Teaching, tutoring, coaching or delivering training digitally has become an essential part of the freelance gig industry. There are over 15 popular online platforms across Australia that offer hundreds of courses in all sorts of subjects, activities and specialisations. 

If you are a digital coach, it is essential to have a strong business model that markets your courses and progressively increases your revenue. Whether your clients interact with you on a platform or through your independent network, it is important to stay on top of both finance and management together. A perfect balance between the two should ideally set you on the path of making six figures. 

Most online coaches earn between $75,000 to $100,000 every year depending on their courses, demand for their expertise and other factors including competition in the same field. However, their real success as sole traders can be mapped by the amount of business savings at the end of the year. This also greatly helps to forecast future profits!

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Here are 5 deductible expenses that will increase your annual savings by at least $3000

Home-office expenses 

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Since you are a digital freelancer and essentially work from home, all of your expenses including telephone bills, electricity, maintenance and repair, and rent comprise your office expenses. 

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MyGigsters helps you automatically track these expenses and lodge them in time for maximum tax returns that save you over $1500 at the end of the year!

Subscriptions

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This is a lesser known hack, you can lodge all of your magazine, streaming and periodic subscriptions for tax returns!

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Yes, even OTT and info-tainment streaming services count as business resources because oftentimes these platforms are loaded with documentaries and other infotainment programs that help you upskill and develop your knowledge base. 

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You can also lodge for return the expenses incurred on customer management tools and softwares that charge you periodically. Or subscription to video conferencing and networking platforms where you engage with your clients. 

Fees or charges for listing or promotion 

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If you have a payment set up for websites or apps where you list or promote yourself as a mentor, coach or tutor, those expenses are deductible as well and can save you over $500 every year! 

Computer, equipment and accessories

Feel confident to count your internet expenses, computer maintenance and cyber security products as deductible business expenses. These are essentials for any digital entrepreneur besides any other equipment that you may decide to purchase for demonstration or facilitation of your courses. 

GST

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Last but not the least, as obvious as it is, please remember to include your GST returns into your yearly savings. Any service or resource which you opt to purchase solely for your business as an online mentor should be lodged for GST return.

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It is important to keep in mind that the deadline for lodging GST returns every year for self-employed and freelancers is different from the deadline for income tax returns. Tracking your deductible expenses regularly will maximise your tax returns by at least $500!

Choose MyGigsters for all of your tax needs, including BAS and GST returns. Download the app today and lodge your taxes at an unbelievably pocket-friendly fee!