If you’re employed as an electrician there are plenty of deductions you can claim on this year’s tax return. We know you’re too busy to waste time searching for all possible deductions so we’ve compiled a list of items for your consideration.
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 Electricians: Motor Vehicle, Travel and Accommodation
- You may claim the cost of your personal car if it is used for work purposes, including travel to meetings, conferences or training that is not held at your usual place of work, or to visit your patients at their homes. If you do plan on claiming the cost of using your personal vehicle, you will need to keep a diary of trips in order to provide an estimate of the number of kilometres travelled. For more information motor vehicle claims, visit: VehicleTaxDeductions.
- You can only claim the cost of travel between work and home if:
- You are required to carry bulky equipment that cannot possibly be stored at your workplace
- You have shifting places of employment, such as multiple worksites
- Your home is considered your primary base of work
- You can claim the cost of travelling between two workplaces or two different employments.
- You can claim for any parking fees, bridge or road tolls and taxi and bus fares that you incur during the course of employment.
- You can claim the full amount of overnight travel expenses where it is unreasonable for you to return home. You cannot claim overnight travel expenses if you choose not to relocate to perform your duties or you live away from home to undertake your work. Claimable expenses include: meals, accommodation, incidentals and all travel expenses (such as petrol and train, plane and ferry tickets).
For more information, please visit: Travel and Accommodation Expenses.
Tax Deductions for Electricians: Work Clothing
- You can claim the cost of buying and laundering any item of clothing that is part of a compulsory uniform. A compulsory uniform is one that your employer requires to wear, identifies you as an employee (has a logo) or is registered with AusIndustry.
- You can also claim the cost of any protective and safety clothing that may be required, such as steel-cap boots, safety glasses, high visibility vests and gloves.
- Conventional clothing or non-compulsory uniform items cannot be claimed.
For more information, please visit: Uniform Claims.
Tax Deductions for Electricians: Self-Education
- You are able to claim for the cost of any education that is sufficiently connected to your current employment to improve existing skills and gain salary increases. Expenses include fees, books, and stationary and associated travel.
- You cannot claim for any education that is designed to help you find and win new employment opportunities.
For more information, please visit: Self-Education Claims.
Tax Deductions for Electricians: Other Expenses
- Immediate claims are available for tools and equipment related to your employment under $300 and you can claim for decline in value if equipment is more than $300. You can only claim the percentage of cost or decline based on the percentage the equipment is used for work purposed and private purposes. If you use a ladder at work and at home you could claim 50% or 30% depending on the split.
- You can also claim for interest charged for loans used to purchase work related tools and equipment.
- You can claim the cost of making work-related phone calls, as long as you keep itemised bills.
- You can claim the cost of subscriptions to industry related magazines, journals and periodicals.
- You can claim the cost of union and association renewal fees but not the initial sign up fee.
- 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.
Contact Online Tax Australia to find out even more way you can maximise your tax return this October 31.
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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 tax rules and regulations in relation to electricians, then contact the friendly team at Online Tax Australia today:
- Call us on (03) 9852 9051
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