As the start of the school year draws closer teachers are preparing for the year ahead.
It is the perfect opportunity to revisit your record keeping and work-related tax deductions.
Tax is payable on your taxable income, which is your assessable income less any tax deductions. Therefore, the higher the deductions claimed the less income tax you will pay at your marginal tax rate.
If you are a teacher you may be able to claim deductions for expenses you incurred in doing your job, provided you can produce evidence (written or electronic) to support your claim and the expense is not private in nature.
Teachers can claim tax deductions for out of pocket expenses which have not been reimbursed, including:
- Teacher registration fee, union and membership fees
- Self-education course fees which relate to improving yourself in your current teaching position
- Books, magazines, journals and subscriptions which are work related
- Sunscreen and protective clothing including hats and sunglasses used whilst completing yard duty and sporting activities
- Laundry costs and uniforms with company/school logos on them
- Working with children application fee
- A percentage of work related internet costs used at home for marking / planning etc.
- Home office expenses for work you’ve performed at home
e.g. The decline in value of your office furniture and a deduction for your electricity and gas usage, based on the actual work related percentage used or a flat rate of 45 cents per hour. - Work-related phone costs provided you can show there is a nexus with your work
- Stationery costs required for work
- Classroom supplies & teaching aids (e.g. art supplies, stickers & prizes)
- Teaching resources for example text books used by students or as a resource
- Work-related travel expenses where you are travelling to training, transporting students or bulky equipment
- Costs incurred in attending conferences, seminars or training days
- Other costs incurred in attending training days such as accommodation and meals.
Note this is only a guide and individual circumstances will need to be considered.
To discuss your individual circumstances please contact your nearest Sinclair Wilson Office or phone (03) 5564 0555.
