Tax Deductions Guards and Security Employees
Make sure you get a tax return you deserve by being aware of all the expenses guards and security employees can claim. We know how busy you are keeping everyone safe, so we thought we’d show our appreciation by compiling a list of all the tax deductions you can claim at tax time.
Tax Deductions for Guards and Security Employees: Travel and Accommodation
You can claim the cost of traveling between work and home if you have to carry bulky equipment that cannot be safely stored at work or if your home is considered to be your main place of a work base.
You can claim the cost of traveling between one worksite and another or traveling between two places of employment.
You can only claim vehicle costs for a vehicle that you own or pay to run. You cannot claim any expenses for a car that is supplied for you by your employer, for example a badges security car.
You can claim travel and accommodation expenses if you were forced to stay overnight due to work. Keep receipts of all expenses to assist in your claims.
You can claim overtime meal expenses as long as the expense you bear isn’t included or reimburses as part of your salary or wage and you receive, and you receive a genuine overtime meal allowance from your employer.
You cannot claim for the cost of traveling:
Between work and home, even if you’re on call, or you are working outside of your normal hours.
If you do minor work-related tasks on the way home.
If you have to travel between work and home more than once a day.
Tax Deductions for Guards and Security Employees: Work Clothing
You can claim the cost purchasing, laundering and repairing a compulsory uniform and for protective clothing.
You cannot claim expenses related to conventional clothing, even if the clothing is oversized and used to conceal protective vests or weapons.
Tax Deductions for Guards and Security Employees: Self-Education
Expenses can be claimed relating to university, TAFE fees or online courses providing they are sufficiently connected to your current employment and your employer does not reimburse the costs.
The cost of attending short courses and seminars aimed at improving your skills in your current employment are deductible.
You cannot claim for per-vocational training, such as job specific security guard training.
Tax Deductions for Guards and Security Employees: Other Expenses
You cannot claim the cost of obtaining a security license, but you can claim any costs associated with renewing this license.
You can claim home office expenses as long as you can establish the time you spend working at home. You claim this expense based on the rate of 45 cents per hour worked at home. You should keep a diary detailing the hours you spend working at to back up your claim.
You can claim renewal fees of Union or professional association memberships; but you cannot claim the initial join up fee.
You can claim the work-related proportion of phone and Internet fees; keep the itemized bills to demonstrate where phone and Internet fees are associated with employment.
You can make an immediate claim for the purchase of work related equipment under $300 or if the equipment cost more than $300 you can claim depreciation over the life of that asset.
You can claim the cost of interest paid to borrow money for the purchase of work-related equipment.
You can claim the cost of repairing work-related equipment.
You can make immediate claims for any safety equipment that is necessary for you to perform your duties.
Feel free to contact us for any assistance you may require. At Accountants360, we strive to provide high-quality service that constantly meets and sometimes exceeds our customers' expectations.