Tax Tips

Use these tips and advice to get the most out of your refund.

Tax Tips for Veterinarians

What can you claim?

Here is a list of some of the items you may claim if used for work purposes but is by no means exhaustive. Remember to keep your receipts, or if you have purchased the times with your credit card, the ATO is now allowing credit card statements as evidence of purchases.

• Travel

• Meals – when you work overtime and up to $26.45 per meal

• Vehicle expenses

• Training

• Education

• Uniforms and protective clothing

• Laundry and dry cleaning

• Equipment

• Stationary

• Sun screen – if you work outside

• Sun glasses – if you work outside as long as they are not a fashion accessory

• protective glasses

• Memberships

• Union fees

• Income protection

• Accounting fees

• Bank charges

• Professional liability insurance for contractors

• Donations to registered charities – not applicable to items purchased tickets, novelty items etc If you work outside, then you may be eligible to claim sun cream and sun glasses (as long as they are not a fashion accessory

Setting up a Veterinary practice

The structure of a veterinary practice can be complicated however it is vital to plan it correctly so you can make the most of your business and reduce your risks and taxes. Deciding on the structure, whether it be a company, trust or another form is vital to your financial future. If you have partners, make sure you have your contracts drawn up correctly to avoid conflicts.

Record keeping

Keeping your records will save you time and money. Claiming equipment Prepay for expenses so you can claim them in your next tax return

Bad debts

Write off bad debts before the end of the financial year Tax planning Learn what you need to know to organise and plan your tax preparation and strategies, saving you time and money. Speak to one of our accountants today for a review on your situation.

 

Tax Tips for Tradesmen and construction workers

Maximise your tax refund and minimise your tax payments with our seasoned tax advice.

Travel: We recommend to all tradies to keep a log book. You is evidence of your vehicle and travel expense and required by the ATO if you want to claim these on your taxes.

What travel expenses can I claim? You can claim deductions for car expenses for travel from one work site to another. You can claim vehicle expenses from home to work if you take bulky items including tools and equipment if you have no secure storage location available on the work or office site.

What travel expenses can’t I claim?

You can’t claim expenses for vehicles under one tonne, for travel from home to work if:

• If you travel before or after business hours

• If you are on call

• If you did minor errands on the way to work or home

• If you live a far away from your work place

• If there is no public transport available to your work place

Sun glasses and sun cream You can claim sun glasses if you work outside and they aren’t a fashion accessory. You can also claim sun cream if you work outside in the sun.

Dogs Tradies can claim expenses for their dogs if they are used to guard and protect tools or they help you in the generation of income production. Although there are no specific ATO regulations regarding which pets are claimable, obviously the dog being a man’s best friend is the most common animal tax deduction.

What kind of expense would be claimable?

  • Food
  • Vet expenses
  • Union fees

If you are a member of a union, these expenses would be claimable under your tax.

Protective clothing If you are required to where protective clothing, it would then be deducted. Tax Planning Planning your taxes and getting organised can save you money and time. We can help you get organised and understand what you need to record for your taxes. Tools How can I claim tools on my taxes? You can claim immediate deductions for your tools if they cost you $300 or less. Tools over this amounts are depreciated over their useful life – meaning a portion is deductible at a time.

Reduce the cost of having a tax oversight by contacting our professional tax team for tradespeople today! Each year many Australians lose thousands of dollars in unclaimed taxes.

 Our Accountants in Sydney can show you how you can claim what you are entitled to. If you are an employee, contractor, investor or employer, we can help you minimise your taxes. Learn what you need to know to organise and plan your tax preparation and strategies, saving you time and money. Book an appointment now for a thorough review of your financial situation with Australian Accountants.

 
 
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