Tax Tips to Help Real Estate Agents get the Best Tax Return!
Income Tax Guide for Real Estate Agents
Welcome to the Income Tax Guide for Real Estate Professionals. As a Real Estate Salesperson or
Property Manager, you spend your valuable time fielding phone calls, listing and selling properties or dealing with pesky tenants.
So when it comes time to do your Income Tax Return, rather than read a dry and long-winded Tax Ruling
we have produced this Income Tax Guide for Real Estate Professionals so you can enjoy your free time.
The purpose of the Tax Guide for Real Estate Professionals is to provide a quick, simple and definitive
guide as to what you can and cannot claim as a deduction on your income tax return.
SO WHAT CAN I CLAIM?
1) Can I claim travel between work and home, or vice versa? No
2) Can I claim travel between work and a client? Yes
3) Can I claim ordinary work clothing for work? No, unless it has your employer’s logo on it or is
a registered uniform
4) Can I claim the dry cleaning/laundering of my ordinary work clothing? No, unless it has your
employer’s logo on it or is a registered uniform
5) Can I claim the subscriptions/membership to the REIV? Yes
6) Can I claim for the time that I spend at home doing work? Yes, subject to the rules that apply to such claims
7) Can I claim the cost of the internet for work that I do at home? Yes, but only a portion of it.
8) Can I claim for a briefcase/work bag that I use for work? Yes
9) Can I claim for the purchase of an organiser/mobile phone/mobile phone accessories? Yes
10) Can I claim the cost of the mobile phone bill per month? Yes, but only a portion of it.
11) Can I claim the cost of the home phone bill per month? Yes, but only a portion of it.
12) Can I claim for the cost of work items and equipment? Yes
13) Can I claim for the cost of grooming? No, as they are private expenses
14) Can I claim for the rent paid for my personal residence? No, unless you do not have an office at your place of employment
15) Can I claim the cost of an Income Protection Insurance policy? Yes
16) Can I claim the cost of an Insurance policy for work items and equipment? Yes
17) Can I claim the cost of meals? Yes, should they relate to meeting costs or the entertaining of clients.
18) Can I claim the cost of seminars, conferences and training courses? Yes, providing that relate to your income earning activities.
19) Can I claim the cost of stationery? Yes
20) Can I claim the cost of a diary? Yes
21) Can I claim the costs incurred for developing a professional library? Yes
22) Can I claim the cost of newspapers, technical and professional journals? Yes
23) Can I claim the cost of advertising, marketing and letter box drops? Yes
24) Can I claim the amount paid for fines and penalties? No, tax law specifically prevents one from claiming these.
25) Can I claim the cost of gifts given to clients? Yes
26) Can I claim the cost of the annual certificate of registration? Yes
27) Can I claim the cost of expenses incurred away on work related travel? Yes
DISCLAIMER
Please note that these items can only be claimed if you have physically made payment with your own money.
The advice provided on this website is general advice only. It has been prepared without taking into account your objectives, financial situation or needs.
Before acting on this advice you should consider the appropriateness of the advice, having regard to your own objectives and needs.
Should you have any questions in relation to this document, please do not hesitate to contact Mark
Peterson on (03) 5996 1990, 0438 873 668 or at mark@markedfocus.com.au
