Doing the numbers might not necessarily be your thing if you work in sales or marketing – especially when it comes to your tax. Tax time might seem like a distressing situation in that case, but that’s when you can come to someone like us (a tax professional) for the help that you need when it comes to lodging your tax return.
Like with every profession, you will be able to claim back some of the work-related expenses that you may incur during your work for the year in the form of tax deductions. This can help to reduce the due amount that you may have to pay in the long run.
No matter how far in your career path that you may have progressed, you will always have to pay some form of 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 individuals who may be employed in the marketing, sales or media/communication fields and sectors, there are some tax deductions that you may be able to apply for unilaterally.
If your position requires you to travel you may be able to claim back on the motor vehicle expenses for travelling for work. This may involve the transportation of bulky equipment when visiting clients, travelling between places of work, or if you have to travel between offices.
If you have been required to work from home or had to use your personal devices for work-related purposes, you may be able to claim back on the percentage of the cost that is work-related.
You may also be able to claim back on devices bought for work usage, according to the percentage of time versus use that the device was used to complete tasks/work with.
If you have had to work from home over the last year, you may be able to claim on the home office occupancy costs. This may even include a percentage of the rent, mortgage interest, rates or insurance, among others. But be careful of the Capital Gains sting.
Client gifts bought for work purposes by salespersons who are entitled to receive commission income – this could include a Christmas hamper, a bottle of alcohol, gift vouchers, flowers or more.
If you are renewing a sales certificate or professional body membership, this 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. This may include the cost of books, stationery, equipment and travel required for the course.