5 Tax Tips for Healthcare Professionals
We hope this article bring more dollars into your pockets, as healthcare professionals deserve it!
- Choose how you will lodge your tax return. 74% of Aussie lodge their tax through an accountant. You can also lodge it yourself. https://www.ato.gov.au/Individuals/Lodging-your-tax-return/
- Get organised and prepare your paperwork. A handy tip is having a spreadsheet with the income, investments and work related expenses Ð this heaps you get organised and you can compare year on year.
- Get all your work related receipts ready. Start recording these on the spreadsheet. Refer back to last year and look what you have claimed on. Next week will give some great tips on what you can claim on, such as unions fees, work uniforms, etc.
- Not sure what you can claim on? Here is a great summary:
- Memberships and union fees: If you pay a membership fee to a nursing industry body or if you pay dues to a union, you can claim these costs.
- Work Uniform: Find out your employers dress code policy so you can confirm if you can claim on tax. Scrubs aren't every day wear so it's likely you'll be able to claim on them. If your uniform is deemed compulsory, you might be able to claim for non-slip shoes, socks, stockings or a single item like a tie if they're an essential part of your work gear. Then there's occupation-specific clothing; garments that aren't every day in nature but would allow the public to easily recognise you as a nurse. Claim for the cost of laundering and dry-cleaning your eligible work clothes such as your required uniform.
- Stationery:ÊThis includes diaries, planners, log books, workbooks etc.
- Footwear: Slip Resistant Nurse Shoes that you wear to protect yourself, in many instances can be claimed on tax. Once again, check your employers dress code and if it's not an every day item, you might be able to claim.
- Computer/Laptop: If you have to use your personal computer or laptop for work, you can claim depreciation costs for these items (based on a percentage of legitimate work-related use, it's best to contact a tax agent to work this out).
- Mobile phone: Êif you are on call, you might be able to claim a percentage of your phone bill.
- Subscriptions:ÊSubscriptions to nursing magazines, books and journals used to keep your knowledge current are claimable.
- Home office expenses:ÊYou can claim a percentage of costs such as internet and phone costs if you have to work from home.
5. Make sure you check with the tax office or your accountant to ensure these details are correct for you.