This week’s focus is on all you nurse and health professionals out there! Based on the quality of work you guys provide towards society, it definitely doesn’t seem like you’re paid enough! So, my first occupational edition goes out to all of you! I hope you can take away something a bit extra for that next tax return being lodged.
There’s quite a large of amount of expenses you can claim. Knowing what you can and cannot claim is the first step towards understanding how your tax return can be maximising each year. I cannot stress enough that despite listing these expenses for you, becoming more organised with your finances and paperwork is a key role in maximising your tax position. One such suggestion would be to get yourself a filing cabinet or small folder labelled 2019 TAX RETURN INFORMATION. This prevents that headache and hassle you get right before tax time because you’ll already be organised and ready for your tax agent to prepare your tax return!
Here’s a list of deductions you can claim:
Particular for those that travel from patient to patient’s houses and sites, this is definitely a big deduction for you! Although home-to-work and work-to-home travels are non-deductible, travels made towards one house to another for your daily patient visits ARE deductible. By logging your travels, you can get yourself one of the biggest deductions in your tax return! Let’s not forget that if you’re also working for multiple agencies and are travelling from one shift to another, that distance is also deductible.
Cleaning your work clothing is a deductible expense so don’t forget to keep records of all your cleaning costs granted they are specific for work and not used personally. Some additional clothing expenses that are also deductible include your shoes! Pay a decent amount and get yourself a pair of non-slip comfortable walking shoes to take care of your hard-working feet. Other clothing expenses includes your Personal Protective Equipment (PPE) such as safety glasses, gloves and your personal lab coats used for work!
REGISTRATION & LICENSE FEES
Nurses and others in the health care profession are subject to on-going education and license costs. These can include renewing your first-aid course and paying for your Australian Nursing & Midwifery Federation (ANMF) or Australian Health Practitioner Regulation Agency (AHPRA) fees. Other on-going self-educational fees can also be claimed assuming that it helps you in your current position or improves your skills for further qualifications in the same field.
There are whole range of other expenses that you as a nurse or other health professional can claim. Please don’t hesitate to contact your trusted accountant who can explain all this. Our goal is to teach you in order to grow with us. Continue your learning journey with us and get in touch!
Steven Wong Accountants
Accounting for Growth