Yesterday I received a magazine in the mail which is part of a subscription I received as a gift – I’m so excited!
As an accountant, I need to do LOTS of reading to keep up to date with the legislation, rules and regulations affecting our industry, so it’s nice to sit back and relax with something “non-work” related.
But did you know that there are actually some instances where you may be eligible to claim a tax deduction for a magazine subscription?
You may be able to claim a deduction if:
- The magazine or journal is directly related to your income earning activities
- The magazine or journal is not general in nature
- You pay for the subscription yourself (ie: it is not reimbursed)
- The amount does not form part of a fringe benefit arrangement
It’s definitely worth discussing with your tax agent.