‘Sharpen up’ on your deductions

Jun 01, 2023

Tax time is almost here! Not sure what deductions to claim working in the hospitality industry? Well, good news, the Australian Taxation Office (ATO) have ‘served’ some helpful tips and resources to give you a hand!

 

‘Can I claim that?’

It pays to know what you can and can’t claim at tax time. Check out the ATO’s tailored occupation guide for hospitality workers. It covers a range of information on common deductions for your role, income and allowances you need to declare, and records you’ll need to keep. Better yet, the guide has also been translated into other languages.

 

Remember, to claim a deduction for a work-related expense:

•      you must have spent the money yourself and weren’t reimbursed

•      the expense must directly relate to earning your income

•      you must have a record to prove it (usually a receipt).

 

Keeping on top of your records

Keeping the right records is essential. Use the myDeductions tool in the ATO app for a fast and easy way to store your receipts and to keep on track of your records! The ATO app is also one of the best ways to keep track of the progress and outcome of your tax return after you’ve lodged.

 

The best time to lodge?

The best time to lodge is from late July, when most of your information from employers, banks and health funds has been automatically included in your tax return. All you’ll need to do is check the pre-filled information is correct, add any income that’s missing, and claim your deductions!

 

Your tax assessment

The ATO is reminding people that the low and middle income tax offset has ended and you may get a lower refund this year, or you may get a bill. A list of this and other reasons that may affect your tax refund are available on the ATO website at ato.gov.au/mytaxresult

Want to learn more? Visit: ato.gov.au/hospitality