Best Tax Deductions to Claim for Economists
Economists perform economic research, develop economic theories, and provide analysis on production, people’s spending and financial behaviour.
Employment Profile
- Average weekly pay: $2,300
- Employment size: 6,300
- Future growth: Very 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 when visiting clients.
- Motor vehicle travel between offices, visiting clients or for training purposes.
- Phone and internet – work %.
- Computers, tools and equipment – includes cameras, video recorders, and laptops.
- Handbags, briefcases and satchels.
- Overnight travel expenses visiting clients or attending different workplaces – includes airfares, meals and accommodation.
- Home office running expenses.
- Compulsory work uniform branded with the employers logo.
- Union fees, licences, registrations and subscriptions.
- Work-related training courses – includes first aid, OH&S, bookkeeping, sales techniques, customer service, merchandising, computer skills or management.
- Self-education expenses – includes course fees, books, stationery, equipment and travel.
Professional memberships.
Non-deductible expenses:
- Entertainment expenses such as 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
- Union fees, licences, registrations and subscriptions
- Phone and internet
- Motor vehicle expenses: cents per km method
- Home office running expenses
- Handbags, briefcases and satchels
- vernight travel expenses
Click here to see Tax Calculator for Economists.
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.
