There are multiple tax deductions available to fitness trainers and those who work in the sporting and fitness industry. There are some deductions that you should be aware of so you can maximize your taxes.
In between juggling clients and classes, we know you don't have time to devote to tax research. We've compiled a list of ways you can save money on taxes below, detailing some of the options available to you
Tax Deductions for Fitness and Sporting Industry Employees: Meals and Travel
If you have to carry bulky equipment (such as inflatable exercise balls, or other exercise equipment) to and from work and there is no secure storage available, you can claim travel expenses.
Often times, travel costs between two workplaces can be claimed, such as between two gyms or between two individual training sessions (PTs).
Conferences and seminars related to your job qualify for travel and meal expenses. Keeping a journal of your expenses over the course of more than six days is a good idea.
If you use your personal car for work purposes, including travel to meetings, conferences, or training outside your usual workplace, or when you visit patients at their homes, you may be able to claim the cost of the automobile. In order to provide an estimate of how many kilometers were driven, you need to keep a journal of your trips if you plan on claiming the costs associated with the use of your personal vehicle.
Tax Deductions for Fitness and Sporting Industry Employees: Work Clothing
A uniform that is emblazoned with an employer's logo (which you wear while working) is eligible for a deduction for reasonable business expenses.
Conventional clothing, including conventional exercise clothing, such as shorts, runners, generic sporting tops, etc., cannot be claimed.
Tax Deductions for Fitness and Sporting Industry Employees: Training
It is possible to claim university or TAFE fees if they are related to your current employment and you are not being reimbursed for them. Taking classes toward a Bachelor of Exercise Science, for example, could be claimed as expenses for the personal trainer.
As associated expenses can be claimed for training, they could include stationery, books, student union fees.
Taking a Certificate III in Fitness is not a per-vocational course.
Tax Deductions for Fitness and Sporting Industry Employees: Work Equipment
Usually, you can claim an immediate deduction for work equipment less than $300.
Adding the cost of its decline in value to the item's cost over $300 would qualify you for the deduction. Other personal training equipment could include weights, treadmills, exercise bikes, and other items.
Feel free to contact us for any assistance you may require. At Instant Tax Refunds, we strive to provide high-quality service that constantly meets and sometimes exceeds our customers' expectations.