COVID-19 Update: Prioritising our clients' and associates' health
As a factory worker, you know all about hard work and deserve to have every last dollar you earn to go into your pocket at the end of each year. So what would you say if we told you a huge number of people literally give money away to the tax department each year, all because they hate doing their tax return?
It might not be the most fun activity in the world, but doing your annual tax return is a chance to legitimately get back some of the money you earned during the year by claiming deductions for your industry and maximising your refund. Our tax consultants are experts at this, and will help you find all the deductions that are relevant for you, including some you’ve probably never even heard about.
To complete your return as a factory worker, you’ll first need an income statement from your employer (previously called a “payment summary” or “group certificate”). This is a summary that outlines all of your salary, wages, allowances and bonuses for the financial year.
You won’t need to have a copy of this statement, as it should be lodged by your employer directly to the ATO. Once this has been lodged, we can download the information for you and then help you work out your deductions.
As you know, you’re entitled to claim deductions on any money spent during the financial year on products or services that directly related to earning an income. But there are two things you need to remember:
There is a wide range of deductions you can claim as a factory worker, such as:
There are several key expenses you can’t claim, including:
Records are definitely important at tax time, and you should do your best to stay on top of this and have a comprehensive set of receipts if you want to get a good tax refund. It’s a good 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).
You need to deal with it as soon as possible, it’s as simple as that. It’s important 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.
It’s easy to make an innocent mistakes sometimes, and if you lodge yourself and realise you’ve submitted incorrect or unsubstantiated claims then you should contact H&R Block 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.
Our H&R Block accountants are now working online. Book an appointment with an expert.