As a graphic designer, art director or any media professional, you have a number of tax filing obligations and incentives. Bambridge Accountants are expert at knowing the facts. We save thousands of media professionals money every year through our wealth of Creative Industry Tax knowledge and experience.
While on and off the job every media professionals will incur work related expenses that can be claimed against tax. Having a full, in-depth knowledge of your tax entitlements will save you thousands and avoid penalties.
Below is a list of just some of the tax deductions you are entitled to are a media professional.
The money you spend on parking, tolls, taxis and public transport while working is all claimable against tax. The costs of using your own car for work, for instance when travelling to a clients premises or attending meetings is all-claimable against tax
However, please note that regular travel to and from your home and a fixed office is often not claimable.
Clothing can be an extremely useful expense to claim on your tax return. As a media professional you may have clothing that you use wholly and exclusively for work. This clothing is claimable. The cost of laundry, dry cleaning, alterations and repairs are also claimable, as well as the cost of sun protection for when you are working outside.
It is essential that you only claim clothes that are worn for the purpose of work. Part-personal clothing is not claimable. Wrongfully claiming this expense can lead to setbacks and penalties.
All costs of work-related short training courses, for instance training for software, are covered as a claimable item under tax. The costs of a self-education course run by a university (not including HECS/HELP fees) or TAFE are also claimable. If your course requires you to study, you can also claim the cost of books and stationary.
If you are a member of any organisations or magazines for work-related purposes the expense of the membership is claimable against tax.
Note: The expense must be wholly and exclusively for work-related reasons, in order to be wholly claimable. If the expense is part-personal the expense can be apportioned.