End of financial year savings can be a great way to put more cash in your pocket and with a bit of planning and time, realising these savings through your tax return can be a worthwhile exercise, according to AUSactive.
Those working within the fitness industry can claim on a wide range of tools of the trade right through to continued learning and even the cost of AUSactive membership.
AUSactive CEO Barrie Elvish said getting everything ready in advance, understanding what you can and can’t claim in your return and having relevant documentation means you give yourself the best possible tax outcome.
“Now is a fantastic time for our members to start thinking about what they can and can’t claim in their tax return and getting the documents and receipts organised for what they will claim,” Mr Elvish said.
“Remembering to claim the cost of AUSactive membership fees, or any other professional membership is key, as is the cost of ongoing professional development such as applicable CEC courses and other relevant professional development throughout the year.
“Claiming a deduction for clothing that you’re required to wear as a uniform to work that has the logo of the gym, facility or sporting club where you work on it as well as cleaning it is another area often missed as are basic tools of the trade and resources that help you do your job. Membership fees of a recognised Trade Union are also tax deductible.
“Our advice for members is to create a list of things you think you can claim in this year’s tax return and then check with your authorised tax agent to ensure you are getting your return right.”
In addition to claiming eligible expenses in this year’s tax return, locking in a price freeze on your AUSactive membership for up to two years is another great way to save money.
“From 1 July, AUSactive membership fees will increase for the first time since before the pandemic. This increase and our new fee structure is still well below pre-Covid levels but will allow us to continue to provide quality service and deliver great benefits to our members,” Mr Elvish said.
“Members can take advance of current category pricing by renewing their one- or two-year membership before 30 June. Sole Trader members can also take advance of direct debit options meaning they can spread the payment out over a period of time.
During June, AUSactive is hosting weekly webinars to help members prepare for tax time. Kicking off on Friday 3 June, members can register for the following information sessions:
|Time||Topic||Information & Registration|
|3 June 2022||1.00pm||Economic Update with Commonwealth Bank||View Webinar|
|10 June 2022||1.00pm||Tackling Your Taxes 2022 with H&R Block||View Webinar|
|17 June 2022||1.00pm||Financial Wellness||View Webinar|
|24 June 2022||1.00pm||The importance of long-term financial freedom with HESTA||View Webinar|