Are you a journalist or any other type of media professional? Do you know the tax deductions that you are entitled to? Our tax experts are ready to work with you and ensure that you are claiming all deductions available. This is a category that has journalists, producers, photographers, video and print editors, and any other expert that works with the media.
Before making any claim for tax deductions, you will need to have your income statement or what is referred to as a payment summary for the year. In the statement, your wages, salary, allowances, and bonuses will be included. The tax deductions will be derived from the income that you have earned in the given period and Accurate Business & Accounting Services will be glad to help you out.
So what do you need to do to get a great refund? First, we’ll help you download your income statement from the ATO portal that will outline all of your salary, wages, allowances, and bonuses for the financial year. Hence no physical copies are required. Next, you have to work out your deductions.
Tax Deductions for Media Personnel
Sadly, a good number of professionals in the media industry keep losing a lot of money by failing to claim tax deductions. In most cases, the expenses incurred in a given financial year for services and products that are related to your work should be claimed. However, this is money that you have spent, yourself and has not been reimbursed by your employer. If you are keen on making such claims, you need to keep proper records in the form of invoices and receipts.
Some of the tax deductions that media experts can claim include:
- Any cost of buying equipment and tools that are used for your media work. Such equipment includes digital cameras, Dictaphones, tripods, and so on.
- Expenses incurred for buying and cleaning any special clothing that is specific to your work. Such include shirts and other attire that have the company’s logo, protective clothing, and uniform among others.
- Work-related travel expenses like transport, meals, and accommodation required for work when you have to stay away from your home. When you pay for such expenses yourself, you should make claims for tax deductions.
- Expenses incurred while working from your home office. This includes costs of heating and cooling, repairs and maintenance of your home office equipment, and much more.
- The costs for self-education like attending seminars, courses, and training that are in line with your work.
- Expenses like newspaper, TV access, and publications that you have paid for and are related to your work.
- Internet and telephone expenses incurred for work purposes.
Please note that if any of the expenses are paid for by the employer, you should not include them. If you made payments yourself and the money was refunded, this will not be part of the claim for tax deductions.
Are There Deductions I Can’t Claim?
Whereas there are quite a number of tax deductions that media professional can claim, there are those that cannot be include, which includes:
- Clothes that you buy to go to work with and are not mandatory or protective
- Entertainment expenses like concerts, sports events, and business meals
- All tools and equipment that are provided by your company
- Daily meals or snacks that are taken in the course of a normal day at work
Get Help with Your Tax Return and Deductions
At Accurate Business & Accounting Services, we have the best team of experts who will help you with your tax return. If you have any questions about your deductions, speak to one of our tax consultants and get professional assistance.