COVID-19 Update: Prioritising our clients' and associates' health
You literally make the trains run on time – but there’s one deadline you shouldn't be tempted to miss: your annual tax return. It can be easy to put it off, but getting your taxes done on time every year is a smart thing to do because it’s a chance for you to get a few extra dollars in your pocket, if you do it right.
Most people try their best on doing their taxes, but may still miss out on lots of legitimate deductions that would help them get a bigger refund. As a train driver, you’d be surprised how many deductions you can legitimately claim and our expert tax agents here at H&R Block can help you get them all so you’ll receive every possible dollar back in your refund.
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 straight into your tax return and we can help you 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 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 train driver, such as:
There are several key expenses you can’t claim, including:
Clear 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).
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 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.
Our H&R Block accountants are now working online. Book an appointment with an expert.