School Building Fund Levy

Tax season is almost upon us! At this time of the year, we often field questions about deductibility of various expenses and donations. Here’s a common asked one – School Building Fund Levy.

Gifts to a school building fund will qualify for a tax deduction where the school building fund has been endorsed as a Deductible Gift Recipient (DGR) by the Australian Taxation Office (ATO) and no material benefit is received by the donor. To be tax deductible, gifts must have the following characteristics:

  • They are made voluntarily.
  • They do not provide a material benefit to the donor.
  • They essentially arise from benefaction.

Gifts to a school building fund will not be tax deductible where the following material benefits are received by the donor:

  • A reduction in school fees.
  • The grant of scholarships to nominated students.
  • Raffle tickets.
  • Tickets to functions.

What You Need To Do

  • Prior to making a donation, confirm with the school that the school building fund is a DGR.
  • Keep all receipts for contributions to the school building fund.
  • Ensure that no material benefits were received by yourself or your family when making the donation.

 

Unsure whether a donation which you made is tax deductible? Send us all your receipts when requesting for your tax return to be prepared. Our tax accountants will check and advise on tax deductibility. Contact us for assistance with your tax returns today!

When Bags Could Be Tax Deductible

Handbags, briefcases and satchels purchased to carry items for work purposes (such as laptops, tablets, work papers or diaries) may be deductible. The deductibility of the bag will depend on:

  • Cost – It’s easier to justify to the ATO that a $300 bag is for work purposes than a $10,000 Prada bag.
  • Type of bag – Large bags that can actually carry work items will more likely be deductible (than small handbags that only fit keys and lipstick).
  • What sort of use – Having a bag exclusively for work purposes will maximise deductions.

3 different scenarios of usage

  • If a bag is used for predominantly personal purposes, such as carrying a lunch box as well as beauty and hygiene products, then the purpose is private and a tax deduction cannot be claimed.
  • If a bag is used predominantly for work purposes eg. to carry a laptop and work diary, and there is another bag used for personal items, then the bag that is being used for work purposes is considered to be used for the production of assessable income, which allows for a full tax deduction.
  • If a bag is regularly used to carry a small laptop and client paperwork to and from work, but is also used to carry personal items and is used outside of work hours, then the bag is considered to be used for both income producing and private purposes, so the deduction would need to be apportioned between both uses.

Types of Tax Deductions

The type of deduction you claim depends on the cost of the asset:

  • for items that don’t form part of a set and cost $300 or less, or form part of a set that together cost $300 or less, you can claim an immediate deduction for their cost
  • for items that cost more than $300, or that form part of a set that together cost more than $300, you can claim a deduction for their decline in value.

News Article: In the bag: tax deductions that didn’t exist a decade ago

 

Unsure whether an expense which you incurred is tax deductible? Send us all your receipts when requesting for your tax return to be prepared. Our tax accountants will check and advise on tax deductibility. Contact us for assistance with your tax returns today!

When Dogs Could Be Tax Deductible

Dogs can be a legitimate tax deduction when used in the following ways:

  • On farms for rounding up sheep, cattle and other livestock.
  • Guard dogs at factories.
  • Guarding tradespersons’ tools on work sites from theft.

The purchase cost of the dog (and training fees) are not deductible as they are capital costs.

In contrast, vet bills and pet food bills may qualify as a tax deduction. Whether an individual’s dog costs are deductible will depend on the facts of each case and whether the dogs are actually helping to generate income.

For this deduction to be successful with the ATO, the taxpayer must be able to explain how the dog generates income. If the dog is mainly used for private and personal reasons i.e. the family pet, then no expenses will be deductible.

ATO ID 2011/18: Deductions: guard dog expenses

 

Unsure whether an expense which you incurred is tax deductible? Send us all your receipts when requesting for your tax return to be prepared. Our tax accountants will check and advise on tax deductibility. Contact us for assistance with your tax returns today!

Claiming mobile phone, internet and home phone expenses

Using your own phone or internet for work purposes is deductible if you have paid for these costs (i.e. they are not reimbursed), and have records to support the claim (i.e. receipts and diary of usage). If the phones or internet is used for both work and private use, you need to work out the percentage that reasonably relates to your work use.

