35What is private practice income?

35 What is private practice income?

The private practice income of a medical practitioner for a premium period is the total of the gross income received in the period by the practitioner from the practitioner’s private medical practice for which either: (a) a contract of insurance provides professional indemnity cover for the practitioner; or (b) the practitioner is personally liable.

Note: It does not matter who paid the practitioner the income the practitioner received. Therefore the following payments are examples of amounts included in private practice income:

(a) medicare benefits assigned to the practitioner;
(b) payments by individual patients;
(c) payments under legislation administered by the Minister administering the Veterans’ Entitlements Act 1986;
(d) payments under schemes for workers compensation;
(e) payments by insurers for injuries.