Tax Deductions for Finance Brokers

October 29, 2022

Best Tax Deductions to Claim for Finance Brokers

Finance Brokers operate as independent agents to facilitate loans on behalf of clients.

Employment Profile

  • Average weekly pay: $1,400
  • Employment size: 30,765
  • Future growth: Very strong
  • Skill level: Associate Degree or Diploma

Typical tax deductions include:

  • Motor vehicle travel to and from work for employees with shifting workplaces – working at more than one site each day before returning home.
  • Motor vehicle travel between job sites, visiting clients or attend training courses.
  • Phone and internet – work %.
  • Client gifts bought for work purposes if 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, tools and equipment.
  • Referral commission and expenses.
  • Handbags, briefcases and satchels.
  • Overnight travel expenses visiting clients or for training/conferences – includes airfares, accommodation and meals.
  • 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 – course fees, books, stationery, equipment and travel.

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 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.

  • Home office occupancy expenses
  • Self-education expenses
  • Computers, tools, equipment and other assets
  • Compulsory work uniform
  • Logbook for motor vehicles
  • Gifts to clients, suppliers and contractors
  • Union fees, licences, registrations and subscriptions
  • Phone and internet
  • Handbags, briefcases and satchels
  • Overnight travel expenses

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Click here to see Tax Calculator for Finance Brokers.