Tax Deductions for Accountants

Some deductions that may be available to accountants include:

• Professional body memberships (e.g. CA, CPA, NIA);

• Course fees for Professional Training (such as CA program) as well as professional development courses;

• Annual subscription for Tax Agents Board;

• Memberships to accounting technical journals and publications such as the Taxpayer;

• Professional Indemnity Insurance;

• Travel costs to visit clients;

• Phone calls to clients; and

• Calculators and software (depreciable if over $300).

Accountants may also be entitled to general tax deductions that are not work specific, such as investment deductions or car expenses deductions.