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It’s amazing how many people literally throw money away at tax time. When you work hard all year on a mining site, doing your taxes might feel like the last thing you want to do each Tax Time. But if you don’t put in a little bit of effort, you could be missing some important deductions that are relevant to your job.
Where should you begin? Always start with expert help. The best way to get the maximum possible refund is to get expert advice from someone who knows all the possible deductions for someone who works in mining. Our expert tax consultants at H&R Block live and breathe the Aussie tax system every day – so we know exactly how to help you get the best results.
To complete your return, you’ll 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. 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.
The short answer: yes! You can claim deductions on any money spent during the financial year on products or services that directly related to your job. 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 mining site employee, such as:
There are several key expenses you can’t claim, including:
Records are really important at tax time, and 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).
Don’t stress, we know this can happen to anyone. 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.
It’s easy to make an innocent mistakes sometimes, and if you’ve self lodged 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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