As of 1 October 2015 Online Accounting and Taxation Solutions has changed name to Affinitas Accounting, you have now been redirected to the new page.

Top 10 Tax Deductions For Medical Professionals

Medical graduates are educated and trained to deal with many complex situations, but that doesn’t include preparing your tax returns as a working professional.

Under the Australian tax system, the more you earn, the more you are taxed. For this reason, it is important to be aware of the legal deductions that can increase your annual refund or reduce the tax you need to pay.

As you are gathering your paperwork together for your annual return, it is worth keeping the following list of potential deductions in mind:

  1. Subscriptions

    Medical doctors are often members of multiple work–related associations and colleges or subscribe to professional journals and other publications. Fees for these memberships, colleges, medical registrations, and organisations like the AMA are all tax deductible.

  2. Insurance

    All doctors need professional indemnity insurance, which is tax deductible. Other insurances that could be deductible would be income protection, tax audit cover, and any general insurance that specifically covers medical equipment.

  3. Motor Vehicle/Travel Costs

    Travel to and from your place of work IS NOT tax deductible. But outside this, a lot of medical professionals need to travel for patient visits, external medical clinics, district medical meetings, or training sessions and conferences. These trips are all potentially claimable. Keep note of the kilometres you travel, or your airfares, plus any associated costs such as accommodation and meals if you are away overnight.

  4. Continuing Medical Education

    This can be one of the most significant areas of expense for a training doctor. CME is an essential and ongoing part of being a medical professional and the fees, clinical equipment/materials, printing and stationery costs, plus travel to exams and practice exams are all potentially claimable expenses.

  5. Work From Home

    Keep a tally of the hours you spend working and studying from your home. You should be at least able to claim a set rate-per-hour allowance for the use of your home for work-related purposes.

  6. General Items Needed For Work

    Desks, software, computers, calculators, safety equipment, medical bags, medical supplies/equipment and phone/internet costs can all be required directly for your work or your related study. These could be fully or partially deductible. Did you purchase anything with the $20, 000 Instant Asset Write-Off?

  7. Clothing

    General business/work attire IS NOT a claimable expense. But specialist clothing, theatre shoes, registered/logo uniforms and anything protective in nature is potentially claimable – as is the laundry/dry cleaning of these items.

  8. Donations and Gifts

    Any donations to a registered charity over $2 are tax deductible. Make sure you keep the receipts for any of these deductions. Also, it is important to realise that buying charity raffle tickets or purchasing items such as pins, scarves or stuffed toys IS NOT tax deductible – only cash donations.

  9. Personal Investments

    If you purchased an investment property, or any other investments, and used borrowed money to do so, then the interest on that loan and many other related costs may be tax deductible. This might also include a situation where a property was originally your home, but now is rented because you have had to relocate for work.

  10. Accounting Expenses

    Professional fees associated with preparing your tax return or providing you with tax related advice are tax deductible and should be included in your return.

Affinitas Accounting has been preparing tax returns for medical professionals for more than 25 years. For help with your tax return preparation, or for related financial advice, call 07 3359 5244, email or reach us on Messenger below.

Message Affinitas on Messenger today

Need friendly advice? Talk to our staff today about how we can help your business succeed.

Subscribe to Affinitas Accounting's newsletter for our latest updates, tips of the trade in your email inbox.

  • I’ve been dealing with Affinitas Accounting for about 3 years now and I have found them to be nothing but friendly and helpful. I’m a Bookkeeper and on occasions have been stuck with various accounting problems. Affinitas have not hesitated to spend time with me until the problem was solved. Any queries or questions have always been answered in a timely manner.

  • I highly recommend coming here for all your tax needs! They explain everything you need to know about tax thoroughly and go about there jobs professionally, always leave here with a cheery smile and satisfaction.

  • Affinitas Accounting has been so helpful with the restructure of my business. They made it an easy process and explained it in a language that was easy to understand. My ongoing tax and gst is all prepared by them, they’ve really taken the stress out of it all to let me focus on growing my business.

  • Tax Accountant & Financial Advisor Brisbane - Affinitas Accounting
    Rebecca & Russel Johns

    Since moving to Affinitas Accounting we have a clear understanding of companies and trusts. We have no hesitation in saying the team here will meet and then exceed your expectations! I never feel like i am annoying them. Thank you Team Affinitas

  • Tax Accountant & Financial Advisor Brisbane - Affinitas Accounting
    Paul Maclaine

    Affinitas has looked after all our financial needs for our business and personal tax returns. We have been with our accountant for 10+ years. I have no hesitation in recommending Affinitas to anyone looking for an accountant or any financial advise. We have always found and received friendly professional and practical advise.

  • For the past 6 years, Tammy has been lodging our tax. The team always spend the time to explain how things will affect us and always manage to maximise our returns. We highly recommend the team to anyone we speak to and have had friends move to do their future tax with the team at affinities accounting. Couldn’t recommend them highly enough.

  • Tax Accountant & Financial Advisor Brisbane - Affinitas Accounting
    Kirsty Whittaker

    I’ve been using Deb from Affinitas Accounting now for many years and have found her to be excellent in looking after my taxation needs. I’m in Tasmania, Affinitas Accounting is in Queensland and distance is no barrier. She understands my business needs, everything is done in a friendly and efficient manner and I happily recommend to anyone looking for ‘down to earth’ taxation advice.

  • Tax Accountant & Financial Advisor Brisbane - Affinitas Accounting
    David Williams

    We’ve been with Affinitas Accounting for over 5yrs when they were known as Online Accounting & Taxation Solutions. From our initial phone call with Brad looking for an accounting team that would meet our expectations as well as provide efficient service, we’ve been really impressed with the team’s professionalism, knowledge & expertise.

  • Tax Accountant & Financial Advisor Brisbane - Affinitas Accounting
    Allyson O'Connell

    Debbie is our accountant and has been for seven years. She is thorough and always does what she can to honestly get us the best return but always adheres to the ATO guidelines. We recommend her to our friends and wouldn’t take our business to anyone else. Thanks Debbie.

  • We have only been with Affinitas Accounting for the past 12 months but in this time they have by far exceeded our expectations of an accountant and far surpassed previously used accountants.
    Affinitas are not just about annual returns, BAS statements etc, they take the time to get to know you enabling them to provide advise to help you work toward personal & business goals.

  • Tax Accountant & Financial Advisor Brisbane - Affinitas Accounting
    Mark D’Andrea

    Can’t fault Affinitas.

    Have been coming here for years (when it was then called online tax). Deb has been happy to always go the extra mile and doesn’t mind dispensing helpful advice throughout the year.

  • Tax Accountant & Financial Advisor Brisbane - Affinitas Accounting
    Deagon Fixing

    I have been a client of Affinitas Accounting (previously Online) for the past 8 years. It is like a one stop shopping experience, all my needs were addressed in the one office.

    Thanks Affinitas you for all your assistance and I would strongly recommend them to anyone to use

  • This field is for validation purposes and should be left unchanged.