Best Tax Deductions to Claim for Finance Brokers
Finance Brokers operate as independent agents to facilitate loans on behalf of clients.
Employment Profile
- Average weekly pay: $1,400
- Employment size: 30,765
- 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.
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 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
Click here to see Tax Calculator for Finance Brokers.
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.