Suggestions on how to substantiate the expenses:

  • If the deduction is greater than $50, you need to keep records for a four-week representative period (i.e. diary entries, electronic records and bills).
  • Letter from the employer confirming that you are required to use your phones and/or internet for work purposes.
  • Where usage is itemised on your bills, you need to determine your work use percentage over a 4-week period on the basis of the number of work calls made, time spent on work calls or data downloaded for work purposes.
  • Where usage is not itemised on your bills, you calculate your work use percentage by keeping a record of all work related calls over a 4-week period.
  • Where phone and internet services are bundled, and you are claiming deductions for work-related use of one or more services, the costs need to be apportioned based on the work use for each service.

ATO Website: Claiming mobile phone, internet and home phone expenses

News Article: ATO cracks down on home office claims

 

Unsure whether an expense which you incurred is tax deductible? Send us all your receipts when requesting for your tax return to be prepared. Our tax accountants will check and advise on tax deductibility. Contact us for assistance with your tax returns today!

Are You a Resident or Non-Resident for Australian Tax Purposes? Don’t Get Caught Out!

In order to know your tax responsibilities in Australia, you have to know whether you are considered a resident or non-resident for Australian tax purposes. This may seem clear but if you are working overseas, travelling often, or you do not have a permanent home in Australia, you may think you are exempt from Australian taxation laws when you really aren’t.

What is a Resident for Tax Purposes?

If you reside in Australia, you have a home and you’re settled in Australia, it is quite clear, according to the ATO (Australian Taxation Office), that you are considered a resident and that you are subject to Australian taxation laws. But if your situation is not as clear, you might want to check with the ATO to see whether you are considered a resident.

The ATO has a number of detailed residency calculators on their website which you can access here. Remember that you only need to pass one of these to be considered as an Australian resident for tax purposes.

The reason why residency for tax purposes is complex is because there is not one defining factor that confirms your status. The ATO looks at a number of factors in your circumstance to define your status. Your citizenship may have nothing to do with your tax responsibilities. Even if you are a citizen of another country, you can be considered a resident of Australia for tax purposes, depending on your activities.

For example, you can be considered a resident if you:

  • Perform your day to day activities, especially those of a leisurely kind, in Australia, even if you are moving often without a permanent residence.
  • Have a business, assets, or a family in Australia, even if you stay elsewhere.
  • Have the intention to stay in Australia as soon as you arrive.

Some of your responsibilities as a resident for tax purposes include:

  • Lodging tax returns
  • Declaring all sources of income receivedworldwide, meaning all income earned in Australia as well as overseas
  • Paying the 2% Medicare levy, which automatically comes out of your income, if you earn over $18,000 a year

What is a Non-Resident for Tax Purposes?

If you do not pass the tests provided by the ATO, you may be considered a non-resident (also called “foreign resident” meaning that you do not need to claim your overseas income in your Australian tax return. But it’s best to have the ATO or an accountant look into your situation to make sure you do not make an incorrect conclusion.

As a non-resident for tax purposes, you will have to lodge a tax return if you earned any income in Australia (eg. rental income from investment properties located in Australia, shares traded on the Australian Securities Exchange, etc.).

Why Does All This Matter?

In 2016, a Malaysian investor suffered the consequences of assuming his non-residency status for his tax responsibilities in Australia. Sir Yii Ann Hii was faced with an order from the ATO to pay $50m in taxes because ATO had considered him to be an Australian resident for tax-purposes for a number of years, simply because his wife and children lived in Australia. Sabrina Ong, who is a partner here at Fortiz Accountants, commented on this case, informing of the many ways that the ATO can decide your residency status. Read more here.

Your Worldwide Tax Responsibilities

If you are a resident and you are claiming income from Australia and overseas, it’s possible that that income overseas is also subject to taxation laws in its source country. Australian’s double tax agreements (DTA) ensures that you don’t have to get taxed twice for the same income.

For a comprehensive list of countries with a tax treaty with Australia, click here.

What You Should Do Now

Know your status as soon as possible to avoid incurring payments that you are not aware of. Refer to the ATO’s comprehensive residency tests (above) to see whether you are subject to paying Australian taxes and to know what you have to claim in your next tax return. If you are still unsure about your tax responsibilities as a resident or foreign resident, an accountant will be able to help you!

 

Disclaimer: This blog post has been simplified to cover the common scenarios. This should not be construed as advice from Fortiz Accountants. There are many other factors to be considered and each case is unique. Therefore, we encourage readers of this blog post to contact Fortiz Accountants for assistance with their specific circumstances.

