Are you taking advantage of all the tax deductions you are eligible for? In today’s article, we look at common tax deductions for veterinarians. There are several specific tax breaks available to those working as a veterinary surgeon in an animal hospital or private practice.
MediPro Capital Finance can help you find answers to your tax questions or other financial queries. Get in touch with our practice loans for veterinarians team to learn how we can help your business grow.
The expenses associated with travelling in your vehicle for work can add up quickly. It is best to keep a record of how much you travel for work and at the end of the year use the total to make a deduction.
You can offset the use of your vehicle for work in the following ways:
- participating in a conference not at your workplace
- attending training courses not at your workplace
- travelling to meetings
- driving to 2 different jobs
- visiting patients at their home
Additionally, when you go to training courses, seminars, or conferences not at your workplace, or between 2 or more jobs, you may claim the cost of parking, public transportation, tolls, and taxis.
When travelling for work, you can claim the total cost of your meals as well as the fees for your accommodation. When working overtime, and if you are not granted reimbursement for your expenses, you may claim the cost of purchasing meals.
Maintaining your skills and keeping up to date on current procedures and techniques is a necessary expense. When attending training sessions, you are allowed to claim the cost of the courses and the books. If you are taking a self-education course offered by a University or TAFE you can make similar deductions (HECS/HELP fees are not included however) as long as the course is connected to your current work.
If your employer requires a uniform that is unique, and which is clearly explained in a uniform policy then you can claim the cost of buying the uniform. This includes items such as shirts, pants, skirts, socks and shoes. Repairs, dry cleaning and laundry are also covered. Protective equipment, such as gloves and aprons, and items that provide protection from the sun such as hats and sunscreen are also deductible.
As a veterinarian, you require an assortment of tools and equipment, which means you are qualified for a variety of deductions. Frequent claims include:
- surgical equipment
- medical tools
- stationery and logbooks
- books, magazines and journals as long as they comprise a professional library
Being a veterinarian requires participating in various professional memberships as well as paying licencing fees. Fortunately, subscriptions to professional organizations are tax-deductible. Work-related licences can also be claimed.
There is an assortment of other items that can be claimed. They include, but are not limited to, the following:
- work-related calls
- work-related internet fees
- bank fees
- tax agent fees
- donations to registered charities
- certain types of insurance
We would like to leave you with these final tips. It is strongly recommended that you keep all work-related receipts. You may be able to claim something not previously listed. Finally, please note that the above is general advice only and does not take your individual circumstances into account. Please consult a qualified tax accountant for more in-depth details on tax deductions for veterinarians.
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