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Tax Deductions for Real Estate Agents- Lodge your tax return here.

As a starting point, a deduction is only allowable if an expense is:

a)      Actually incurred;

b)      Meets the deductibility tests;  and

c)       Satisfies the substantiation rules.

Most occupations have specific work-related deductions for their industry.

The most common work-related tax deductions for real estate agents and employees  are summarised in a basic table below:

Deduction  Allowable  Not Allowable
Advertising (for commission only employees)  X*
Answering machines, beepers, mobile phones, pagers and other telecommunications equipment X
Automobile Association/Club membership fees (e.g. RAA)  X*
Calculators and electronic organisers X
Car wash expenses  X*
Certificate of registration X
Clothing, uniforms and footwear
     – Laundry and maintenance of clothing, uniforms and footwear  X*
Club membership fees X
Computers and software  X*
Conferences, seminars and training courses   X *
Depreciation of tools & equipment X
Drivers Licence (Car) X
First aid courses paid by employee, not reimbursed X
Functions X
Gifts and greeting cards ( for commission only employees)  X*
Glasses/contact lenses X
Grooming  X
Home office expenses   X*
Insurance of equipment X
Interest   X*
Letters of appointment registration fee X
Meals X
    – Overtime meal expenses X*
Medical examinations for licence renewal X
Newspapers X
Parking fees and tolls X*
Protective equipment X
Property presentation costs (for commission only employees)   X*
Police clearance certificates  X
Referral expenses (for commission only employees)   X*  X
Repairs to tools and equipment X
Self education expenses  X*
Stationery X
Technical or professional publications X
Telephone, mobile phone, pager not supplied by employer X
Travel expenses
    – Accom, fares, meals, incidentals not reimbursed  X
    – Public transport fares or motor vehicle costs
                         – Home to work  X
                         – Home to shifting place of work X
                         – Between two places of work X
                         – Normal work to alternate place of work X
Union fees and professional association fees X
Wage expense (for commission only employees)  X*

*Conditions apply.

If you would like to find out more about tax deductions for real estate agents, please contact us at Ask Us Tax. We have a number of clients in the real estate industry and are confident we can maximise your work-related deduction claims.