UPDATE: Australian doctors are set to capitalize on an innovative tax deduction strategy that allows them to combine professional development with leisure skiing. This opportunity comes as Medicine with Altitude announces its next boutique medical conference in Nagano, Japan, scheduled for January 2024, where attendees can fulfill their required training while hitting the slopes.
Professionals in the medical field, such as doctors, can deduct significant expenses from their taxes, ranging from $30,000 to $100,000 annually for attending conferences. This could translate into tax refunds as high as $47,000 for those earning around $400,000 who claim substantial deductions. Chris Balalovski, a partner at BDO Australia, asserts that this financial strategy is especially advantageous at the start of the financial year.
Dr. Cath Porter, a fellow of the Cosmetic Physicians College of Australasia and a participant in the upcoming Nagano conference, shares how the event allows her to both enhance her skills and enjoy a family ski trip. She will be attending with her two children and brother-in-law, who is also a doctor. Dr. Porter anticipates her conference-related expenses to average around $30,000 annually, covering multiple events in both domestic and international locations.
“I’ll be attending a general medical conference that will cover various topics, including altitude and sports medicine related to skiing,” Dr. Porter explains. However, she acknowledges the importance of understanding what can and cannot be claimed for tax deductions. Only expenses directly related to her professional engagement are eligible, such as accommodation and meals for herself, while family expenses are not deductible.
IMPORTANT: Although professional development is crucial, Balalovski warns that attendees must navigate the intricate rules surrounding deductions for events that include recreational activities like skiing. He emphasizes that while a portion of the costs may be deductible, a significant amount could also be deemed personal expenses.
Coco Hou, CEO of Platinum Accounting Australia, provides further insights into deductible expenses for overseas work-related trips. Key items include airfares, accommodation, and other costs directly related to business activities. However, personal expenses such as family meals or sightseeing are not claimable.
“For comprehensive documentation, keeping a travel diary and retaining receipts is essential,” Hou advises. This is vital to withstand potential audits and ensures all expenses are accurately reported.
Doctors are also encouraged to plan their conferences strategically, aligning them with school holidays to facilitate family travel. Dr. Porter notes that many colleagues strategically organize personal trips around conferences to offset travel costs.
If you are a doctor seeking adventure while fulfilling professional obligations, Medicine with Altitude offers additional events in stunning locations like Whistler, Canada, Lake Wanaka, New Zealand, and Morzine, France. For those interested in different experiences, Medical Tours Australia is promoting conferences in Egypt and Kenya in 2026 and the Baltic states in 2027.
As tax season approaches, professionals should act quickly to maximize their deductions while enjoying unique opportunities for skill enhancement and leisure. Don’t miss the chance to integrate professional growth with an unforgettable trip this winter!
