Common Tax Deductions For Personal Trainers
Do you work in the health and fitness industry? There are tax deductions suited to your industry that you can include in your next tax in order to maximise your return! In this blog post, we’re sharing with you some of the common tax deductions for personal trainers. Remember this list isn't exhaustive and not all of these deductions may apply to you. There may also be deductions not listed here that you are entitled to, so make sure you get professional help from a tax agent like Iron Advisory to ensure that you're getting the most out of your tax return!
EQUIPMENT
You are able to get a tax deduction for the cost of buying and repairing gym equipment, such as weight sets, exercise bikes, booty bands etc. If you also use the equipment for personal use, it’s important to note that you'll need to apportion the cost between work use and personal use as you can only claim the work-related element. You can also claim the cost of insuring your equipment.
As well as gym equipment, you can use the same tax break to write off any other work-related equipment purchased for your business, such as:
Furniture for rest areas
Office equipment (desks, chairs, draws etc)
Technology such as laptops, desktop computers, phones and tablets
Please note, items over a certain limit may not be deductible upfront but over a period of time.
UNIFORMS
If your business uniform displays a logo you can claim the cost of purchasing, laundering and repairing it. You can also claim the costs of sun protection items such as hats, sunglasses and sunscreen. Unfortunately, the ATO considers general gym clothes such as shorts, tights, sports bras, sports shoes, socks or t-shirts items wearable for personal use outside of work, so you cannot claim them.
TRAINING & COURSES
You can claim the cost of short training courses related to your current job/business e.g. first aid, OH&S, personal training, nutrition, management, staff supervision, and attendance at fitness expos that are not run by a University or TAFE. This includes the cost of travelling to and from the course, as well as any accommodation and meal expenses if you are required to stay overnight. You can also claim the cost of attending seminars or fitness expos.
KEEP YOUR RECEIPTS & RECORDS!
You can’t make a claim unless you can prove you spent the money. So, make sure you keep all relevant receipts, invoices, bank statements and credit card statements. If you’re not sure if you can make a claim, keep the receipt anyway and discuss it with your accountant later on!
Want to know more tax deductions related to the health & fitness industry? Download our free checklist here. You can also book a free consultation with us.