Deductions you can claim - for occupation "Real Estate Professional"

 Deductions you can claim - for occupation "Real Estate Professional"

1. CAR EXPENSES

~You can claim a deduction when you are:

• Driving between separate workplaces – eg a second job

• Driving to and from an alternate workplace for the same employer (eg travelling between two different residential

open homes).

XXX You can’t claim the cost of trips between home and work, even if you live a long way from your usual workplace or have to work outside normal business hours – eg to attend a weekend auction.

There are limited circumstances where you can claim the cost of trips between home and work, such as where you

carry bulky tools or equipment for work – eg a large ‘for sale’ sign and tools to erect it. The cost of these trips is

deductible only if:

• Your employer requires you to transport the equipment for work

• The equipment was essential to earning your income

• There was no secure area to store the equipment at the work location, and

• The equipment is bulky – at least 20kg or cumbersome to transport.

If you claim car expenses, you need to keep a logbook

to determine the work-related percentage, or be able to

demonstrate to the ATO a reasonable calculation if you use

the cents per kilometer method to claim.

2. TRAVEL EXPENSES

~ You can claim a deduction for travel expenses if you have to travel overnight from your usual work location – eg

traveling to a remote area to inspect a property – provided the cost was incurred while carrying out your work duties.

Travel expenses may include meals and accommodation, fares, petrol and incidentals such as parking fees and tolls.

XXX You can’t claim receiving a travel allowance from your employer does not automatically entitle you to a

deduction. You still need to show that you were away overnight, you spent the money yourself, and the travel

was directly related to earning your income – eg it was not a personal expense.

3. HOME OFFICE, PHONE AND INTERNET EXPENSES

~You can claim a percentage of the running costs of your home office if you have to work from home, including

depreciation of office equipment, work-related phone calls and internet access charges, and electricity for heating,

cooling and lighting costs.

XXX You can’t claim the cost of rates, mortgage interest, rent and insurance.

4. CLOTHING AND LAUNDRY EXPENSES

~ You can claim a deduction for the cost of buying, hiring, mending or cleaning certain uniforms that are unique and

distinctive to your job eg clothing items you’re required to wear which has a logo that is unique and distinctive to

your employer.

XXX You can’t claim a deduction for the cost of:

• Buying or cleaning plain clothing worn at work, even if your employer tells you to wear it and even if you only wear it

for work, eg black pants and a white shirt.

• For hairdressing, cosmetics, hair and skin care products, even if your employer tells you to use them, or you are

required to be well-groomed.

5. OTHER COMMON DEDUCTIBLE WORK‑RELATED EXPENSES

Other expenses you can claim include:

• Marketing equipment – eg the work-related portion of cameras used for property photos

• Decorating properties – eg flowers

• Union and professional association fees

• Renewing your annual Certificate of Registration

• Technical or professional publications.

You can only claim the work-related part of expenses. You can’t claim a deduction for any part of the expense that relates to personal use.

~You must have a record to prove it

~You must have spent the money yourself and weren’t reimbursed

~It must be directly related to earning your income.

Contact us to organise a time if you need your 2025 tax return done. Visit our website on: https://www.facebook.com/hcwsmsfauditors

Source information: ATO, & ITP

 About HCW Accountancy

ABOUT US! Stacey commenced in public practice in 2004 where she was employed by a accounting firm in Adelaide until she establish her own practice in 2020. In that capacity, she obtained a wide experience in advising and providing a wide range of business services to private businesses and individuals. Stacey holds the following qualifications and registrations; * Bachelor of Business (International Business) - University of South Australia * Master of Business (Accountancy)- University of South Australia * Member of CPA Australia * Registered Tax Agent * Registered SMSF Auditor

Services offers includes:

1. Accounting & Tax Our accounting services include preparing annual financial statements & tax returns for individuals and all businesses, GST & BAS lodgement, tax planning strategies, Year-end Tax updates, Superannuation tax advice. capital gain tax advice, and GST advice. 2. Business Advisory We assist by providing a range of services to ensure you meet your business and personal goals, such as and not limited to Business Value Assessment, Entity Structures, and Benchmarking. 3. SMSF Accounting & Tax HCW Accountancy can assist clients for the establishment of SMSF, to ensure Funds are complied with the legislation which subject to regular change. The ability to make contributions to them and withdraw from them, as well as the tax implications relating to these actions should be understood by persons contemplating establishing their own fund. In addition, the trustees of the fund must be fully aware of their responsibilities in respect of that position and the rules which must be adhered to in ensuring that the fund is and remains a 'complying fund'. HCW Accountancy can advise on how to establish a SMSF and explain its advantages and limitations in this regard it can:- * Arrange for the establishment of the fund including the production of the trust deed * Attend to the accounting requirements * Attend to the taxation requirements * Arrange for the required independent audit of its affairs * Advise of any changed required to its operations or trust deed as a result of changes to legislation. * Arrange through strategic alliances for the investment of the fund assets. * Advise the trustees of their obligations and rules relating to the conduct of the fund. 4. SMSF Audits HCW SMSF Auditors is a CPA Public Practice and also an experienced and qualified provider of audit services for Self-Managed Super Funds (SMSF). Our principal auditor is an Approved ASIC registered SMSF auditors, Certified Accountant of CPA Australia and Registered Tax Agent. We provide fast, reliable and cost effective SMSF Audit services to the SMSF Accountants, SMSF Advisers and SMSF Trustees. Renowned for our systematic approach to audit assignments and the degree of professionalism to which we perform, our team provide a service beyond the expected and complete high quality and cost-effective audits for you. WHY USE US for SMSF Audits? 1. Fast turnaround Guaranteed Provided all the required documentation has been sent to us, we will complete an audit within 5 days guaranteed. 2. Quality Assurance All our Independent SMSF Reports are signed by ASIC Registered Auditors in Australia. This ensures that your SMSF Fund’s audit is professionally and accurately taken care of. 3. Independence Our auditors are completely independent from the accountants and advisors that prepare the financial statements for an SMSF. 4. Professional Indemnity Cover Each SMSF audit we complete is covered by our professional indemnity insurance. Limited Liability by a scheme approved under Professional Standards Legislation.

Contact HCW Accountancy on 0406 989 780 or email to hcwbusinessadvisory@gmail.com to arrange an appointment.