We are back from our Singaporean and Malaysian business trip and are ready to ramp things up for Content Savvy. With the first quarter of this year done and dusted, I want you to stop to reflect on what you are most proud of having achieved so far this year.
Reflect on what is working well for you and what can be improved upon. We had a lot of time to sit and reflect on our eight hour flight home from Malaysia – and we are feeling rejuvenated, excited and motivated to smash out the rest of 2018!
Today I wanted to share a post for my fellow writers out there, particularly the ones I have met through my wonderful community on Instagram. Before we know it, another three months of the year are going to fly by, July will come around again and you will be getting your tax return in order!
Are you a journalist or copywriter? Are you unsure of what you can and can’t claim come tax time? This post is for you!
Please note: the following information applies to businesses registered with the Australian Taxation Office (ATO), for international readers, please refer to your local taxation authority for accurate information.
Any expenses that you incur that are directly related to earning your income can be claimed as a tax deduction. For writers and journalists, these expenses may include:-
THE USUAL STUFF:
- Home office costs / equipment (internet / computer / phone / repairs)
- Meals (only if you have worked overtime)
- Travel (car / public transport)
- Self-education and training (online courses, resources, books)
If some of these expenses are used for both work related AND private use, you can only claim the work related portion as a tax deduction. We recommend using a log book to track the mileage you may use for any client meetings. QuickBooks is a great app to track mileage, we use it all the time! Other bills such as your phone bill may also need to be portioned to separate work related calls and private calls, as well as work related data usage, and recreational usage.
Extra costs such as vehicle depreciation, fuel, servicing, insurance and registration can also be claimed. Depreciation on other big items such as your computer can also be claimed.
THE FUN STUFF:
Did you know?
As a writer or journalist you can also claim a dedication on magazines and newspapers if you have bought them as a means for research on a given topic which you may be writing about! How cool is that!? You can also claim a deduction for attending social functions if you are required to, as a writer, report on the function.
For a comprehensive list of what you can claim, head to this link on the ATO’s website.
Are you a fellow copywriter who has some questions? Get in touch for a chat!