Money Doesn’t Come Without Guidance ...
The only thing worse than paying taxes is inadvertently paying more than you have to. You can avoid this by taking advantage of the common AND frequently overlooked deductions. It’s best to be aware of these all year long, so you can maximize your deductions and maintain good records. Common tax deduction items for financial service employees are as follows:
Car and Travel Expense
Financial service employees need to visit clients frequently. If the employee owns a car, then the car expenses related to working such as parking and toll fees, pick up mails, travel to attend meeting, training courses, pick up supplies or materials, driving between job sites or branches, meeting clients expense can be claimed for deduction if the purpose of these expenses is to gain or produce assessable income.
Work Related Uniform Expense
The cost of buying compulsory uniforms, footwear, occupation specific clothing, and maintenance of clothing like: laundry, dry cleaning, protective uniform like sunglass expenses are claimable for deduction. But the important point to be noted that uniform should have employer’s logo to ensure deduction.
The cost of work-related training courses, for example computer skills, first aid, book keeping or management course, software course expense can be claimed for deduction. The important points to be noted here is that if the training course is run by a HECS programme then expenses are not claimable. You can also claim for the cost of travelling to and from the course and any accommodation and meal expenses if you required staying away overnight.
The cost of self-education courses such as accounting or financial planning related to current work can be claimable as deduction. You can also claim for the cost of books, stationary, equipment and travel expenses required for the course.
The cost of buying and repairing work related equipment like calculators, electronics organisers, laptop computers, diary, logbook, carry bag, briefcase etc. can also be claimable for deduction.
Other General Expenses
Even if the tax filing deadline is rapidly approaching, it still pays to know which deductions you could be eligible for so you can dig up old receipts to claim them. See if you can reduce your taxes or increase your refund by claiming any of these deduction items.