AMAV VICDOC SUMMER 2023 - Magazine - Page 2
"A POINT TOO SOON"
I
s your self-education expense designed to maintain or increase the knowledge required for your current
position or is it designed to open up a new income earning activity? The tax office has specific rulings that
disallow some self-education expenses that are deemed “a point too soon” to claim against your current
income earning activity. If you can demonstrate a sufficient nexus between the self-education expense
and your current job — the expense is likely to be tax deductible. If, however, the education is designed to create
a new income earning activity, with no clear connection with your current position, the expense is likely nondeductible. Be sure to discuss “a point too soon” expenses with your trusted tax adviser.
Medical resident: Your tax return
Surgical resident: Your tax return
You can claim
You can claim
-
-
All expenses claimed must have a direct link to
All expenses claimed must have a direct link to
the job title on your employment contract
the job title on your employment contract
»RACP Fees
»GSSE Exam
»Medical courses and conferences
»RACS JDOCS subscriptions
»Tertiary courses. E.g. Masters of Medicine
»Surgical related courses and conferences
»Textbooks and journals related to Medical
»Loupes and related medical equipment
training
»AMAV membership
»Tertiary courses. E.g. Masters of Surgery
»Textbooks and journals related to surgery
»AMAV membership
You cannot claim
-
You cannot claim
on your employment contract
Anything that cannot be linked back to the job
»Tertiary courses such as a Masters of Public
title on your employment contract
Anything that cannot be linked back to the job title
Health for the purpose that you may want to
explore hospital administration down the track.
»Conferences, courses or exams related to a
separate medical eld. e.g. Surgery or Psychiatry.
-
»Tertiary courses such as a Masters of Public
Health for the purpose that you may want to
explore hospital administration down the track
»Conferences related to a separate medical eld.
You may be boosting your CV or upskilling in
You may be boosting your CV or upskilling in
order to move across to a dierent medical eld.
order to move into a dierent medical eld.
»Application fees to medica colleges other
than RACP
»Application fees to medical colleges other than
the college of surgeons. e.g. RACGP OR RACP
MITCHELL MCKEOWN (BBA ACCOUNTING/MARKETING) DIP FS (FP) CERT. IV FMB FINANCIAL CONSULTANT BONGIORNO GROUP
For further information or to book an exclusive
AMA Victoria member complimentary meeting,
please phone (03) 9863 3111 or email
amav@bongiorno.com.au