If you work in the fitness and sporting industry, or are a personal trainer, you have a range of tax deductions available to you. It is important that you’re aware of these deductions because they can make a big difference to your back pocket come tax return time.
Here at Online Tax Australia, we understand that you don’t have time to do tax return research in between juggling clients and classes. That’s why we’ve come up with the list below, detailing a number of the options you have for saving money at tax time.
Tax Deductions for Fitness and Sporting Industry Employees: Meals and Travel
- You can claim the cost of travel if you have to carry bulky equipment (such as inflatable exercise balls, or other exercise equipment) to and from work and there is no secure place of storage for them at your work.
- You can claim the cost of travelling between two workplaces, such as two different gyms or between two personal training (PT) appointments.
- You can claim the cost of travel and meals for work-related conferences and seminars. If you travel for more than six days you should keep a diary outlining your expenses.
- 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: VehicleTax Deductions.
- You cannot claim for sporting or fitness events you attend or participate in unless the event is sufficiently related to your job. For example, you can’t claim the cost of travelling to watch a client play football. You can claim the costs if you are coaching the team or you’re playing in the team for a salary.
- You cannot claim the cost of travel between work and home, even if:
- You’re required to work outside normal business hours
- You’re on call
- You do minor work-related tasks on the way to or from work
- You have to travel to work more than once a day (such as in the case of split shifts)
- There is no public transport available.
Tax Deductions for Fitness and Sporting Industry Employees: Work Clothing
- You can claim the cost of purchasing, laundering and repairing a compulsory work uniform, such as a uniform that has the logo of a gym or sporting club (for which you work) on it.
- You cannot claim the costs of conventional clothing, including conventional exercise clothing such as shorts, runners, generic sporting tops etc even though these items are used in your everyday trade.
For more information, visit: Uniform Claims.
Tax Deductions for Fitness and Sporting Industry Employees: Training
- You can claim expenses related to university or TAFE fees as long as they are connected to your current employment and you’re not being reimbursed. For example, a personal trainer could claim the expenses of undertaking a Bachelor of Exercise Science.
- If you are eligible to claim the costs training, then associated expenses may include stationary, books, and student union fees.
- You cannot claim for a pre-vocational course, such as a Certificate III in Fitness.
For more information, visit: Self-Education Claims.
Tax Deductions for Fitness and Sporting Industry Employees: Work Equipment
- You can claim an immediate deduction for any work equipment that is less than $300.
- If the item costs more than $300, then you can claim the cost of its decline in value. Items could include weight sets, treadmills, exercise bikes, and other personal training equipment.
- If you’re required to work outdoors (such as conducting personal training sessions or classes outside), you can claim the cost of sun-protective equipment, including sunglasses, hats and sunscreen.
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- Comfort that an experienced, professional tax agent checks every return before its lodged with the ATO.
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- Free to try. No obligation. Should you complete a return and decide not to submit it for review and lodgement by us then no fee is payable.
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 sport and fitness professionals, then contact the friendly team at Online Tax Australia today:
- Call us on (03) 9852 9051
- Email us at email@example.com