The number of Australian households who own their homes has gone up more than 10% since 1996.
With such steady demand, it’s no wonder that real estate is one of the fastest growing employment industries. While this profession allows for flexible hours and client lunches, many don’t pay close attention to the out-of-pocket expenses that add up.
Here are seven deductible expenses that you should report on your tax return this year:
Home Office Costs
This industry runs on deadlines. Deadlines can involve working round-the-clock at times, which is where a home office comes in handy. The ATO allows employees to deduct costs including heating and cooling, work-related phone costs, depreciation of office furniture, and equipment costs up to $300. For a more in-depth list, take a look at our article, “How to Claim Home Office Expense Deduction”.
An oldie but still a goodie! Business cards are a form of advertising that will never truly vanish from our culture. Sure, they may be tweaked a bit but the basic idea is bred in us. They work. Report these as an advertising expense on your taxes this year.