One of the biggest expenses in a doctor’s career is tax, and so it’s crucial to understand how to manage it effectively. That’s according to Matt Homewood, Financial Consultant at the Bongiorno Group. In this episode he is joined by Nic Pereira, Accountant at the Bongiorno Group, who both insist it’s important to operate within the law when claiming deductions, as penalties for crossing the line can be severe.
 
They discuss the three rules for deductions: incurrence (ensure you personally incurred the expense); proof (keep detailed receipts or invoices); and relevance (deductions must be directly related to your current employment). Consulting a tax professional can maximise your deductions and ensure compliance with tax regulations, ultimately reducing your taxable income.
 
This general advice has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product disclosure Statement before deciding to acquire the product.