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Occupation Deductions

What are Occupation Deductions

Occupation deductions explains the typical, and unusual, tax deductions that apply to different occupations. The purpose of occupation deductions is to educate both employee taxpayers, and their accountants, about the tax deductions that apply to different occupations. 

As many tax deductions are both occupation specific, and unusual, many employees are missing out claiming tax deductions for expenses they have incurred for their job. This results in them paying more tax than they are legally required to.

How do Occupation Deductions Save Tax?

  • Employees can claim a tax deduction for expenses they have been incurring for their job, but just didn’t realise were tax deductible. 
  • Employees are educated on the deductions that apply to their specific occupation and the relevant receipts they are required to keep to maximise their tax refund. 
  • Educates accountants on the tax deductions that apply to 201 different occupations. The average accountant will simply not have the experience or knowledge on all the unusual tax deductions that apply to 201 different occupations.

Occupation Deductions Database

The occupation deductions database explains both the typical, and unusual, tax deductions that are applicable to 201 different employee occupations. It also explains what commonly claimed deductions, are simply not tax deductible.

The occupation deductions database can be used in 4 ways:

  • The occupation deductions fact sheets can be printed out and provided to every employee client at their annual tax return preparation interview.
  • The fact sheets can be emailed to clients prior to their annual tax return preparation interview to ensure they bring all the relevant receipts and records (to maximise their deductions).
  • As a reference tool for accountants to ensure they are claiming every deduction that the employee taxpayer is entitled to. 
  • As a marketing tool. For example, an accounting practice could print the nurses’ deductions fact sheet as a poster and provide it to a hospital to be hung in their lunchroom. This would generate new clients for the practice. 

View the 201 occupations here

Occupation Deductions Report

The occupation deductions report:
 
  1. Explains the typical, and unusual, tax deductions that apply to the specific occupation.
  2.  Automatically selects the 5 -10 tax strategies that apply to the specific occupation.
  3. Explains how those selected tax strategies actually work (i.e. what the tax strategy is, how the strategy works, when to use the strategy, average tax deductions created by the strategy, and the strategy implementation process).

The occupation deductions report only takes 3 minutes to prepare.

Report Preparation Process

  • Step 1 – Setup the Client and Individual Group Member
    Select the members occupation from the 201 occupation deductions database. 
  • Step 2 – Enter the Member’s Estimated Income and Expenses (optional)
    Any data entered will flow through to the occupation deductions report. 
  • Step 3 – Generate Report 
    Select ‘Occupation Report’ and the occupation deductions report is generated.

View instructions and example report here or watch our video tutorial here.

Tax Savings for 201 Employee Occupations

Tax Savings for 201 Employee Occupations details tax saving strategies and ideas for 201 different employee occupations. It doesn’t matter what the occupation is, there are tax strategies that commonly apply to that occupation. 

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.

The book can be purchased through Vivid Publishing.

201 occupation deductions book