It is important that security guards receive their well-deserved tax returns. As security personnel, you work hard to ensure our safety. We have created a list of tax deductions that you can use to maximize your returns and receive all the financial benefits you are entitled to.
Travel and Accommodation Expenses
Guards and security personnel are entitled to several tax deductions, including travel and lodging expenses. Tax deductions can be claimed if you have transported heavy equipment that is not safe to store at your workplace or if your home is your primary place of employment. The same is true for expenses incurred when traveling between work sites or places of employment.
Tax deductions are only available for guards or security personnel who own the vehicle and pay for its operation. Employer-provided badged cars cannot be claimed. When overnight stays are required due to work obligations, travel and accommodation costs can be claimed. It is important to keep all receipts to prove your expenses.
Guards and security personnel can also claim expenses for work clothing, such as the purchase, washing and repair of mandatory uniforms and protective equipment. Costs for work clothing, such as uniforms and protective wear, can be deducted. However, everyday clothing that is worn to hide protective gear like oversize jeans will not be eligible for deduction.
Employees in the security industry who are self-educating can claim expenses for their education, including university fees, TAFE classes, and online courses, if they can prove that these costs are directly related to their employment. Short courses and seminars that enhance current skills can also be deducted. Unfortunately, prevocational security guard training that is specific to the job cannot be claimed.
Additional Deductible Expenses
Additional tax deductions can be used by guards and security personnel to increase their tax refunds. The cost of acquiring and maintaining a security licence cannot be deducted.
To support your claim, you must keep a detailed personal record documents the time spent working at home.
You can claim membership fees for unions or professional associations, but only the renewal fees – not the initial fees. Employees in the security industry can claim a portion of their phone and internet bills as work related expenses by keeping detailed invoices that show how they relate to their employment.
For work-related equipment purchased in the past year that is under $300, immediate claims can be made. Equipment that is over this threshold will qualify for depreciation throughout its lifetime and any interest paid to buy it. Repair costs on equipment that is used for work can also be deducted.
The safety equipment that security guards and employees need to perform their duties can be claimed immediately. This gives them the tools they need to work efficiently, while also allowing for tax deductions.
Security guards are vital to maintaining the public’s safety. They should be paid what they deserve. Knowing about the available deductions, such as travel expenses and accommodations, clothing costs for work, self-education fees, etc., can help to ensure that this occurs smoothly.
It’s important to note that to claim these deductions, you must keep accurate records of your expenses, including receipts and invoices. Additionally, you should seek advice from a qualified tax professional to ensure that you are claiming the correct deductions and meeting all the necessary requirements.
This article is for general information only. It does not make recommendations nor does it provide advice to address your personal circumstances. To make an informed decision, always contact a registered tax professional.