Best Tax Deductions to Claim for Real Estate Agents
Real Estate Agents assist property owners in marketing, selling, or leasing their properties.
Employment Profile
- Average weekly pay: $1,322.50
- Employment size: 93,345
- Future growth: Strong
- Skill level: Certificate III or IV
Typical tax deductions include:
- Motor vehicle travel to and from work if having either shifting work (working at more than one site each day before returning home), or transporting bulky signs/equipment.
- Motor vehicle travel between offices, visiting clients or for training purposes.
- Phone and internet – work %.
- Client gifts bought for work purposes by salespersons or property managers who are entitled to receive commission income – includes a Christmas hamper, a bottle of whisky, wine, gift vouchers, flowers, etc.
Computers, tools and equipment. - Costs of jazzing up a property – includes flowers, cleaning, paint, coffee, and cakes.
- Home occupancy costs if required by the employer to work from home – includes a % of rent, mortgage interest, rates, insurance, etc.
- Referral commission and expenses.
- Handbag, briefcase or satchel.
- Overnight travel expenses visiting clients or for training purposes – includes airfares, accommodation and meals.
- Compulsory work uniform branded with the employers logo.
- Union fees, licences, registrations and subscriptions – includes renewing a real estate certificate of registration.
- Advertising including newspapers, letterbox drops, signage, and internet.
- Newspapers containing property sections – if there is a sufficient connection between the duties carried out as a real estate employee and the content of the newspapers.
- Self-education expenses.
- Home office running expenses.
- Overseas conferences, courses and study tours.
Professional memberships.
Non-deductible expenses:
- The initial cost to obtain the real estate certificate of registration.
- Advertising – if on a fixed salary with no commission.
- Gifts – if on a fixed salary with no commission.
- Gifts in the form of entertainment – eg tickets to the theatre.
- Entertainment expenses – including buying lunch for a client or business associate.
- Expenses incurred in attending social functions – e.g. Real Estate Institute monthly networking breakfasts.
Tax Strategies we can assist you with.
- Home office occupancy expenses
- Self-education expenses
- Overseas conferences, courses and study tours
- 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
- Overnight travel expenses
Click here to see Tax Calculator for Real Estate Agents.
