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Do you know what expenses you can claim as a tax deduction as a doctor?

by , 01 August 2014
As a doctor, your work depends on a number of small implements and instruments. Things like stethoscopes and reflex hammers are a regular part of your day. But these things can also be expensive if you need to refurbish your practice.

There's good news though. You can actually get a tax deduction on these little items.

That way your new medical equipment doesn't have to bankrupt your practices before you use it. So here's how to claim back those expenses...

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You can claim back the full amount of those expenses if they cost less than R7 000

 
Thanks to asset depreciation and a wear and tear allowance you can claim the full value of an asset that cost less than R7 000 in the same year.
 
So let's say your stethoscope costs R1 200, reflex hammer costs R500, and blood pressure pump costs R3 000.
 
You can claim the value of each of these items back in full in the same year. That's R4 700 off your tax bill at the end of the year.
 
But what about those bigger items that cost more than R7 000? 
 

Here's how to claim the asset depreciation on items that cost more than R7 000

 
If you have to get a much larger piece of medical equipment, such as an ultrasound machine and it costs more than R7 000, you can still write off its depreciation. 
 
The only difference is, now you write off a percentage each year.
 
So let's say the ultrasound machine costs R15 000 and has a life span of five years.
 
The machine will depreciate at 33.33% each year and if you use the straight line depreciation method you can get R3 000 back each year.
 
So don't let the equipment you need for your medical practice bankrupt you. Rather claim its deprecation and get some money back.
 
 
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