 

Our accountants are well-versed in the complexities of Australian taxation laws. If you are unsure about your residency status, or youre concerned about income from employment and investments overseas, contact our accountants here at Fortiz Accountants! As registered tax agents, we can also help you prepare and lodge your tax returns. Most importantly, we can help you to ensure that you fulfil all your tax obligations in Australia.

Contact us and see how we can assist you!

What To Do Now That You Have Just Migrated to Australia

Are you a new migrant to Australia? Welcome! Here is a list of important things to do and consider now that you’ve arrived in Australia.

Get a Mobile Phone in an Australian Network

A mobile phone with connection to the Australian network will make sure that you can keep in touch with your friends and family in Australia and overseas. You might also need to make a lot of calls within the first few weeks of your arrival, such as calling for a taxi service. A mobile phone with internet access will also give you access to most everyday services online, without needing access to a computer or Wi-Fi.

Consider:

  • Pre-paid or post-paid (contract) phone plans? Note that post-paid phone plans will require you to make regular payments monthly (depending on the plan) and might have extra requirements.
  • Which network? Australia has plenty of network providers, such as Optus, Telstra, or Vodafone. Do your research and see which provider has a plan that will suit your needs or price range.

Find a Place to Stay

Do you have a place to stay? You may choose to rent an apartment or house before choosing where you would like to live long-term.

Here are a few rental sites to get you started:

Domain

property.com.au

realestate.com.au

Do your research in advance because your choice will depend on your needs, preference or budget. Know that there are a lot of cheaper options for you in the interim period, such as hostels and Airbnb, instead of hotels.

Know How You Will Travel

Do you know how you will get where you need to go? A few transportation options are renting/leasing a car, buying a car, or public transportation.

Consider:

  • Renting and buying can end up costing you the same amount. You can find some guide questions to help you decide here .
  • Make sure you have at least third party insurance for your car! This will save you money if you are ever in an accident.
  • Public transport may be adequate for you if you are intending to mostly travel around Melbourne’s CBD. Driving and parking is difficult in the city! Find out more about Melbourne’s public transport here.

Convert your Driving Licence

If you hold an international driver license, VicRoads may or may not recognise your licence or your driving experience depending on which country your license was issued to you or your age. Note that your right to drive in Victoria using your foreign license also depends on whether you hold a temporary or permanent visa.

Consider these:

If you are staying in Australia for more than 6 months, you must get a Victorian issued drivers’ license.

If you plan on using your license for identification purposes, your license must be issued in Australia.

This is especially important for the 100-point ID check that is used by the Australian government in order to confirm your identity. You will need to pass the 100-point ID check to register for some of the services on this page, such as Centrelink.

Register with Centrelink

Centrelink is a government program, part of the Department of Human Services, in charge of providing government payments to Australians, visa holders, students, seniors and more. For example, if you have dependent children, you can be eligible for the Family Tax Benefit and receive payments for your family. Or if you haven’t found employment after a certain amount of time, you can receive unemployment payments while you continue your search for a job.

Visit the Centrelink website to see a range of benefit payments you can be eligible for.

If you have never dealt with Centrelink, you will need to make an appointment at your nearest Centrelink office and apply for a Customer Reference Number (CRN) with valid documents to confirm your identity.

The CRN acts as a key for your Centrelink records. Once you receive your CRN you can create an account online and start using services.

Enrol for Medicare

Medicare is a government scheme which offers a range of services, including free or discounted access to public health services, doctors and emergency treatment in a public hospital. In order to access these services you must enrol for Medicare and receive a Medicare card.

To to enrol, visit: How to enrol or re-enrol in Medicare.

Start Looking For a Job

This will be one of your priorities but it can also be very challenging. Here are few sites where you can start your job hunt:

SEEK

Indeed

Job Search Australia

But don’t forget:

  • You may need to re-write your CV. What Australian employers expect from your CV to look like may be very different from what’s expected in your home country.
  • You may wish to look for a template on the internet or seek the services of a resume writer (just search up “resume writing services” on the internet and see what’s available for you).
  • Apply for as many jobs as you can. It will increase your chances of being hired.
  • Network, network, network! Some jobs are not advertised.
  • Remember that some jobs may require additional certification, such as those around children or those involving food and drinks.

Apply for a Tax File Number (TFN)

As a resident in Australia, a Tax File Number (TFN) is needed for many aspects of your life here.

