Accountant / Bookkeeper

Maximize your own tax return as a finance professional.

Allowable Expenses

• Professional Bodies — CPA, CA, or IPA membership fees.
• Software — Xero, MYOB, or QuickBooks practice software.
• CPD & Training — Mandatory professional development courses.
• Insurance — Professional indemnity insurance for tax agents.

Tax Tips

• All your professional dues are fully deductible.
• Claim the cost of your office equipment and software.
• Practicing certificates and licenses are deductible.
• If your practice turnover exceeds $75,000, register for GST — accounting services are taxable supplies. Use the quarterly BAS to remit GST collected and claim input tax credits on your own business expenses.

Frequently Asked Questions

Are my CPA fees deductible?

Yes, professional body memberships are fully deductible.

Can I claim for Xero subscriptions?

Yes, software used for your practice is deductible.

Are the costs of maintaining a tax agent registration deductible?

Yes. If you are a registered tax agent or BAS agent, the annual registration fee paid to the Tax Practitioners Board, plus the cost of complying with CPD requirements, are fully deductible professional expenses.

Can I deduct the cost of professional indemnity insurance as an accountant?

Yes. Professional indemnity insurance is a mandatory requirement for tax agents and accountants in practice. The premium is a fully deductible business expense. Policies specifically covering tax advice, BAS lodgement services, and bookkeeping errors are all deductible.