Best Tax Deductions to Claim for Conveyancers
Conveyancers act for clients in transferring a property from the seller to the buyer.
Employment Profile
- Average weekly pay: $1,447.85
- Employment size: 29,400
- Future growth: Strong
- Skill level: Bachelor degree or higher
Typical tax deductions include:
- Motor vehicle travel to and from work if having either shifting workplaces (working at more than one site each day before returning home), or transporting bulky equipment.
- Motor vehicle travel between job sites, to pick up materials, or attending training courses.
- Phone and internet – work %.
- Client gifts bought for work purposes by conveyancers who are entitled to receive commission income – includes a Christmas hamper, a bottle of whisky, wine, gift vouchers, flowers, etc.
- Computers, cameras, video recorders, and equipment.
- Home occupancy costs if required by the employer to work from home – incudes % of rent, mortgage interest, rates, insurance, etc.
- Referral commission and expenses.
- Handbags, briefcases and satchels.
- Overnight travel expenses visiting clients, attending different workplaces or attending training.
- Compulsory work uniform branded with the employers logo.
- Self-education expenses.
Professional memberships.
Non-deductible expenses:
- Advertising – If earning income from a fixed salary and not entitled to earn commission.
- Gifts – If earning a fixed income and not entitled to earn commission.
- Entertainment expenses including buying lunch for a client or business associate.
- Expenses incurred in attending social functions e.g. monthly sales representative networking breakfasts.
Tax Strategies we can assist you with.
- Self-education expenses
- Computers, tools, equipment and other assets
- Compulsory work uniform
- Gifts to clients, suppliers and contractors
- Union fees, licences, registrations and subscriptions
- Phone and internet
- Motor vehicle expenses: cents per km method
- Home office running expenses
- Handbags, briefcases and satchels
Click here to see Tax Calculator for Conveyancers.
Stephen is the CEO of Accountants Direct and is a Professional Director, ASIC Agent, Startup Advisor & Investor & Capital Raising Specialist.
Contact Stephen or his team if you have any questions about this post or any business matter in general.
