Sharks and rays are often caught as bycatch by commercial fisheries, and high incidences of bycatch are partially to blame for the declines in many populations of elasmobranchs. In an effort to reduce rates of bycatch, researchers have tested various deterrents that could benefit fisheries. Permanent magnets are one promising form of bycatch reduction device, yet their efficacy has only been tested for hook-and-line fisheries with variable results. Here, we examined the potential benefits of permanent magnets on an ocean fish trap fishery targeting snapper (Pagrus auratus) where more than 10% of the total catch is comprised of unwanted elasmobranchs and the presence of elasmobranchs reduces the catch of target species. Over 1000 fish traps were deployed in a fishery-dependent survey in New South Wales, Australia. Standardised catch rates indicate that the incorporation of magnets into fish traps significantly reduced incidences of elasmobranch bycatch (mainly Brachaelurus waddi) by over a third, while increasing the amount of target fish caught by an equivalent amount. Together these results suggest that magnets can be used as an effective bycatch reduction device that reduces incidences of elasmobranch bycatch while increasing the profitability of fish traps for fishermen. Future studies should aim to replicate these results in areas where different species of elasmobranchs occur.