Tradies need to make use of all the available tax deductions to maximise the fruits of your labour! Have a look at some of the common deductions you can claim below and be sure to keep your receipts throughout the year.
Transportation tax deductions for tradies
- Motor vehicle expenses are generally tax deductible if you need to travel between sites or to pick up supplies and materials. Carrying bulky tools means you can claim transportation to and from work
- Work related travel that you pay for to attend trade expos, training or courses can be claimed including accommodation and sometimes meals.
Tools and clothing tax deductions for tradies
- Work related clothing is tax deductible if you need to purchase a company uniform, protective wear or if you do your own laundry.
- Purchasing sunscreen and sunglasses are also claimable as protective gear!
- All tools that you use for work are tax deductible! Even that last minute Snap-On spanner - so remember to keep all receipts.
- Tools exceeding $300 can have their depreciation claimed. If the tool wears out before depreciation finishes its course, you can claim the remainder of the value.
- Even if you don't have an office, you may still be entitled to claim part of your phone and laptop if you use them for work.
Other tax deductions for tradies
- Courses and education expenses for your work that you pay for, even if you're not an apprentice, are claimable.
- Donations to registered charity organisations are tax deductible.
- Private health insurance and income protection.
- Accounting fees, inlcuding getting your tax return through GYTBO are tax deductible. Even the travel to come and see us at one of our onsite stores is claimable!
- Many tradies think fines are tax deductible - but unfortunately they're not as it's not a necessity to illegally park when getting work done!
- Union and association fees are tax deductible too.
Maximise your tax refund with GYTBO
The team at GYTBO are confident in helping you get the largest tax return possible, giving you the most for your hard work. There's nothing to lose when lodging your tax through GYTBO. Sign up today and your tax could be on it's way in under 15 minutes!