What Work-Related Receipts Should I Keep?
As a guide, here is a list of common work related expenses, applicable to ABN-holders, which you should record details of (and keep receipts for as evidence, wherever possible):
1. Tools and equipment (construction tools if you’re a labourer, knives if you’re a chef etc.)
2. Work-related uniforms / occupation specific protective clothing
3. Protective items such as sunscreen and sunglasses if you work outside
4. Computers and software
5. Phone and internet bills
6. Work related travel
7. Uniforms like chefs whites, hard hats and steel capped boots for construction, or gloves for cleaning
8. Car parking receipts, road tolls and some petrol
9. A record of how many kilometres you drive for work
10. Laundry and dry-cleaning expenses
11. Self-education expenses
12. Private Health Insurance Policy Details
13. Fees for your last financial year’s tax return
Concessions, Offsets and Rebates
Concessions, offsets and rebates can also be used to reduce the amount of tax you pay. We can take into consideration a range of concessions such as payment and reporting options and rebates to directly reduce the tax payable. Clients from abroad may also be able to take advantage of the foreign income tax offset for any taxes paid on income earned overseas.
Pro Tax can not only assist you with your ABN income tax return, we can assess the structure of your sole trader / partnership to ensure it is structured in the best possible way to allow you to earn as much as possible and be as tax efficient as possible.
If you are located in Sydney, contact us to arrange a consultation – Your first meeting is free!