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Carbon Medical

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22.01.2022 The ATO has specific rulings on work-related deductions. These rules can vary according to which sector of the medical profession you serve. At Carbon Medical, we thrive on keeping up to date with deductions and the relevant ATO rulings for medical professionals. We leave no tax deduction stone unturned. We can and want to help you and your business! So, whether you want advice or help, send us a DM!

20.01.2022 With COVID-19 here to stay, can you afford not to insure your life and income? The answer is likely no. But the big question is do all policies cover COVID-19? Would you buy a car or house and not insure it? For most people, protecting their vehicle or home with insurance is automatic. Yet, many people baulk at safeguarding their life and income. But what if an unfortunate accident, chronic illness, COVID-19, or urgent surgery means you ...can’t work for an extended period, or worse. What happens after you use all your sick days and holiday leave? Who pays the bills then? Key points: There are four common personal insurances, but some add a fifth. 1. Life insurance 2. Total and permanent disability (TPD) insurance 3. Critical illness insurance 4. Income protection insurance 5. Business expense insurance Coverage varies between insurers, so seek professional advice when comparing the fine print. Get it contact with our professional team of accountants through DM. See more

17.01.2022 Now is the perfect time to think about the next financial year! At Carbon Medical, our bookkeepers, accountants and financial planners work as a team. Together we can maximise your deductions, slash your tax and build your wealth. So, why not make your money work smarter so you can afford to enjoy life more? ... Go to our DM, and we’ll tell you what we and what you can do, to make your money work smarter! See more

11.01.2022 Have you heard about the $150k instant assets tax write-off? Originally the $150,000 instant asset write-off was to end on June 30th but it’s been pushed out until December 31st 2020. This means that if your business is eligible, your business can claim assets that have been purchased on or before June 30th 2020 as deductions in your 2020-2021 tax return. To be eligible you must:... Purchased and used the asset within the financial year 2020-2021 Hold an Australian business number (ABN) for a working business Your total business turnover is less than $500 million The total cost of the asset is below the threshold Ensuring your assets are part of the eligible assets that can be claimed (refer to ATO website for more information) Make sure you’re watching out for our next post for more details about the assets write off. See more

11.01.2022 Many medical professionals are unaware that the work-related tax deduction list is extensive. So, make sure you’re also claiming: Childcare. Professional membership fees. Glasses and/or contact lenses. ... Professional indemnity insurance. Technical and professional publications. Self-education, study and training support loans. Donations and gifts. Fines. Overtime meal expenses. The above represents some of the many deductions available to doctors. So, ask your accountant about other work-related deductions that might apply to you. But remember, the ATO requires receipts, diary entries or other records as proof. If you need expert advice from one of our trusted accountants, Send us a DM! See more