Many who work in Sales and Marketing often file their taxes whilst missing out on many large deductions they may be entitled to claim. This can lead to hundreds and sometimes thousands of extra dollars in your pocket each year.

It’s for this reason that our team of taxation experts over at Immunity Accounting have created an easy-to-follow guide for those in Sales and Marketing, covering everything you can and can’t claim this coming tax season.

All you’ll need to get started is your yearly payment summary. This document is often filed directly by your employer to the ATO so you may not have a physical copy, However that won’t stop you from getting started as your statement can be accessed with ease through the ATO.

Am I eligible for any deductions?

For those working in Sales and Marketing you are eligible to claim a range of deductions for any money you’ve spent for the purpose of your employment during the financial year. This can include products and services as well as many at-home costs you may be unaware of which are claimable.

Remember: This only includes money that has not been reimbursed to you through your employer directly.

Continue below for a breakdown on what you can and cannot claim:

What deductions am I eligible to claim?

There is a wide selection of deductions you are eligible for, these include:

• You can claim the cost of car expenses and travel costs as long as you are driving whilst still at work. This often includes traveling to an external agency, a photoshoot, or a marketing campaign.
• The cost of repairing, cleaning or buying company-specific clothing items can be claimed. These items must be specific to your job, such as having the company logo on them.
• You can claim the cost of any overtime meals you purchase however only in the event that you are receiving a meal allowance from your employer. This means it is not rolled into the total of your salary.
• If you incur any costs to your phone or internet services as a result of your job then you can claim back part of the cost of these services on your return. Any claim over $50 requires you to produce records to back this claim.
• Any self-education costs that you incur as long as it’s directly related to your work can be claimed back in full. This may include training courses, seminars, renewal courses and academic studies.
• Any tools or equipment that you are required to buy for your work and is not being reimbursed by your employer can be claimed back for the full cost. A record will be required to back this claim.

What deductions can’t I claim? 

There are many deductions that you are not entitled to, these include:

• You cannot claim entertainment costs incurred for prospective clients such as: dinner, sporting events or concerts. Even if the business is a matter of discussion at these events.
• The cost of meals, snacks or drinks that you incur throughout your day cannot be claimed, even in the event that your employer provides a meal allowance.
• You cannot claim self-education costs if they do not relate to your line of work. This includes any self-education you may undertake to improve your personal skills for better performance in the workplace. For example: anger management, health and wellbeing courses/classes.
• Any external expenses required for your work that are later covered by your employer.

Records – The Most Important Step.

Good record keeping is the backbone of any successful tax return and keeping your records in order can often net you a higher return in the end. It provides our tax professionals with more ways to maximize your return.

It’s a good idea to always keep receipts, bank statements, credit card statements, invoices or even a logbook if you plan to claim travel costs.

Remember: You don’t always need physical records. It is perfectly acceptable to keep a digital copy instead as long as the following information is present:

• The name of the supplier
• Amount of the expense
• Nature of the goods or services
• Date the expense was paid
• Date of the document

Remember:You don’t need to keep receipts for expenses under $10. However, if these expenses add up to more than $200 on your return, records will be required to back your claim.

I’ve made a mistake on my return – What do I do?

It’s important not to panic. We all make mistakes and the ATO understands this. They won’t suddenly break down your door for a minor mistake on your tax return.

If you think you’ve made a mistake on your return it’s vital you attempt to amend it as soon as possible. This will help you to avoid any penalties incurred from prolonged mistakes on your tax return.

In the event you have made a mistake, don’t stress you can reach out to the ATO directly or contact our taxation professionals over at Immunity Accounting any time.