Darren Gleeson - Tax Savings for 201 Employee Occupations

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Copyright 2018 Darren Gleeson

ISBN: 978-1-925846-07-2 (ebook edition)
Published by Vivid Publishing
A division of Fontaine Publishing Group
P.O. Box 948, Fremantle
Western Australia 6959
www.vividpublishing.com.au

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V.1.0. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of the copyright holder.

To Tracy

Disclaimer

The content of this book is general information only. It is not and is not intended to be taxation, accounting, business, financial, legal or other professional advice and should not be acted or relied upon as such. Specific professional advice should be sought in respect of particular circumstances and requirements, as the information in this book may not be suitable or applicable to particular circumstances and should not be acted or relied upon. The authors have used reasonable endeavours to ensure that the content is correct and current but do not guarantee that it is correct or current and will not be liable or responsible if it is not. In no event will the authors or any related entity of those persons, or any of their directors, principals, agents, employees or representatives, be liable for any loss, damage, costs or expense (whether direct or consequential) incurred as a result of or arising out of or in connection with this book and the content included in it in whole or in part including but not limited to any error, omission or misrepresentation. The authors also disclaim all representations and warranties, including but not limited to, warranties as to the quality, accuracy or completeness of the information of whatsoever nature and warranties of fitness for a particular purpose.

TaxFitness and Tax Planning

TaxFitness provides automated tax planning software that saves tax. See further details at www.taxfitness.com.au

Tax planning is the process used by individuals and businesses to structure their affairs to legally reduce their tax liability and make savings. This is achieved by a combination of changing behaviours and using deductions, exemptions and structures to reduce tax payable.

Who can benefit from tax planning? Its simple all taxpayers. Our research shows that 95% of taxpayers are paying more tax than they are legally required to.

TaxFitness founders Darren Gleeson (on the left),
Roydon Snelgar (centre), and Tracy James (on the right).

CONTENTS

Introduction

This book details tax saving strategies and ideas for 201 different employee occupations. It doesnt matter what the occupation is, there are tax strategies that commonly apply to that occupation.

Some tax strategies will only apply to certain occupations. Others are very versatile and equally relevant to all employee occupations.

Often employee taxpayers are unaware of all the tax saving strategies that are available. This is understandable as the Australian taxation system is extremely complicated and ever-changing. Up to date information is the key to ensuring taxpayers are not paying more tax than necessary.

The focus of this book is to educate and enlighten employee taxpayers about legal tax saving strategies that may apply to their specific occupation. Taxpayers should only pay the exact amount of tax they are legally required too and not a dollar more.

If in doubt about any tax saving strategies, we recommend professional tax advice is sought from a Registered Tax Agent.

201 Employee Occupations

Accountant

Average weekly pay: $1,400

Employment size: 189,100

Future growth: Strong

Skill level: Bachelor degree or higher

Accountants provide services relating to the preparation of financial statements, taxation, auditing, insolvency, budgeting, financial planning, and business advisory

Typical tax deductions include:

• Travel between work locations, travel visiting clients, or for training purposes.
• Phone, internet and laptop (work portion only).
• Br iefcases, handbag, man-bag or work bags.
• Professional seminars, courses, conferences and works hops.
• Reference books, technical journals and trade magazines related to work as an accountant.
• Self-education courses related to the current job.
• Home office running expenses.
• Professional memberships e.g. CPA, IPA, CA, etc.

Non-deductible expenses:

• Cost of business lunches, and attendance at sporting events, gala or social nights, concerts or other events. This is the case even if compulsory or business matters are discussed.

Accounting Clerks

Average weekly pay: $1,071

Employment size: 126,600

Future growth: Decline

Skill level: Certificate II or III

Accounting clerks monitor creditor and debtor accounts, undertake related routine documentation, and calculate and investigate the cost of wages, materials, overheads and other operating costs.

Typical tax deductions include:

• Travel between work locations, travel visiting clients, or for training purposes.
• Phone, internet and laptop (work portion only).
• Briefcases, handbag, man-bag or work bags.
• Pro fessional seminars, courses, conferences and work shops.
• Reference books, technical journals and trade magazines related to work as an accountant.
• Self-education courses related to the current job.
• Home office running expenses.
• Professional memberships e.g. CPA, IPA, CA, etc.

Non-deductible expenses:

• Cost of business lunches (even if discussing business matters).

Actors, Dancers & Other Entertainers

Average weekly pay: $600

Employment size: 6,000

Future growth: Strong

Skill level: Bachelor degree or higher

Actors, dancers and other entertainers all entertain (in one way or another). This is done by portraying roles in film, television, radio, stage productions, performing dances, or performing acts including singing, acting and dancing.

Typical tax deductions:

• Coaching classes or lessons if undertaken to maintain existing specific skills or to obtain work-related skills for use in a particular role or performance. This applies even if the training is undertaken between engagements.
• Fitness expenses if required to maintain a very high level of fitness and physical activity is an essential element in the work. For example, this is the case for a trapeze artist.
• Cost of tinted contact lenses to alter eye colour or special spectacle frames if it is required for a role.
• Cost of a particular hairstyle if it is required for a role. The cost of hairdressing specifically to maintain a required hair length or style as part of a costume for continuity purposes.
• Cost of stage make-up and cleansing materials for removing stage make-up.
• Travel to and from work if having either shifting places of work; or transporting bulky equipment or costumes.
• Travel between work locations, or for training purposes.
• Telephone, internet and laptop expenses (work percentage).