Are you looking for ideas on deductions for marketing professionals? Doing the numbers might not necessarily be your thing if you work in sales or marketing, especially regarding your tax. Tax time might seem like a distressing situation in that case. That’s when you can come to someone like us (a tax professional) for the help that you need.
Like with every profession, you will be able to claim back some of the work-related expenses. Increasing your deductions can help to reduce the due amount that you may have to pay in the long run.
Typical Tax Deductions For The Marketing/Sales/Communication Professional
No matter how far in your career path you may have progressed, you will always have to pay tax. Depending on what you may be able to claim, you may be able to offset some of the amounts that you may owe to the ATO (or increase what the ATO owes you in your tax refund).
For those employed in these sectors, there are some tax deductions for marketing professionals that you may be able to apply for unilaterally.
Motor Vehicles
If your position requires you to travel, you may claim back on the motor vehicle expenses for travelling for work. Travel may involve the transportation of bulky equipment when visiting clients or travelling between places of work.
Devices, Technology And Bills
If you have been required to work from home or used your devices for work-related purposes, you may be able to claim back on the percentage of the work-related cost.
You may also be able to claim back on devices bought for work usage, according to the percentage of time versus the portion of use to complete tasks.
Home Office
If you have had to work from home, you may be able to claim the home office occupancy costs. Deductions may even include a percentage of the rent, mortgage interest, rates or insurance, among others. But be careful of the Capital Gains sting.
Training/Certifications
Renewing a sales certificate or professional body membership may be a tax deduction that you can claim on your tax return.
You may also be able to claim back on work-related short training courses (such as first aid, OHS, bookkeeping etc.) or self-education course fees on your return. Deductions may include the cost of books, stationery, equipment and travel required for the course.
If you would like further assistance or information on how you can handle your tax return for this current financial year or last year’s return, you can speak with us.
