With tax time right around the corner, it is important dental practitioners know what deductions they could be claiming? The good news is, the Australian Taxation Office (ATO) have prepared a range of tailored information for dentists and other medical professionals to help make tax time simple this year.
From car expenses to protective equipment, and self-education—the ATO’s tailored guide for Doctors, Specialists, and Medical professionals covers a range of information on common deductions for your occupation.
Remember, to claim a deduction for a work-related expense:
- you must have spent the money yourself, and weren’t reimbursed,
- it must directly relate to earning your income,
- you must have a record to prove it (usually a receipt).
To claim a deduction, you must have a record.
Download the ATO app and use the myDeductions tool for a fast and easy way to store your receipts and keep track of your records!
The ATO app is also one of the best ways to track the progress and outcome of your tax return after you’ve lodged.
The best time to lodge your tax return is from late July, when most of your information from employers, banks and health funds has been automatically included in your tax return. All you’ll need to do is check the pre-filled information is correct, add any income that’s missing, and claim your deductions.
For more information, visit ato.gov.au/doctors
