Can I Claim Tax Agent Fees? 5 Forgotten Tax Deductions

If you are an employee, a rental property owner or a small business owner, you must understand what you can claim on tax. However, a lot of people miss out because of forgotten tax deductions. You can claim deductions against various expenses, including tax agent fees, education, home office expenses, travel expenses and more. 

Also read: Points to keep in mind to avoid ATO Tax Audit

Here are 5 forgotten tax deductions: 

1. Income Protection Insurance 

People are allowed to claim the costs of their income protection premiums. However, the policies taken must be separate from their Superannuation. Therefore, the premium is not tax-deductible if their income protection is a part of their super package. The costs are deductible if their insurance policy is outside of their Super. 

2. Advertising Cost

Property managers and agents can claim a real estate tax deduction for their advertising costs, including advertising through bunting, signage, letterbox drops and newspapers. However, the property managers and agents must be entitled to earn a commission and their employers have not already reimbursed them. 

3. Membership Fees and Licences

The law requires several professionals to have a license to practise and hold specific memberships. Some professionals can decide to join industry bodies and unions. These professionals pay fees to secure a professional membership, a certificate, and a licence. Therefore, these fees are tax-deductible. 

Related Reading: Tips For Finding Work-Related Tax Deductions For Self-Employed

4. Investment Losses and Bad Debts

Share traders can claim investment loss this year. However, share investors cannot claim it. Share traders can speak to their financial advisors to discuss the steps to take to minimise the impact. Financial advisors will show them how they can offset the loss against their other incomes, including wages and salaries.  

5. Tax Agent Fee 

Business owners can use registered tax agents to prepare and lodge their tax returns. They are allowed to claim the tax agent fees and the associate travel expenses. Therefore, business owners and individuals should contact a professional in claiming since they can claim tax agent fees in their tax returns. 

Looking for a tax agent in Perth to help you with tax and financial planning? If so, then contact Perth Tax People for more advice and assistance on what you can claim on tax.

Nilesh Vasoya

Nilesh Vasoya

Nilesh Vasoya is a CPA and experienced business advisor with 15+ years’ experience in accounting and tax, and certifications from NTAA, ICAI (India). He is also a Registered Tax and ASIC Agent. Nilesh specialises in financial reports, cash flow, taxation advice, internal audit, account reconciliation, and advice for small businesses on maximising XERO, MYOB, and QUICKBOOKS. He is experienced in developing strategies for growth within small-medium scale companies.

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