With the Australian Government announcing to extend the HomeBuilder program to 31 March 2021, the building and construction industry has not been significantly affected by the COVID-19 pandemic. During this unprecedented time, our local CLY Tax Accountants Vermont can assist you in preparing and lodging your tax return if you are working in the building and construction industry.
Income to Report
All your salary, wages and allowances for the financial year which is shown on your income statement or a payment summary. Bonuses should also be included as income on your tax return.
You may receive an allowance to
- Compensate you due to an aspect of your work, such as working in cold weather or working in dangerous conditions.
- Help you to cover certain expenditure such as meals when you travel for work related purpose.
Your employer may not include travel allowances or overtime meal allowanced on your income statement or payment summary. You will be able to see these on your pay slips.
Work Related Deductions
To claim a deduction for the expense you incurred for your work, you must have spent the money and are not reimbursed for it. You also need to have a record (usually a receipt or a tax invoice) to prove that you have incurred the expense and it is directly related to earning your income.
Common deductions are:
- Car expenses
- Clothing and uniform expenses including footwear
- Parking fees and tolls
- Tools and equipment
- Union and professional association fees
If you are looking for accountant Vermont to prepare your tax return, our CLY Tax Accountants & Bookkeepers Vermont are happy to help with our professional accounting knowledge and efficient services. We are also available for any assistance regarding business accounting, bookkeeping and advisory needs.
For more information or to make an appointment to discuss your current situation in detail, please contact CLY Tax Accountants Vermont. We are happy to assist you with all your tax Vermont and accounting needs.