Tax Deductions for Bank and Finance Industry Employees

If you work in the bank or finance industry, then there is a range of tax deductions available to you. We know how busy you are, so to ensure that you are aware of all the tax saving benefits available to you, Online Tax Australia has put together the comprehensive list below.

Most of the 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 aren’t reimbursed to you by your employer.

Tax Deductions for Bank and Finance Industry Employees: Meals and Travel Expenses 

  • Although you can’t claim travel between your work and home, you can claim travel between two workplaces or when you have to travel for the reason of work.
  • You can claim expenses related to meals during work-related travel, only if travel was overnight
  • If you have to travel overnight for the purposes of work, then you can claim all costs associated with accommodation.
  • Air, bus, train, tram and taxi fares are all tax deductible, if used for the purposes of work.

For more information on tax rebates for vehicles, visit: Vehicle Tax Deductions

Tax Deductions for Bank and Finance Industry Employees: Work Clothing

  • You can claim expenses related to the cost of purchasing work related clothing, such as ties, suits and shirts, provided that they have your employer’s logo included on them.
  • You can also claim the cost of cleaning and repairing these items of clothing, such as the cost of laundry products and dry cleaning.

For more information, visit Uniform Claims

Tax Deductions for Bank and Finance Industry Employees: Training

You can claim for a variety of expenses based on work related training, including:

  • Internet costs if the training takes place at home
  • Travel to and from the place of training
  • The cost of attending seminars and conferences (including meals, accommodation, and travel).

For more information, visit: Self-Education Claims

Tax Deductions for Bank and Finance Industry Employees: Work Equipment and Business Expenses

Telephone and Internet Expenses – The work-related portion of mobile and home telephone expenses as well as internet can be claimed as a tax deduction. A record showing how  the estimated business usage percentage was calculated should be maintained. Eg itemised telephone billing records, diary of work related internet usage.

Home Office – If you perform some of your work from your home office, you may be able to claim a deduction for the costs you incur. The Taxation office allows a deduction of $0.52 per hour to cover the expenses of heating, cooling, lighting and depreciation of general office furniture such as chair and desk.  Expenses such as stationery, telephone, internet, computers, etc can be claimed separately.

For work equipment you have purchased with a cost less than $300, you can make claim the full amount of the cost provided you are using them for work purposes. Items may include:

  • Telephone’s
  • Software
  • Calculators and other electronic equipment

Equipment costing more than $300 which is used for work purposes will need to be depreciated over life of the asset.

These are just a few examples of how you can save money based on your vocation. Get in touch with Online Tax Australia and discover even more ways you can keep a bit more money in your wallet on June 30. Just remember to keep documented evidence of all the above expenses so Online Tax Australia can get you the best return at tax time.

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