Working in the construction industry requires you to have a special skillset and might be challenging at times. While the taxation department can’t do much to reduce your challenges, you can expect some relief if you are making financial contributions to your job. For any work-related expense that shouldn’t be your liability to start with, you might be eligible for a deduction, provided you are not getting a reimbursement for the same.
However, keeping aside the deduction part, you always need to keep a specific list of documents ready before filing a return. Here’s a list of documents that can help support your claims while working in the construction industry.
- Accurate Logbooks: This covers all the expenses you are incurring towards your job. So, if you are travelling from your office to another place for work, you should maintain a clear logbook of all the expenses. This should include travel, fuel, meal, and another spending throughout the trip while excluding trips between your work’s reporting point and home.
- Itemized Invoices: When you are buying anything for work, be it uniform, tools, or fuel, make sure to collect itemized invoices for everything. These invoices serve as proof of your expenses that you can claim.
- Employment Contract: Now, this is important. While you are buying a uniform with the company logo for work, you might not get a deduction if that’s not a required expense. The term “required” covers what your employment agreement says and not any verbal communication. So, you should carefully go through the contract and get all the requirements added before spending on them.
For any confusion, you can consult accountants in Toongabbie for the best advice on how you can build more wealth, reduce liabilities and maximize deductions.