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Credit & Loan Officers

Best Tax Deductions to Claim for Credit and Loan Officers

Credit and Loans Officers analyse, evaluate and process credit and loan applications.

Employment Profile

  • Average weekly pay: $1,436.35
  • Employment size: 32,550
  • Future growth: Stable
  • Skill level: Certificate II or III

Typical tax deductions include:

  • Motor vehicle travel to and from work if having shifting work places (working at more than one site each day before returning home).
  • Motor vehicle travel between offices, visiting clients or for training purposes.
  • Phone and internet – work %.
  • Client gifts bought for work purposes by salespersons who are entitled to receive commission income – includes a Christmas hamper, a bottle of whisky, wine, gift vouchers, flowers, etc.
  • Home office occupancy expenses if required by the employer to work from home – includes rent, mortgage interest, rates, insurance, etc.
  • Computers, cameras, video recorders, tools and equipment.
  • Referral commission and expenses.
  • Handbags, briefcases and satchels.
  • Overnight travel expenses visiting clients or for training purposes.
  • Home office running expenses.
  • Compulsory work uniform branded with the employers logo.
  • Union fees, licences, registrations and subscriptions.
  • Work-related short training courses – including first aid, OH&S, bookkeeping, sales techniques, customer service, merchandising, computer skills or management.
  • Self-education expenses – includes course fees, books, stationery, equipment, travel , etc.

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 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
  • Overnight travel expenses

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Click here to see Tax Calculator for Credit and Loan Officers.

 

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