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Tax Deductions for Stockbrokers and Financial Dealers

Best Tax Deductions to Claim for Stockbrokers and Financial Dealers

Sportspersons participate in sporting events for monetary gain either as individuals or as members of a team.

Employment Profile

  • Average weekly pay: $1,656
  • Employment size: 19,740
  • Future growth: Stable
  • Skill level: Bachelor Degree or Higher

Typical tax deductions include:

  • 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 a % of rent, mortgage interest, rates, insurance, etc.
  • Computers, tools and equipment.
  • Referral commission and expenses.
  • Handbag, briefcase and satchel.
  • 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.
    Overseas conferences, courses and study tours.

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
  • Overseas conferences, courses and study tours
  • Computers, tools, equipment and other assets
  • 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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