Knowing the most common deductions that may be claimed in your industry is important. Below is a list of the top #10 deductions for Tradesmen / Construction workers to consider when preparing their tax return.
When considering what can be claimed on your tax return, you will need to think in terms of connections. If you can show that there is a direct link from what is claimed, and the purpose of that expense being for income generating. Then that expense may be claimed on your tax return.
- Travel – bulky equipment
- Travel between different workplaces
- Parking & Tolls
- Uniform (Protective, Hi-Vis)
- Union Fees
- Depreciation – Equipment & Tools
- Overtime meal allowance
- Repairs & maintenance of equipment
- Telephone
- Income Protection
For further information, please contact us & we’ll be happy to answer any question you may have on the topic.