TAXES for New GPs Solved! Car Expenses, VISA, BAS, GST, PSI, PSB, Super….
As a new Australian GP from the UK, the month of July officially means its end of the financial year, and time to get your accounting socks on to file your quarterly GST Business activity statement, and end of year filings.
In this video I take a trip to an Accounting firm to see if they can take the confusion out of my self-accounting woes.
Some quick tips I learned, but note these tips are for my personal circumstances and your circumstances may vary. So please seek professional advice. - You can claim GST on your car purchase - Keep a log book of all your work related journeys (minus trips to your normal place of work) - Photograph all your receipts and keep them in a folder - You can’t claim expenses for your VISA 457 application - You can claim Pre-ABN expenses for work related expenses such as AHPRA - Opening a joint savings account doesn’t cause extra-admin work - If you pay into a super, in your super deductions form you put in the full amount you’ve paid into your Super and do not have to minus any insurance payments made within the Super - Check your Super’s terms and conditions for insurance (some Super’s require a monthly payment to stay insured) - A GP can be PSB (complete the online form to check your eligibility)