With the end of the financial year rapidly approaching, it won’t be long before its time to lodge your income tax return for 2017/18. To get the best possible tax outcome, it’s essential that you understand what you can – and what you can’t – claim against your taxes, so here’s my checklist of the deductions all workers in the security industry should be considering claiming this tax year.
Remember this list isn’t exhaustive and not all the deductions will apply to everyone. Similarly, you may be entitled to some deductions that aren’t listed here. Make sure you get professional help from a tax agent like H&R Block to ensure that you’re getting your return right!
Travel and meals
You can’t normally claim the cost of the daily commute to and from work. The only exception to that rule is if you have to carry bulky tools or equipment to and from work and there is no secure place of storage for them at your work. Travel between home and work does not become deductible just because you may be on call at inconvenient hours, or work shifts.
You can claim the cost of travelling between two different work sites for one employer or between two different employers.
If you plan to use your own car for work purposes, you can either claim a set rate of 66 cents per kilometre for all work journeys or you can claim the actual expenses incurred. If you choose the latter, you’ll need to keep receipts for all costs and also keep a logbook of all your journeys for a 12 week period…Click here to read full article.