  1. 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:

  • Meal entertainment
  • Home loan repayments
  • Car loan repayments
  • Rent repayments
  1. 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
  • Donations

If you have any further questions about pre-30 June tax checklist then feel free to get in touch.

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