Money Doesn’t Come Without Guidance ...
Imagine a court room without any lawyer. Who’s going to argue for you or who’s going to give you legal advice! Australian Taxation Office also doesn’t want such situation and that’s why they are offering numerous deduction opportunities for lawyers in recognition of their notable services. Deduction is the most enjoyable part of your tax calculation where you can claim your expenses to reduce your taxable income. But not all the expenses can be claimed for deduction. If you are aware of all those items, your tax bill will be reduced and there will be more money in your pocket! Let’s see what a lawyer can claim as deductions and what not.
Like most other occupations, there are some specific work related expenses for lawyers which can be claimed as deductions. However, the ATO requires you to fulfil some conditions to be entitled to claim those. You must have a record to prove your expense and the expense must be related to your job. And if you weren’t reimbursed for the expense, you can claim it as a deduction.
Here is a list for most common work-related expenses incurred by a lawyer which are allowable as deductions:
If the above expenses are incurred other than for work purpose, they won’t be regarded as allowable anymore. But if the expenses occurred for both work and private purpose jointly, only the work-related portion can be claimed as deduction.