Deductible Fees for Australians
The short answer is yes, accounting fees are deductible in Australia.
You can do this by reaching out to a registered tax agent. If in doubt, always check the Tax Practitioners Board website.
Remembering that accounting and tax fees are deducted on a cash basis. Always ensure that you have paid the fee to claim a tax deduction. Failing to do so, may result in waiting another year to make your claim.
D10 – Deductions
The deduction goes under label D10 – Cost of managing tax affairs on the tax return. Besides tax agent fees you can also deduct:
“The deduction goes under label D10..”
- Cost of travelling to meet your tax agent
- Tax reference material
- Tax courses
- Tax software
- Interest charged by the Australian Taxation Office
Where to go from here?
Navigating tax law can be confusing if you do not know where to start. In these circumstances, it is encouraged that you seek the help of the appropriate expert.
At Accodex we have a team of partners that specialize in the area of tax, covering a range of industries. Whatever your accounting needs, we have a Partner that will help your business get back on track.
“At Accodex, we have a team of partners that specialize in the area of tax, covering a range of industries.”
Keep in mind that this is general information and should ever only serve as a guide. As such it should not be taken as specific advice.
Always remember that legislation around tax is always changing. Chances are that the laws may have been updated since the publishing of the article.
This is why it is always best to consult with your local professional. Better yet, why not contact an expert from Accodex Partners.
Written By: Chris Hooper
Chief Executive Officer