Salaried GPs

We work closely with Salaried GPs to simplify the tax and accountancy process and provide an effective solution to meet your specific financial needs.

In brief, our specialist medical accountants can:

  • Deliver tax planning support to minimise tax liabilities while ensuring full compliance with statutory duties
  • Advise and manage tax refunds on professional fees and subscriptions
  • Prepare and submit your tax return
  • Manage your tax affairs with the ATO; and
  • Advise and assist with the securing of property financing

Deductions

There are countless expenses which the Salaried GPs can claim so we provide all our Salaried GP clients with a simple yet detailed checklist and ongoing advice to ensure that all allowable expenses are claimed; which includes

  • Protective clothing and equipment
  • Professional registration fees
  • Professional indemnity insurance and work-cover
  • AHPRA or other medical professional association membership fees
  • Medical equipment
  • Insurance for equipment
  • Conferences and professional development
  • Travel and accommodation expenses related to professional conferences
  • Mobile phone, computer and other IT equipment
  • Professional journals
  • Reference books – professional library; and
  • Personal superannuation contributions

Under s 8-1 of the Income Tax Assessment Act 1997 (ITAA), an expense is deductible to the extent that it is:

  • incurred in gaining or producing assessable income or
  • necessarily incurred in carrying on a business for the purpose of gaining or producing assessable income

AND it satisfies the following tests:

  • it is not capital in nature
  • it is not private or domestic in nature
  • it is not incurred in gaining or producing exempt income, and
  • a provision of the ITAA does not prevent it from being deductible

Tax Audit Insurance

Protection against the increased frequency and cost of tax audits is now essential and as such we offer a service to safeguard Salaried GPs from the potential significant costs of any such investigation. While additional tax liabilities are an issue, equally important are the professional fees which could be incurred, should there be a dispute with the tax authorities. We therefore recommend all our Salaried General Practitioner clients take advantage of our Tax Audit Insurance, which covers professional fees incurred in handling a tax dispute with ATO.