Tax deduction for tax agent fees
- Arnold Shields
- Sep 4, 2009
- 2 min read
Updated: Jun 24
Can I Claim Tax Agent Fees on My Tax Return?
Yes, you can. Fees paid to a registered tax agent for managing your tax affairs are generally tax-deductible. Whether you’re an individual, sole trader or small business owner, claiming this deduction helps reduce your overall tax payable.
What Tax Agent and Tax Advice Costs Can You Claim?
You can claim a deduction for costs incurred in managing your tax affairs, including:
Preparing and lodging your tax return or BAS through a registered tax agent
Tax advice provided by a recognised tax adviser (a registered tax agent, solicitor or barrister)
Travel expenses incurred when travelling to obtain tax advice
Costs of appealing to the Administrative Appeals Tribunal or courts regarding your tax matters
Costs of obtaining valuations for deductible gifts or donations, or for entering a conservation covenant
Specific Claimable Expenses
Expenses related to lodging and managing your tax return can include:
Tax reference materials and guides
Fees for lodging your return via a registered tax agent
Tax advice in relation to your Family Tax Benefit claim lodged with the ATO
Communicating with the ATO regarding your tax matters
Note: You cannot claim deductions for advice provided by someone who is not a recognised tax adviser.
Claiming ATO Interest Charges
You can also claim a deduction for interest the ATO charges in certain situations, including:
Interest on late payments of taxes or penalties
Interest on increased tax liabilities following an amended assessment
Interest on adjustments to other tax liabilities such as GST or PAYG
Final Word
Managing your tax affairs properly can lead to significant deductions and savings. If you're not sure whether your situation qualifies, it's worth speaking to a registered tax agent.
Disclaimer:
The information provided in this article is general in nature and does not constitute personal financial, legal or tax advice. While every effort has been made to ensure the accuracy of this content at the time of publication, tax laws and regulations may change, and individual circumstances vary. Dolman Bateman accepts no responsibility or liability for any loss or damage incurred as a result of acting on or relying upon any of the information contained herein. You should seek professional advice tailored to your specific situation before making any financial or tax decision.
