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You’ve worked hard all year covering thousands of kilometres of road – and the last thing you feel like doing is your taxes. However tax season is actually a time you should look forward to. Why? Because it’s your chance to get a bit more money in your pocket!.
There are lots of deductions you’re potentially eligible to claim as a truck driver, and making sure you tick all the right boxes (and have the documentation to back it up) can make a huge difference to your return at the end of the financial year. Working with our expert tax consultants here at H&R Block is a great way to make sure you get everything you deserve.
To complete your return, you’ll need your end of year income statement from your employer that outlines all of your salary, wages, allowances and bonuses for the financial year. H&R Block can download this from the ATO for you. 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 truck driver, such as:
There are several key expenses you can’t claim, including:
Staying on top of your receipts and having impeccable record 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’s okay, we know this can accidentally 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 innocent mistakes sometimes and if you lodge yourself and then 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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