Common Myths and Facts:
1. Bank Statements:
Bank or credit card statements alone usually aren't enough to support work-related expense claims. You need
written proof (typically a receipt) showing the supplier, cost, purchase date, date the receipt was issued, and the nature of the goods or
services claimed.
2. Claims Over $300:
If you are claiming more than $300 in work-related expenses, you must have written evidence for all those claims. If the total is $300 or
less, they don't need receipts, but they must show you spent the money and how you calculated the claimed amount.
3. No Automatic Deductions:
Some expenses, like laundry, don't require receipts, but you still need some record. For any work-related expense, you must follow these
three rules:
4. Helping You Keep Proper Records:
By following this simple guideline, you can ensure you have the necessary records to support your deductions to save on tax.
EOFY is not just about lodging tax returns. For doctors earning through an ABN, company, or mixed income arrangement, June 30 is the point where tax, super, structure, and deductions all need review. Here are four financial decisions worth getting right before the new financial year starts.
The RBA has hiked again, with a further increase likely before year-end. For doctors navigating property purchases, practice decisions or structural reviews, the implications go beyond the headline rate. Here is what the current environment means for borrowing capacity, practice buy-in timing, and tax structure.
High-earning medical contractors in Australia are often unknowingly trading borrowing capacity for tax savings. Here is why that conflict exists and what integrated advice looks like when both are addressed together.