Welcome to the Income Tax Guide for Bank Staff. As an employee of a bank, you spend your valuable time meeting the needs and requirements of your customers. So when it comes time to do your Income Tax Return, rather than read a dry and long-winded Tax Ruling we have produced this Income Tax Guide for Bank Staff so you can enjoy your free time.
The purpose of the Tax Guide for Bank Staff is to provide a quick, simple and definitive guide as to what you can and cannot claim as a deduction on your income tax return.
SO WHAT CAN I CLAIM?
1) Can I claim travel between work and home, or vice versa? No
2) Can I claim travel between branches? Yes
3) Can I claim travel between work and an appointment out of the office? Yes
4) Can I claim ordinary work clothing for work? Yes, as the uniform is compulsory and has your employer’s logo on it.
5) Can I claim the dry cleaning/laundering of my ordinary work clothing? Yes.
6) Can I claim my union fees? Yes
7) Can I claim the subscriptions/membership to professional associations? Yes
8) Can I claim for the time that I spend at home doing work? Yes, subject to the rules that apply to such claims.
9) Can I claim the cost of the internet for work that I do at home? Yes, but only a portion of it.
10) Can I claim for a briefcase/work bag that I use for work? Yes
11) Can I claim for the purchase of an organiser/mobile phone/mobile phone accessories? Yes
12) Can I claim the cost of the mobile phone bill per month? Yes, but only a portion of it.
13) Can I claim for the cost of work items and equipment? Yes
14) Can I claim the cost of an Income Protection Insurance policy? Yes
15) Can I claim the cost of an Insurance policy for work items and equipment? Yes
16) Can I claim the cost of seminars, conferences and training courses? Yes, providing that relate to your income earning activities.
17) Can I claim the cost of stationery? Yes
18) Can I claim the costs incurred for developing a professional library? Yes
19) Can I claim the cost of technical and professional journals? Yes
20) Can I claim my airline lounge fees? No, as the item is generally private and domestic in nature.
21) Can I claim the cost of gifts given to clients? Yes
22) Can I claim the cost of expenses incurred away on work related travel? Yes
DISCLAIMER
Please note that these items can only be claimed if you have physically made payment with your own money. The advice provided on this website is general advice only. It has been prepared without taking into account your objectives, financial situation or needs. Before acting on this advice you should consider the appropriateness of the advice, having regard to your own objectives and needs.
Should you have any questions in relation to this document, please do not hesitate to contact Mark Peterson on (03) 5996 1990, 0438 873 668 or at mark@markedfocus.com.au
