Tax Returns for Doctors
December 16th, 2011
Preparing for your 2011 tax return can be confusing and time consuming. The following is a list of questions that will help you understand what you information you need to complete this process. You never know you may be due a refund.
If you answer ‘Yes’ to any of the following you will need to include some information in your return. The list provided is your guide to what you need to find.
| Item: | Y/N | What we need: |
| Income | | |
| Salary & Wages Employment from the single or numerous employers | | – Payment Summaries (Group Certificates) |
| Employment termination payments ETP’s RedundanciesHighly unlikely scenario | | – ETP Summary |
| Interest Income | | – All bank accounts are relevant.- Bank statements or yearly summary of transactions |
| Dividend income | | – All shares are relevant- Dividend statements |
| Trust Income | | – Trust distributions from investments or family owned assets |
| Private Practice Income | | – A list of Income and Expenses from your private practice business.- Income information can come from your billing company- Expenses from your trading account can be listed and from any original invoices. |
| Capital Gains Sale of any income producing assets such as shares or property | | – Details of the purchase date and cost- Details of the sale date and sale price |
| Foreign Income As Australian Taxation residents all income from overseas could be assessable here in AustraliaThis includes investment income or rental income from assets outside of Australia. | | – Details of any income from any sources outside of Australia. |
| Rental Income | | – Details of rental income and expenses in relation to an investment property. |
| Other Income | | – Any type of income not mentioned above needs to be assessed. |
| Item: | Y/N | What we need: |
| Deductions | | |
| Car ExpensesTravelling in your car from home to work is not deductibleTravelling in your car from work site to work site is. | | – A reasonable estimate of kilometres travelled in the year for work purposes. |
| Travel Expenses Travel expenses such as flights and accommodation is deductible if the purpose of the travel was for work. | | – Receipts and details of the expenses incurred for the travel.- Details of the purpose of the trip |
| Protective Clothing | | – Receipts and details of the expenses incurred for any protective clothing |
| Self Education Expenses | | – Receipts and details of the expenses incurred for any further education that relates to the current employment. |
| Work related expenses Any expense incurred in relation to your income including; professional memberships, subscriptions, equipment, etc. | | – Receipts and details of the expenses incurred for any work related expenses. |
| Gifts and Donations | | – Receipts and details of the expenses incurred for donations |
| Cost of managing tax affairs | | – Receipts and details of the expenses incurred from your previous accountant or tax agent for previous years tax return preparation. |
| Other Deductions This includes any expenditure not mentioned above that relates to your work.Income protection insurances | | – Receipts and details of the expenses incurred. |
When gathering information the general rule for tax return preparation is if in doubt, keep the receipt. Giving the staff at MEDIQ absolutely everything that allows a full assessment of your tax affair and ensures you maximise your refund.
Contact us on 1300 589 527 as soon a possible so we can determine whether you are due a refund.
