With transport being one of the biggest service departments Australia has ever witnessed, as a government we are witnessing rapid growth of trucks and truck drivers on our roads.
With this being said “truckies” always find it difficult to handle their taxes either because they are too busy on the roads or because they just simply don’t know the rules when it comes to tax.
Spending so much time away from home can be expensive for truckies, thankfully most of those expenses can be utilised as a tax deduction when tax time comes knocking on your front door.
This article will clarify what you can claim to help you save tax.
What can be used as a tax deduction?
General Equipment Costs:
- Mobile phone
- Tools
- CB Radio
- Portable fridge/cooler
- Bedding
- Tablets/Laptops (Used for work)
- First aid equipment
- Stationery (Diary,Logbooks)
- Work bag/lunch box
- HR Licence or renewal fees
Vehicle Expenses:
- Rego & Insurance
- Truck repairs & parts
- Cleaning & Repairs for truck
- Parking fees (if not reimbursed)
- Tolls
- Depreciation of your truck (if owned)
- Interest paid for the truck (If loan)
- Lease payments (if leasing the truck)
- Meals, travel & accommodation:
Meals purchased while working overtime
- Meal costs when you are working away from home (Overnight trips etc.)
- Accommodation costs when working or training away from home
- Car expenses for travelling to pick up equipment between depots or to meetings and training.
Training:
- The fees for short courses relating to work (truck driving or first aid)
- Studying at home? (Internet, phone & electricity)
- Study materials (books and pens)
Clothing & Protective equipment:
- Purchase and maintenance of uniforms with company logo
- Boots
- Masks
- Overalls and gloves
- Head gar and goggles
- High –vis vest, jackets and trousers
- Sunscreen & sunglasses
However, always remember to keep good records of your expenses even if you’re not sure if you can claim them or not.
If further advice is needed on how to keep good records or what can be claimed, please don’t hesitate to drop us an email at advice@bfspartners.com.au or call us on (02) 8094 8990.