Fitness Professional - Don't miss out on the deductions
Claiming the maximum amount of deductions allowable is what we all want to be able to do. Working in the health and fitness industry there are some specific claims that you want to pick up in your tax.
The rent that you pay at your gym/studio. If you train in parks, the council fee to use the park. If you train out of your home a portion of your rent, or if you own the premises a portion of your interest, rates etc (note on the eventual sale of the property if you claim the above you will not be entitled to disregard the capital gain on the property under the Principal place of residence exemption)
The cost of buying and repairing equipment you use at work, including any gym equipment, laptops, mobile phones and items like Booty bands. Items over a certain limit may not be deductible upfront but over a period of time.
The cost of any materials or supplies that you buy for use at work, backpack, gym bag, stationary.
Any online materials you purchase including other trainers courses/programs
The cost of insuring your equipment
Your public liability/professional indemnity insurance
The cost of annual association membership fees (Fitness Australia, ESSA, Powerlifting Australia, GPC)
The cost of short training courses related to your current job/business, for example, first aid, OH&S, personal training, nutrition, management, staff supervision and attendance at Fitness Expos, which are not run by a University or TAFE (you can also claim for the cost of travelling to and from the course and any accommodation and meal expenses if you are required to stay away overnight)
The cost of attending competitions as a coach or trainer, including entry fees
Attending Fitness Expo's
The cost of attending seminars at other gyms/Studios
The cost of purchasing goods for onselling to your customers - including clothing lines & supplements
The cost of work-related magazines and journals
The cost of work-related CD’s and DVD’s
The cost of work-related books (these could include fitness, personal training, management, customer service or nutrition)
The cost of renewing work-related licences (Blue cards etc) - this does not include your driver’s licence
The cost of work-related mobile or home telephone calls and rental (you should keep a diary record of the number of phone calls you make for work for one month and then we can use that to estimate your usage for the whole year). With the significant use of your mobile phones to keep on top of your social media obligations, the average claim for your mobile phone may be quite high.
The cost of work-related internet connection fees (you can only claim the proportion of your monthly fees that relate to work use, which could include emailing, research relating to your job, for example gathering training ideas and investigating new training methods and equipment)
The cost of maintaining a home office if you are required to complete work at home (you should keep a diary to record how many hours per week you spend working from your home office).