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It’s tempting to bury your head in the sand when it comes to tax time. Who wants to spend hours going through old receipts? But the truth is that putting together a really comprehensive tax return each year could mean a LOT more money in your pocket at the end of the day. Surely that’s worth the effort?
The good news is that you don’t have to do it alone. Our expert tax consultants at H&R Block are here to help you, and they know all the different deductions workers in the building and construction sector could be entitled to. So they can make sure you don’t miss out on a single dollar!
What’s the process? As a building and construction employee, you’ll receive an income statement from your employer that will outline all of your salary, wages, allowances and bonuses for the financial year. Next, you have to work out your deductions.
You can claim deductions on any money spent during the financial year on products or services that directly related to earning your income. You need to have spent the money yourself (it can’t have been reimbursed by your employer) and you need to keep a record of the expense such as a receipt or invoice.
There is a wide range of deductions you can claim as a construction worker, such as:
There are several key expenses you can’t claim, including:
Staying on top of your receipts and having impeccable records is very important if you want to get a good tax refund. So it’s a smart idea to create an easy and reliable system to help you keep on top of this throughout the year.
Remember, you don’t need to keep physical receipts, and it’s acceptable to keep a digital copy (such as a photo of a receipt or an email receipt) provided it is possible to read:
You also don’t need to keep receipts for expenses under $10 (as long as these don’t cumulatively come to more than $200).
It can happen to anyone, and dealing with it as soon as possible is always the best approach. It’s essential that you take great care in putting together the information and supporting documentation when filing your tax return, and only claim deductions that are genuine to avoid penalties and possibly even prosecution from the ATO.
But we all make accidental mistakes sometimes. If you’ve self-lodged and realise you’ve submitted incorrect or unsubstantiated claims then you should contact us immediately and we will assist you in making the necessary amendments.
Still have some questions about lodging your tax return? Talk to H&R Block. Our experienced tax consultants will be able to help. Call 13 23 25 for details or find your nearest office and book an appointment online.
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