Tax Deductions For Retail Staff: What Can You Claim And What You Can’t On Your Tax Returns?
There are a number of retail employees who are involved in different aspects of running a store. Most retail staff seeks answers as to which items are tax deductible. If this has been your nightmare, this is guide will clear matter and make it easier for your file your annual tax returns.
Did you know that there are many retail store employees who get a lower tax refund than they deserve? This is as a result of not being aware of the tax claims to make for the different items that they are charged for. We do not want this to be a trap for you and we will make it easier for you to make the right claims.
Getting the maximum tax refund is your right and we have helped a number of retail store employees. We have experienced and knowledgeable tax experts, who can help employees, make the right tax claims. Through this guide, we hope that you will be able to capture all the relevant tax deductions on your next annual tax return.
Essential for Tax Deductions for Retail Staff
We have a number of items that we have listed as essentials for tax claims for retail staff. However, you may not make every claim listed here and you should also be prepared to furnish the ATO with proof of the tax claims.
Work-related costs
There are a number of tax claims you can make based on the work-related costs. Some of the main ones include:
- Phone calls
- Internet usage
- Car and transport expenses
- Membership fees
- Books and stationery
- Protective gear
- Safety equipment
It is important to note that all these items need to be directly related to the work that you do. If you have a personal mobile phone, you will only make claims for the calls that are made on behalf of the store and not personal calls. Staff uniform needs to have a logo or must be safety items otherwise the ATO will not allow tax deductions for regular clothing. Having a professional tax consultant will help you in differentiating the items that need to be used for the tax claims.
Meal, accommodation and travel expenditure can also be deducted. This includes the cost of meals when working overtime or away from home. During work-related training, out of town, all travel and incidentals should be included as well.
It is important to note that the work and travel costs between your home and the store are not tax-deductible. This will only be applicable in the cases of using heavy equipment that needs to be carried from work.
Training fees are also tax-deductible and there are quite a number of related expensed in this case. Some of the costs include:
- Travel costs
- Books and manuals
- Fees
- Meals and accommodation
Lastly, there are some general deductions that are not directly related to your work, which you can make tax claims for. Some of these deductions include:
- Charity donations to deductible Gift Recipient organizations
- Income from protection insurance premiums
- Tax agent fees
- Interest on investment accounts
As you can see, this is one of the most complicated issues that retail employees have to deal with when it comes to annual returns. Do not miss out on the opportunity to make tax claims for the relevant costs.
Contact Accurate Business and Accounting Services for all your tax needs in Australia. Our qualified and experienced experts will help you make the right decision. Talk to one of our tax specialists today and file your annual returns the right way.
Note: All these claims are subject to ATO conditions and may not be applicable for all tax payers and hence please seek professional advice before including them in your tax return.