URGENT UPDATE: Australian doctors can now claim tax deductions of up to $30,000 while skiing at luxury resorts, fulfilling their professional development requirements. This unique opportunity, highlighted by Chris Balalovski of BDO Australia, opens new avenues for medical professionals looking to combine work with leisure.
As the new financial year begins, medical professionals are urged to plan strategically for tax deductions. Attending conferences is crucial for maintaining qualifications, with potential deductions reaching between $30,000 and $100,000 annually, based on the expenses incurred. For example, a surgeon earning $472,475 could see refunds up to $47,000 by spending $100,000 on conferences.
One standout initiative is offered by Medicine with Altitude, which hosts medical conferences at premier ski locations. These events allow attendees to attend lectures in the morning and afternoon, leaving ample time for skiing in between sessions. Dr. Cath Porter, a fellow at the Cosmetic Physicians College of Australasia, is set to attend a conference in Nagano, Japan this January 2024 alongside her children and brother-in-law, also a doctor.
While Dr. Porter anticipates her conference expenses averaging $30,000 annually, she emphasizes that not all costs are deductible. “It’s purely accommodation and meals for yourself,” she states, cautioning against claiming expenses for family members or personal leisure activities.
Balalovski advises that while a significant portion of conference-related expenses might be deductible, professionals must accurately document the business relevance of their trip. “You have to prove the nexus between attendance and your ability to earn income,” he explains.
Key aspects eligible for deductions include:
– Airfares and transport costs directly associated with business activities.
– Accommodation for business-related stays.
– Meals and incidental expenses incurred during business portions of the trip.
Coco Hou, CEO of Platinum Accounting Australia, stresses the importance of meticulous record-keeping. “Keeping a travel diary is essential to capture all movements and expenses,” she advises, suggesting that doctors take photos of receipts and itineraries to withstand potential audits.
However, personal expenses remain non-deductible. “Clothing is a private expense,” Hou adds, highlighting the need for good insurance to cover unexpected costs. Business-related meals and transport to conferences are deductible, but personal meals and sightseeing activities must be covered by the individual.
Doctors employing partners may also benefit from attending parallel practice management conferences, allowing further deductions. Dr. Porter notes that many medical professionals align personal travel with conference schedules to mitigate costs.
With the financial year ongoing, there are still opportunities for doctors to secure tax benefits through upcoming conferences in popular destinations, including Whistler, Canada, Lake Wanaka, New Zealand, and Morzine, France. For those seeking adventure, rival company Medical Tours Australia has conferences planned in Egypt and Kenya for 2026 and the Baltic states in 2027.
As the landscape of tax deductions evolves, medical professionals are encouraged to take advantage of these opportunities while ensuring compliance with tax regulations. This innovative approach to professional development not only benefits their careers but also transforms how they experience travel.
