The EOFY is fast approaching and signals the inevitable scramble to get your paper work in order. As a personal trainer, there are a range of tax deductions available to you. We have collated some top tips to help ensure your end of financial year prep is smooth sailing.
Deductions! You can claim deductions for most costs you incur while running your business, like:
- Training: Short training courses related to your current job (e.g. first aid), self-education courses by a University or TAFE (e.g. cert IV in fitness). See self education expenses you can claim.
- Work tools and equipment: Workout equipment, materials or supplies. You can also get deductions for the cost of insuring these supplies.
- Work clothing: You can get deductions for compulsory uniforms, the laundry of these uniforms and for sun protection items.
- Travel: Claim the cost of your car if it is used for work purposes (e.g. travelling between two different gyms). Keeping a diary is the easiest way to keep track of the number of kilometres travelled. See vehicle and travel expenses.
What can’t you claim?
Sporting or fitness events you attend or participate in unless the event is sufficiently related to your job. For a comprehensive list of what can and can’t be claimed visit the Australian Tax Office website.
Keep a record!
Keep track of your income and expenses by putting all receipts in a folder, or recording them in a spreadsheet on a computer. Staying on top of this will help you avoid the end of financial year stress. See records you need to keep.
To claim a work-related deduction:
- you must have spent the money yourself and weren’t reimbursed
- it must be directly related to earning your income
- you must have a record to prove it.
Please note this advice is general advice only and you should refer to a registered tax agent or the Australian Taxation Office (ATO) to confirm you are entitled to these or any other deductions. For more information, visit the ATO’s website where there is specific information for people working in the fitness and sporting industries. The ATO can also help you work out the best way to keeping your tax records.