🌟【2024/25 Latest Tax Benefits】A complete guide to assisted childbirth expense deductions｜Accountants break down the key points of application

🌟【2024/25 Latest Tax Benefits】A complete guide to assisted childbirth expense deductions｜Accountants break down the key points of application⚖️ #Assisted ChildbirthTaxBenefits #HongKongMedicalDeductions

📌 Save up to $17,000 in taxes per year | List of eligible services | Document requirements → Consult now: +852 6351 6101

📜 A quick overview of policy highlights

✅ Effective date: Applicable from the 2024/25 tax year (i.e. expenditure after April 1, 2024)✅ Deduction ceiling: **$100,000** per tax year (couple combined)✅ Applicable taxes: Salaries Tax | Personal Income Tax✅ Retrospective arrangement: Proof of reimbursement for expenditures from April 1, 2024 to February 27, 2025

#NewFertilityPolicy #TaxRevision

🔍 Three major application conditions

1️⃣ Medical necessity • Treatment is limited to medical reasons: → Infertile couples | Patients whose fertility is affected by cancer treatment → Legislation allows embryo sex selection cases

2️⃣ Institutional compliance • Treatment must be carried out in a licensed reproductive center, including: → In vitro fertilization | Artificial insemination | Embryo processing, etc. → Check list: Human Reproductive Technology Administration official website

3️⃣ Proof of relationship • The person receiving treatment must be: → Taxpayer | Spouse → Married/Living Together Spouse Filing Jointly

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💸 Deduction calculation formula

Deductible amount = min(actual expenditure, 100,000)∗∗✅Spouses can freely allocate deductions (total ≤ 100,000)∗∗✅Spouses can freely allocate deductions (total ≤ 100,000)✅ Divorce years still share the upper limit⚠️ Refund processing: After receiving the refund, you must notify the tax bureau in writing within 30 days, otherwise you will face a fine

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📑 List of application documents

1️⃣ Standard certificate: issued by a registered doctor at a licensed center (must list the treatment items and dates) 2️⃣ Payment receipt: show the payment date and amount 3️⃣ Proof of relationship: Marriage certificate | Cohabitation declaration ⏳ Storage period: 6 years after completing tax return

💡 You can obtain supporting documents from the clinic for expenses incurred before the end of February 2025!

#Medical document management #Tax audit preparation

🚨 Accountant professional reminder

⚠️ Treatment at private clinics｜Overseas medical treatment｜Freezing eggs for non-medical reasons → Not eligible for deduction⚠️ Missing certificates｜Over-declaration by couples｜Late notice for refund → Face a $10,000 fine + tax✅ It is recommended to request a "Confirmation of Eligibility" before treatment

#Assisted Reproductive Tax Traps #Compliant Medical Planning

📋 Four-step declaration process

1️⃣ Confirm the clinic’s license status before treatment 2️⃣ Request a standard certificate + receipt after payment 3️⃣ Fill in item 8.5 of the individual income tax return (BIR60) or IR831 form 4️⃣ Keep the documents until 2031 (2024/25 tax year)

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📢 Exclusive services of Bida Accounting Firm✅ Fertility treatment tax planning | Document review✅ Optimal allocation of deductions for couples✅ Tax defense and refund reporting support

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