Your professional headshots and personal branding photography could be a Tax Deduction
According to Ryan Miller, CEO of award-winning bookkeeping and accounting firm, Keeping Company, headshots are tax-deductible when considered an advertising expense under the Income Tax Assessment Act 1997, section 8-1.
“Headshots are usually used by businesses to raise the profile of employees with clients or customers through their placement in marketing material, websites, social media or other marketing channels and therefore can be considered an advertising expense. That means that businesses can claim a tax deduction for any expenses incurred relating to headshots within the same income year those costs were incurred.”
“If the headshots are used privately as well as for business use, then the business can only claim the portion used for business purposes. Understanding what makes a professional headshot can help determine business versus personal use. For example, if a business owner uses the headshots for private social media accounts which are not related to the business, then this could be taken into account through 90 per cent being apportioned to the business for example. Businesses should also remember to keep accurate records of any headshot expenses as they occur which will make things easier come tax time.”
To claim in this tax year, you will need to have had or have your headshot done before June 30. If you’re considering professional headshot costs for budgeting purposes, it’s worth understanding the investment.
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