FIFO tax deductions can differ slightly from those in other office-based careers. Knowing what counts as a FIFO tax deduction is essential, so you can make the most of your tax return and follow the ATO rules.
FIFO Tax Deductions for 2022 – What can I claim?
Equipment and tools – less than $300 are fully claimable. Over this amount, you must claim for depreciation.
Renewal fees for machinery and equipment operating licenses, standard driver’s licenses and first-time machinery licenses are not included).
Meals that you haven’t been reimbursed and the cost of meals when working overtime. (Under $31.90/day)
Travel that is outside of your regular arrangement – if you have no regular worksite, drive between separate job sites in one day for the same employer, if you had to go to a different location for any other work-related reason. (E.g. training seminar or a meeting)
Protective clothing – safety glasses, gloves, reflective gear, sunscreen, hats. Keep your receipts when you buy protective gear to claim it.
Uniform – it must have your employee’s logo. Laundry can be claimed at a rate of $1 per load for work clothes.
Phone and internet if you have to stay in touch with your employer when not rostered on.
First aid course – if taking the course is compulsory.
Compulsory medical assessments and drug tests.
Education to further your career and related to your employment. EG. A TAFE course.
Other general expenses – if you are unsure if you can claim the expense, check with your employer and the ATO website.
When should I claim my FIFO tax deductions?
You must lodge your tax return before October 31 for the previous financial year.
Disclaimer: The information in this blog is for general information only. It should not be taken as professional advice. Seek professional advice from a tax accountant before making any decisions about your personal financial situation.
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