DO YOU KNOW YOUR TAX OPPORTUNITIES AND OBLIGATIONS?
We are experts in achieving the absolute best tax results for our large Medical Professional client base
For over 20 years, DocWealth has been maximising returns and implementing highly effective tax strategies for medical professionals. Our comprehensive tax knowledge expertise works for you no matter what stage of your career you are at. From university right through retirement, we can make sure that you never miss out on any tax opportunities that you are entitled to. Our tax consultants critically analyse the best strategy for your career position, your personal and professional requirements, and goals to provide you with the tailored service that you need.
Medical practitioners face far more complex tax obligations than any other profession. We have staff dedicated to catering for medical professionals, and settling for the services of your average tax accountant would simply be doing yourself a disservice. Our dedicated staff do the research and ask the right questions to get an in-depth view of your personal circumstances so that we can effectively engage a tax plan, and tax structure to optimise your financial status to get you the best result available.
So how does DocWealth help lower my tax payments?
There are two basic principles that income tax is based around in Australia.
- Assessable Income: This is the amount of earnings that a business entity or sole trader accrues as payment received for services provided.
- Allowable Deductions: This is the receipt of expenses that have been incurred as a result of providing these services.
When the deduction amount is taken from the assessment income amount, we are left with Taxable Income which is the amount that the tax rate can be applied against in order to form the taxable liability; how much you have to pay.
With this in mind, it is important to know that the greater your taxable income, the more you will have to pay. So short of salary sacrificing, how can we reduce the amount of tax we have to pay? We maximise our allowable tax deductions.
The explanation of the second tax principle is the determination as to what can and can’t be considered an allowable tax deduction; ‘Any expense incurred in producing assessable income is a tax deduction’
- Medical Practitioners for example may claim, but are not limited to:
- Medical equipment, supplies, resources, materials etc.
- Medical literature subscriptions, work-related subscriptions, professional accreditation
- Education related to current professional employment & income
- Computer & Phone devices, office supplies (Must be used predominantly for work purposes and note that expenses over $1000 are commonly depreciated over the lifespan of the device)
- Professional Indemnity Insurance
This list is not exclusive, and as long as the expense hasn’t been ruled out as a taxable deduction due to legislation, it may be claimed. For more suggestions see our list of the Top 10 missed Tax Deductions for Doctors in Australia
There are some areas that are a little unclear as to whether or not they can be claimed against such as doctors who practice from home, or work from home. Most medical practitioners don’t clock off once the scrubs are hung up, and a lot of work is done from the home computer. This is also a place where expenses accrue; so our advice is to take record of every expense no matter how minimal it may seem, and have your specialist medical accountant assess whether or not it is tax deductible.
At DocWealth we recommend taking record of all work related expenses – It could save you come tax time.
By taking a look at the bigger picture, you can make the most of your assets and plan wisely for the future.
For accurate, timely and rewarding tax advice and budgeting help, talk to DocWealth.
Another reason to choose DocWealth?
We know how busy you are. We’re more than happy to do all this communication with you via email, at your convenience.