Hey there, lash queen!
Did you know that if you're investing in training and education to sharpen your skills or to start your own business - you can claim those expenses on your tax return? That's right, as long as you're working in the industry and can prove that the education directly benefits your business, those costs are tax-deductible! Even that lash course you've invested inn, you can claim your lash course back on tax!
Just a little side note - it's always important to chat to your financial advisor or accountant about your business finances first!
What You Can Claim On Tax & How To Claim Your Lash Course:
In the beauty industry, staying current with the latest trends and techniques is essential. Whether you're enhancing your skills as a lash technician or adding new treatments to your menu, continuous learning is key.
The Australian Taxation Office (ATO) allows you to claim training and education expenses if they are directly related to earning your income.
Here’s a breakdown of what you can claim:
💰Course Fees
Completing in-person or online courses or certifications that enhance your business offerings, such as Brow Lamination, Lash Lift & Dye, Business Course, or industry-specific marketing courses like our "How To Gain Clients" course.
🎤Conferences, Workshops & Seminars
Attending workshops, seminars or events relevant to your industry (lashes, brows, beauty etc) can all be claimed as a tax deduction for your business!
💻 Booking Website
Those monthly payments to keep your booking site up and running - those payments are tax deductible! Along with any other software and/or digital subscriptions you use within your business (even your Spotify bill!)
✈️ Travel Expenses
Want to train somewhere interstate? Or even just a few hours away? Keep your petrol/flight/accomodation receipts - it can be a tax deduction! Travel costs for attending courses, including transport, parking, accommodation, and meals can all be included.
🪄Tools and Equipment
Any tools or equipment needed to complete your courses or training can be used to reduce your tax bill! Examples: you buy a lash bed, a ring light, a stool for yourself, new lash supplies etc etc! Keep receipts for all of these items need to bring your tax bill down
🧾Keep Your Receipts, Queen!
The key to claiming these expenses is keeping your receipts. The ATO requires proof to know that you did indeed purchase all of these items, so you need to keep track of all receipts and safe-keep them for the end of financial year.
To conclude!
Improving your skills as a lash or brow artist not only boosts your expertise but also offers valuable tax advantages. By understanding eligible deductions and keeping your records well-organised, you can reduce your taxable income.
Always consult a tax professional to ensure accuracy for your individual circumstances!
Keep learning, stay motivated, and continue to excel in your skills!