You will need it in order to start getting paid by your employer, to access some government services/benefits or to apply for an Australian Business Number (ABN) which you will need to start a business. Holding a TFN will ensure that you are taxed correctly and will also allow you to lodge your mandatory tax return.

Your tax file number (TFN) is your personal reference number in the tax and super systems.It is an important part of your tax and super records as well as your identity, so keep it secure. Your TFN is yours for life. You keep the same TFN even if you change your name, change jobs, move interstate or go overseas.

Visit the Australian Taxation Office (ATO) to apply for a TFN.

Set Up a Bank Account

There is a large range of banks in Australia to choose from. It’s best to do your research to find the bank that will suit your needs. You will also need to provide your bank details to your employer once you have secured a job.

Be sure to provide you TFN to your chosen bank so they do not withhold tax from the interest you earn in your account at the highest marginal tax rate (currently 45%).

Apply for Superannuation

Superannuation is compulsory when you work in Australia. This is basically a retirement fund that you will be able to access after you retire. Your employer is liable to pay the superannuation guarantee contribution (currently 9,5%) on your ordinary time earnings into your chosen fund.

In most cases, you have the option of choosing your superannuation fund or allowing your employer to choose for you. More information is available here.

Understand your Australian Tax Obligations

Now that you are in Australia, it is very important to understand your tax obligations. Did you know that you have to claim your overseas income for taxation? This does not just mean money earned from employment overseas, but also income earned from investments, businesses and pensions. You will penalised if withhold this information on your claim, even if it is unintentional. An accountant can help you avoid this trouble early on.

Disclaimer: This blog post has been simplified to cover the common scenarios. This should not be construed as advice from Fortiz Accountants. There are many other factors to be considered and each person’s situation is unique. Therefore, we encourage readers of this blog post to contact Fortiz Accountants for assistance with their specific circumstances.

 

If you need help in understanding your tax responsibilities in Australia as a new migrant we can help you! Our accountants can help you make sure all your financial records, both in Australia and overseas, comply with Australian law. We can help keep track of your finances and ensure you successfully lodge your tax returns. Additionally, most of our accountants and staff have either been there, done that, so they are more than happy to advise you.

 Contact us and see how we can assist you!

Can I Claim Deductions for Repair Expenses Incurred on a Property that was my Home?

A question that our firm is frequently asked is, ‘I am about to move out of my home and plan to do some repair works on the property before I rent it out. Are the costs of such repairs tax deductible?’

This is not a straightforward question to answer as there are various factors to consider.

Generally, a deduction is allowable under section 25-10 if, when the repair expenditure is incurred in a year of income, the property is held, etc., by a taxpayer for income producing purposes:

(a) even though the property has previously been held, etc. by the taxpayer for non-income producing purposes (eg. own home or principal place of residence); and

(b) even though some or all of the defects, damage or deterioration arise from, or are attributable to, the taxpayer’s holding, etc., of the property before its holding, etc. for income purposes, and

(c) provided that the repair is not capital expenditure.

 

Besides these, there are other matters to consider:

1. Whether the repair is classified as an ‘initial repair’

An ‘initial repair’ is repair that was due when the property was acquired and repaired after the acquisition of a property. In other words, the property was not in good order at the time of purchase. If a repair is classified as an ‘initial repair’, then the full amount is not immediately tax deductible and will have to depreciated over a number of years.

2. Repair versus Improvement

Repair involves restoration of a thing to a condition it formerly had without changing its character. Renewal, replacement or reconstruction of the entirety (ie. the whole or substantially, the whole)  of a thing or structure is an improvement rather than a repair.

Repairs are immediately deductible. However, improvements must be depreciated over a number of years.

For example, repairing part of a damaged fence is a repair, but replacing the entire fence is an improvement.

3. Timing of Repair

The timing of repair must be considered when there is private use of the property (eg. as principal place of residence before or after it is available for rent).

If the property was occupied for private use prior to being rented out, then the following must be considered:

  • Repair expenses are incurred after the property is advertised for rent with broad exposure to potential clients (this excludes advertising by word of mouth), and
  • Repair expenses must be incurred in the same financial year that the property generates an income.

For example, a rental property may be vacant but is advertised as being available for rental. Before the tenant moves in, storm damage occurs. Expenditure to repair the damage is tax deductible under Section 25-10 because the property is held for incoming producing purposes.

4. Free standing versus permanent fixtures

The cost of replacing free standing items such as ovens, refrigerators or furniture is capital in nature, which means that they have to be depreciated over a period of time.

