It can be a bit tough wondering what your tax obligations are and how you can maximise your tax refund. Well wonder no more. Gotax has you covered. So you’ve got some idea, we’ll cover some of the basic tax deductions you can get as a retail worker, but remember, everyone has a different situation and as such different tax deductions will apply.
You obviously need to declare all your income from your employer, including wages, salaries, commissions, bonuses, allowances, tips and fringe benefits. Don’t forget the Tax Office wants you to declare all of your income (from anywhere) that you have received. Examples include things like interest, dividends, rental income or capital gains. Most of this occurs within the Gotax prefill process, you do however, need to make sure it’s correct.
For claiming deductions there is one basic rule and it goes something like this.. did you spend any money (and not get re-imbursed) for expenses that directly relate top the performance of your work duties? If yes then you’ve passed the first hurdle. And of course, make sure to keep records of those expenses, such as receipts, invoices, bank statements, log books or diary entries. If you haven’t already done so, DOWNLOAD, the Gotax Deduction Grabber App from Google or iPhone.
These are some of the common deductions that retail workers can claim:
Clothing and laundry expenses:
You can claim the cost of buying, hiring, repairing or cleaning a compulsory or registered uniform that has your employer’s logo or name on it. You can also claim the cost of protective clothing that you need for your work, such as masks, gloves or aprons. You can’t claim the cost of conventional clothing that you wear for work, even if it is required by your employer or you only wear it at work.
Car expenses:
You can claim the cost of using your car for work-related purposes, such as travelling between different workplaces for the same employer or to a second job. You can’t claim the cost of travelling between home and work, unless you have to carry bulky tools or equipment that you need for work and can’t leave at work. You can use either the logbook method or the cents per kilometre method to calculate your car expenses.
Self-education and study expenses:
You can claim the cost of courses or training that directly relate to your current job, such as a customer service course or a certificate in retail management. You can’t claim the cost of courses that are designed to get you a new job or a higher income. You can claim expenses such as tuition fees, textbooks, stationery, internet access and travel costs.
Other work-related expenses:
You can claim the cost of other expenses that are necessary for your work, such as technical or professional publications, union fees, phone calls, internet access, home office expenses and tools or equipment. You can only claim the work-related portion of these expenses and you need to apportion them if you also use them for personal purposes.
To make sure you don’t miss out on any deductions or pay more tax than you need to, it’s always a good idea to talk to the professionals, that’s us, Gotax. At Gotax, we have experienced and qualified tax agents who can help you with your tax return and maximise your refund.
Call us today on 398813029 to book your appointment to get your refund sooner.