Where to Find Tailored Tax Tips for Tradies

The Financial Year is just about to end, and for tradies, it’s important to know exactly what you can claim, income that needs to be declared and records to keep.

Planning to claim work-related expenses this year? Remember, to claim a deduction for any work expense:

GALLERY  

• You must have spent the money yourself, and you weren’t reimbursed.
• The expense must directly relate to earning your income.
• You must have records.

In most cases, your records need to include written evidence from a supplier, like a receipt, that shows the cost, name of the supplier, date it was purchased, nature of the expense and date the document was produced. You may also need other specific records, for example, a logbook for car expenses.

Did you support your favourite charity this year? Consider the following points to see if you may be able to claim it on your tax return:

• Deductible Gift Recipient (DGR) status: You can only claim a tax deduction for a gift or donation to an organisation that has the status of a DGR. You can check here.
• Type of gift or donation: It must be money, property, or financial assets such as shares.
• A true gift or donation: You can only claim a gift or donation if you voluntarily transferred money or property without receiving, or expecting to receive, any material benefit or advantage in return.
• Check the conditions: Your donation must comply with any relevant gift conditions. For some DGRs, the income tax law adds conditions affecting the types of deductible gifts they can receive.
• Records: To claim a deduction, you must have a record of your donation, such as a receipt.

Image courtesy of Kiros Amin, Unsplash.

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