The cost of replacing permanent fixtures such as locks and exhaust fans are immediately deductible in the year that they are incurred.

 

Additional Reading Material: Tax Ruling TR 97/23

 

Disclaimer: This blog post has been simplified to cover the common scenarios. This should not be construed as advice from Fortiz Accountants. There are many other factors to be considered and each case is unique. Therefore, we encourage readers of this blog post to contact Fortiz Accountants for assistance with their specific circumstances.

 

If you own an investment property or are thinking of purchasing one, it’s always wise to seek advice from a property-savvy accountant – that’s us! Make an appointment with us at either one of our offices to find out how we can assist you.

Newly Introduced Taxes & Surcharges on Properties Owned by Foreigners

The Melbourne & Sydney property markets have been booming for some time now. In a bid to address the lack of housing supply available, the Australian state and federal governments have introduced a number of new taxes and surcharges on properties owned by foreigners.

If you are a foreigner who owns properties in Victoria, here’s a brief summary of some taxes and surcharges which may apply to you.

Vacant Residential Land Tax (VIC State Government)

From 1 January 2018, a vacant residential land tax applies to homes that were vacant for more than six months in the preceding calendar year, if the home is located in one of 18 municipal council areas.

The 18 areas are Banyule, Bayside, Boroondara, Darebin, Glen Eira, Hobsons Bay, Manningham, Maribyrnong, Melbourne, Monash, Moonee Valley, Moreland, Port Phillip, Stonnington, Whitehorse & Yarra.

The vacant residential land tax is assessed by calendar year (1 January to 31 December) and the six months do not need to be continuous.

This is an annual tax set at 1 per cent of the capital improved value (CIV) of taxable land. For example, if a vacant home has a CIV of $500,000, the tax will be $5000.

The CIV of a property is a value of the land, buildings and any other other capital improvements made to the property as determined by the general valuation process. It is displayed on the council rates notice for the property.

This tax is not payable if you are exempt from paying Land Tax (for example, if it is Crown land or primary production land).

This vacant residential land tax has a self-reporting requirement which means you are required to notify the State Revenue Office (Victoria) if you are liable to pay the tax.

Further reading: Vacant Residential Land Tax and FAQs on Vacant Residential Land Tax

Annual Vacancy Fee (Federal Government)

The annual vacancy fee will be levied on foreign owners of residential real estate where the property is not occupied or genuinely available on the rental market for at least six months in a 12 month period.

Generally, the vacancy fee payable will be equivalent to the residential land application fee that was paid by the foreign person at the time the application for foreign investment approval was made to purchase the property.

The vacancy fee applies to foreign persons who make a foreign investment application for residential property from 7:30PM (AEST) on 9 May 2017 and to foreign persons who are purchasing in a development that has a New Dwelling Exemption Certificate which was applied for after 7:30PM (AEST) on 9 May 2017.

Foreign owners of residential real estate will be required to lodge an annual vacancy fee return with the Australian Taxation Office (ATO) after the end of the 12 month period (vacancy year) in which the foreign person may be liable for the vacancy fee for their property.

This annual vacancy fee has a self-reporting requirement which means you are required to notify the FIRB if you are liable to pay the tax.

Further reading: Annual Vacancy Fee

Absentee Owner Surcharge

If you own property in Victoria, you may have to pay land tax. An absentee owner surcharge of 1.5 per cent applies from 1 January 2017 to Victorian land owned by an absentee owner. The absentee owner surcharge is an additional amount that applies over the land tax you pay at general and trust surcharge rates.

If you are an absentee owner at 31 December, the surcharge will apply in the following land tax year.

The surcharge is calculated on the total taxable value of Victorian land you own and will be included on your Victorian land tax assessment. Depending on how and who owns the land, the surcharge also applies to jointly owned land.

If your land attracts special land tax, you’ll pay an absentee owner flat rate of 6.5 per cent from 1 January 2017 (previously 5.5 per cent).

The surcharge does not apply if land is exempt from land tax or if the total taxable value of your land(s) is below the threshold. It is also not payable if you are an Australian citizen or Australian Permanent Resident.

The absentee owner surcharge has a self-reporting requirement which means you are required to notify the SRO if you are liable to pay the tax.

Further reading: Absentee Owner Surcharge

Foreign Resident Capital Gains Withholding Taxes

The foreign resident capital gains withholding taxes is applicable when a foreign resident disposes of certain taxable Australian properties.

