Tax time is almost here! Time to ‘workout’ your deductions

Tax time is right around the corner. If you have some questions about lodging your return, claiming your deductions, or the records you’ll need, then you’re in luck! The Australian Taxation Office (ATO) have shared some helpful tips and resources to make tax time simple.

Don’t ‘sweat’ your deductions

Check out the ATO’s tailored occupation guide for the Fitness and Sporting industry. It helps explain which deductions you can and can’t claim this year, as well as the income you’ll need to declare and the records you need to keep.

Keeping your records in ‘good shape’

Keeping the right records is essential. Download the ATO app and use the myDeductions tool for a fast and easy way to store your receipts and keep track of your records! The ATO app is also one of the best ways to track the progress and outcome of your tax return after you’ve lodged.

And the best time to lodge?

The best time to lodge is from late July, when most of your information from employers, banks and health funds has been automatically included in your tax return. All you’ll need to do is check the pre-filled information is correct, add any income that’s missing, and claim your deductions!

Remember, most tax returns lodged online take about two weeks to be processed.

Your tax assessment

The ATO is reminding people that the low and middle income tax offset has ended and you may get a lower refund this year, or you may get a bill. A list of this and other reasons that may affect your tax refund are available on the ATO website at ato.gov.au/mytaxresult

Want to learn more? Visit ato.gov.au/fitnessindustry