There are a number of retail tax deductions available for shop assistants.
The trick is to know what items you can, and cannot, claim on your next online tax return. Luckily, with more than 20 years industry experience, Online Tax Australia has in-depth knowledge of all the types of expenses retail sector employees can claim on their tax returns.
So, we’ve put together the comprehensive guide to retail deductions below to help you prepare your next online tax return.
As you’ll see, the majority of tax benefits come in the form of tax deductions for out-of-pocket expenses that you have incurred throughout the course of the year that your employer is not mandated to reimburse.
Retail Tax Deductions: Meals and Travel
- You may claim the cost of meals when working overtime provided you have received a meal allowance from your employer which is based on an Industrial Award. AND that allowance is shown separately on your PAYG certificate. You can claim the actual cost of the meal or up to the Australian Taxation Office allowable limit without retaining receipts. Amounts claimed over that amount will need to be supported with receipts.
- You may claim the cost of travel (including any parking, tolls, taxis and public transport), if you are travelling to or from meetings, seminars, conferences, or training that is not being held at your usual place of work.
- If you are required to stay away from home overnight for the purposes listed above, you may be eligible for a tax claim for the cost of accommodation and any meals consumed.
- You may claim the cost of your personal car if it is used for work purposes, including travel to meetings, conferences or training, to undertake banking, to pick up or drop off stock or to travel between two different stores. If you do plan on claiming the cost of using your personal vehicle, you will need to keep a diary of the number of kilometres travelled.
For more information on tax rebates for vehicles, visit: Vehicle Tax Deductions
Retail Tax Deductions: Uniforms and Protective Clothing
- If you work in the retail sector, you can claim the cost of a uniform, provided that it has your employer’s logo permanently affixed.
- There are a number of protective clothing items that you may be able to claim as a tax deduction, including:
- Safety items such as glasses, gloves, protective coats, high visibility clothing and aprons
- Sun protection items including sunscreen, sunglasses and hats
- You cannot claim the cost of conventional clothing, even if your employer requires that you wear specific items (such as business suits, specific coloured clothing, certain brands or items that your employer sells).
- You can claim the cost of renting, repairing and cleaning any of the eligible work-related or protective clothing mentioned above, with the following provisions:
- If your tax deduction claim for laundry is under $150, no written documentation is required. The Australian Taxation Office calculates the cost of laundry at $1 per load of work-related clothing, or 50 cents per load if other laundry items are included.
- If you are claiming dry-cleaning or clothing repairs, you are required to keep receipts.
For more information, visit Uniform Claims
Retail Tax Deductions: Equipment and Tools
- You can claim a tax deduction for work related equipment and tools that cost less than $300 each.
- Items worth more than $300 each must be depreciated over the useful life. When you enter the item in our depreciation calculator, it will calculate the correct claim for the current year and carry the balance forward to claim in future years.
- If an item is used partly for business, and partly for private purposes, then you are entitled to claim the only the business-related portion.
- Typical equipment and tools eligible for a tax deduction for retail industry employees include Electronic equipment such as computers, Ipads and mobile phones.
Retail Tax Deductions: General Expenses
There is also a range of general tax deductions, available to all Australians regardless of profession or occupation, including:
- Conference and seminar fees
- Reference books
- Telephone and internet fees (for the work related portion only)
- Home office costs
- Tax agent fees
- Donations to registered charities
- Income Protection Insurance
For further information, please visit Typical Tax Deductions
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Contact Online Tax Australia for All Your Online Tax Return Needs
If you’ve been searching for an experienced, professionally qualified, transparent accountant that truly understands retail tax rules and regulations, then contact the friendly team at Online Tax Australia today:
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