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
Click here to see Tax Calculator for Stockbrokers and Financial Dealers.
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.
