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Insurance-Agents

Best Tax Deductions to Claim for Insurance Agents, Clerks and Investigators

Insurance Agents represent insurance companies in selling insurance to clients. Clerks process insurance applications from customers and update existing customer policy records. Investigators conduct investigations into insurance claims to ensure their validity.

Employment Profile

  • Average weekly pay: $1,265
  • Employment size: 48,300
  • Future growth: Stable
  • Skill level: Certificate III or IV

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 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, tools and equipment – includes cameras, video recorders, and laptops.
  • Referral commission and expenses.
  • 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 – includes renewing a sales certificate.
  • 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 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
  • Overnight travel expenses

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Click here to see Tax Calculator for Insurance Agents, Clerks and Investigators.

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