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Time to drill down on your deductions

Jun 21, 2023

Tax time is right around the corner, and the Australian Taxation Office (ATO) have shared some helpful tips and resources to give you a hand this tax time.

Understanding your deductions
Car and travel expenses, sunglasses, protective clothing – which costs can you claim? Check out the ATO’s tailored occupation guide for Mine workers. It’ll help explain which deductions you can and can’t claim this year, as well as the income you’ll need to declare and the records you need to keep.

‘Can I claim that?’
You can claim the work-related portion of expenses that relate to your employment, including:
• tools you use to perform your work duties. Remember, you can claim an immediate deduction for tools if they cost $300 or less, but if they cost more than $300, you’ll claim the decline in value over a number of years.
• phone and internet costs, with records showing your work-related use
• renewing a special licence, condition on your licence or certificate in order to perform your work duties. For example, if you need to have a forklift licence to get your job, you can’t claim the initial cost of getting the licence. However, you can claim the cost of renewing it during the period you are working.

And 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!

Want to learn more? Visit ato.gov.au/mining


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