Sales and Marketing workers Tax Return and Deduction Checklist

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In the dynamic world of sales and marketing, creativity thrives in the workplace, but crunching numbers during tax season may dampen enthusiasm. Fear not, as the annual tax season is an opportune time if approached with the right perspective and advice. Numerous legitimate tax deductions are available for those in sales and marketing, and our experienced tax consultants at Bottrell Accountants & Financial Planners, with offices in Newcastle, Maitland, Gold Coast, and Gosford, are well-versed in the rules to help you optimize your refund.

The realm of sales and marketing has evolved significantly in recent years, encompassing roles beyond the traditional marketing manager and sales director. Content creation, strategic planning, digital marketing, and social media roles are now integral components of this diverse field.

If you’re employed in a sales or marketing role within a company, your employer will provide you with an income statement or payment summary, detailing your salary, wages, allowances, and bonuses for the financial year. This document serves as the foundation for your annual tax return.

Claiming Deductions:

You are entitled to claim deductions on money spent during the financial year on products or services directly related to earning your income. However, to ensure the validity of these deductions, you must have personally incurred the expense (not reimbursed by your employer) and maintain a clear record such as a receipt or invoice.

Deductible Expenses:

Sales and marketing professionals can claim a variety of deductions, including:

Car expenses for work-related travel, such as meetings or photo shoots
Costs of purchasing and laundering occupation-specific clothing
Overtime meal costs, provided there’s an allowance and it’s part of your assessable income
Phone and internet costs for work-related use on personal devices, with records required for claims over $50
Job-specific training, education, seminars, conferences, and work-related publications
Tools or equipment necessary for the job but not provided by the employer

Non-Deductible Expenses:

Certain expenses cannot be claimed, such as:

Costs incurred attending entertainment or social functions
Meals or snacks consumed during an ordinary workday
Study or training expenses unrelated to your current job
Expenses covered by your employer

Record-Keeping:

Maintaining meticulous records is crucial for successful deductions. Establish an efficient system to organize receipts throughout the year. Digital copies of receipts are acceptable, provided they include essential details such as the supplier’s name, expense amount, nature of goods or services, payment date, and document date. Receipts for expenses under $10 (cumulatively not exceeding $200) are not required.

Addressing Mistakes:

While it’s crucial to exercise care in filing your tax return, innocent mistakes can happen. If you realise any incorrect or unsubstantiated claims, promptly contact Bottrell Accountants & Financial Planners for assistance in making necessary amendments.

For further inquiries about lodging your tax return, reach out to Bottrell Accountants & Financial Planners. Our experienced consultants are ready to help. Call us at 02 4933 6888 for details or book an appointment online at your nearest office.

About Bottrell Accountants, Tax Agents & Financial Planners

Our Accountants office, founded by Director Gavin Bottrell in June 2012, offers a range of advice services, including Personal Tax Returns, accounting, SMSF, business advice, and business growth to small, medium, and large businesses as well as individuals across Australia.

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Bottrell are your local team providing expert Tax Advice, Accounting, Audit, Bookkeeping, SMSF & Financial Planning services.

Contact us Today!

Take the first step towards maximising your tax refund – contact us today at Bottrell Accounting. Our dedicated team is ready to assist people like you. Call us at 4933 6888 to schedule an in-person, phone, email or Zoom appointment.