For all Contracts entered from 1 July 2017, if an owner sells a property for a price of $750,000 and above, the purchaser of the property is required to withhold 12.5% of the purchase price and pay this amount to the ATO.

Your conveyancer will be able to assist with this as part of their services for the settlement of the property transaction.

Further reading: Foreign Resident Capital Gains Withholding Taxes

 

All of these taxes and charges carry heavy penalties for non-compliance and the Government’s standard policy is that ignorance of the law does not excuse you from having to comply with that law.

Confused or worried about your situation? Make an appointment with us at either one of our offices to find out how we can assist you.

Dividend Deductions

Possible Deductions

  • Interest and borrowing costs on loans where the borrowed funds are used to buy shares.
  • Ongoing management fees paid to financial planners, stock brokers, and investment managers.
  • Travel expenses for going to visit investment managers, attend company meetings, etc.
  • Investment journals, subscriptions, and training.
  • Computer depreciation and software programmes.
  • Telephone, internet and home office running costs.

Interest and Borrowing Costs

If you borrow money to buy a share portfolio, you can claim a tax deduction for the loan interest. However, if the loan has a private component, you will only be able to claim interest incurred on the part of the loan used to acquire the shares.

The benefit of such a strategy is that the interest expense can be used to offset any dividend income received, thus freeing up franking credits that can be offset against other taxable income.

Investors who use this strategy hope that their shares increase in value under this strategy and any capital gains are only realised in a later year when the taxpayer is on a lower tax rate, for example, in retirement.

However, be aware that borrowing is a good strategy in a rising market, but it can multiply any losses in a falling market. The last thing you want is a loan to repay but no shares to show for it. Don’t consider borrowing if you are new to investing.

Records You Need To Keep

Proper records must be kept, regardless of whether you use a tax agent to prepare your tax return or do it yourself.

You must keep:

  • your acquisition and disposal statements (your ‘buy’ and ‘sell’ contracts) – keep these records for five years from the date you dispose of your shares
  • your dividend statements – keep these records for five years from 31 October or, if you lodge later, for five years from the date you lodge your tax return.
  • invoices/receipts for all deductions claimed.

You will receive most of the records you need to keep from:

  • the company that issued the shares
  • your stockbroker or online share trading provider
  • your financial institution, if you took out a loan to buy the shares.

ATO website: Shares: helping you to avoid common mistakes

 

Unsure whether an expense which you incurred is tax deductible? Send us all your receipts when requesting for your tax return to be prepared. Our tax accountants will check and advise on tax deductibility. Contact us for assistance with your tax returns today!

Tax Deductions for Construction Industry

As a general rule of thumb, work-related expenses are tax deductible if:

  • they were paid by a you and were not reimbursed by your employer
  • they relate directly to earning your income
  • you have a record to prove it.

If the expense was for both work and private purposes, you can only claim a deduction for the work-related portion. Work expenses reimbursed to you by your employer are not deductible.

ATO may seek information from your employer if they think you have claimed a deduction for an expense that you have already been reimbursed for.

List of Possible Tax Deductions

  • Motor vehicle travel to and from work if having either shifting workplaces (working at more than one site each day before returning home), or transporting bulky equipment.
  • Motor vehicle travel between job sites, to pick up materials, or attending training courses.
  • Computers, tools and equipment.
  • Dogs, when used at worksites to guard the electrician’s tools against theft. The purchase cost of the dog and training fees are not deductible as they are capital costs. In contrast, vet bills and pet food bills may qualify as a tax deduction.
  • Phone and internet – work %.
  • Overnight travel expenses visiting clients or attending different workplaces – includes meals and accomodation.
  • Protective clothing including sun-protection clothing, safety-coloured vests, steel-capped boots, gloves, overalls, and wet weather gear.
  • Overtime meals – if overtime meal allowance received under an industrial award.
  • Sun protection costs including sunglasses and sunscreens.
  • Union fees, licences, registrations and subscriptions.
  • Courses, seminars and self-education expenses.
  • Home office running expenses.
  • Compulsory work uniform branded with the employers logo.

ATO website: Tradesperson: work-related expenses

ATO poster: Tradesperson

 

Unsure whether an expense which you incurred is tax deductible? Send us all your receipts when requesting for your tax return to be prepared. Our tax accountants will check and advise on tax deductibility. Contact us for assistance with your tax returns today!

1 2

Search

+