A young tradie's guide to tax time.

If you're an apprentice or a young tradie in the construction industry of Australia, we’ve put together a few tips to help get you through tax season.

A general guide.

If you've dug into your own pocket for work-related costs and haven’t been reimbursed by your employer, you might just be able to claim them as deductions.

Here's the deal:

• The money must have come out of your account (sorry, no reimbursements allowed!).
• The expenses need to be tightly tied to the income you're bringing in.
• Hang onto those records – documentation is your best friend here!

And hey, we know some things serve a dual purpose (work and play, anyone?). For those expenses, just slice out the bit that relates to work – that's the portion you can claim!

Now, let’s dig into some specifics a little more.

What's in your toolbox? Tools and equipment deductions.

First up, let's talk about your tools and equipment. These aren't just the extensions of your skilled hands - they're also potential deductions waiting to be claimed! Whether you've purchased a new nail bag, saws, hammers, or the latest power tool, if it's essential for you to perform your job, the ATO generally says, "Yes, you can claim that!".

Pro tip:  Keep your receipts! Whether it's a physical or digital receipt, storing them safely will make claiming a breeze.

On the road again: work-related travel deductions.

Next, we're hitting the road with work-related travel deductions. Whether it's driving between job sites or zipping off to pick up supplies, those kilometres add up and so do your potential deductions. Just remember, the drive from home to work (and back) doesn't count, and neither does the trip to the servo on smoko. Everything else? Track it and claim it!

Remember: Keeping a logbook of your work-related journeys is your best friend in proving those travel km’s!

Unite and conquer: union fees and professional association fees.

Being part of a union or professional association like HIA not only gives you a network of support but also adds a shiny deductible to your tax return. Yes, that's right! The fees you pay to be a member of these essential networks are claimable. It's a win-win for community and your craftsmanship.

A few No-Gos.

While you've got a fantastic range of deductions available, there are a couple of things the ATO won't give the nod to:

• That morning coffee buzz on your way to the worksite? Delicious, but not deductible.
• That microwave or sandwich press you’ve got in the back of your ute for smoko with the crew? It might seem like a worksite necessity, but again, doesn’t quite make the cut.

Budget reset.

The end of financial year is a great time to review how you’ve been spending your money and reset any of the less helpful spending habits you might have picked up. If you’re new to the world of budgeting and keeping an eye on how you’re spending your hard earned cash, check out our article: A Necessary Discipline.

Making it happen.

Navigating tax season doesn't have to be a solo quest. Consult with a tax professional to ensure you're making the most out of your claims and staying aligned with the ATO's guidelines. And remember, every bit claimed back is a victory for your hardworking self.