Tax deductions for finance brokers
Finance brokers operate as independent agents to facilitate loans on behalf of clients.
Average weekly pay: $1,400
Employment size: 29,300
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.
- 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
Clients served since 2012
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