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You know how much hard work goes into making your body fit and healthy – it’s exactly the same with your personal finances. If you’re consistent and disciplined, and follow all the rules, you’ll be in perfect health when it comes to tax season. As you know, it can really help to have some professional help on your side when it comes to doing something unfamiliar, such as your tax return.
This is where experts, such as our experienced tax consultants here at H&R Block, come in. In the same way that you coach and encourage your clients to help them get the best results, our consultants are here to guide and support you to make sure you get the very best return at the end of the year.
The key to success is knowing all the right deductions you can claim, and our team prides itself on being across it all. We’re passionate about taxes and we know exactly how to help you – and how to get you a bumper tax return.
To complete your return, you’ll need as an employee in a fitness company, 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 an actual 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 fitness industry worker, such as:
There are several key expenses you can’t claim, including:
A healthy set of records are really important at tax time, so you need to stay on top of your receipts and have a comprehensive set receipts if you want to get a good tax refund. 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’s okay, we know this can happen to anyone and strongly recommend dealing with it as soon as possible. This 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.
It’s easy to make an innocent mistakes sometimes, and if you self-lodge 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.
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