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June 1st , 2024

Can I claim my cycling expenses?
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Introduction

Can You Claim Cycling Accessories This EOFY

When it comes to tax time, every little deduction can help reduce your taxable income and save you money. For cyclists in Australia, the question often arises: can you claim cycling accessories on your tax return? The answer depends on how you use your bike and accessories. This blog will guide you through the eligibility criteria, rules, and tips for claiming cycling accessories on your Australian tax return.

Claiming Cycling Expenses

Although we are only bike experts, here's what the Austalian government says about claiming cycling related expenses:

Eligibility Criteria

1. Work-Related Use

To claim cycling accessories, you must use your bike for work-related purposes. This includes:

  • Commuting: If you cycle from home to your place of work.
  • Job Duties: If your job requires you to use a bike during work hours (e.g., delivery services, site visits).

2. Substantiation Requirements

The Australian Taxation Office (ATO) requires you to substantiate your claims with:

  • Receipts and Invoices: Keep all receipts and invoices for the accessories you purchase.
  • Usage Log: Maintain a log detailing how often and for what purpose you use your bike for work.

 

Steps to Claim Cycling Accessories on Your Tax Return

1. Keep Detailed Records

Ensure you keep all receipts, invoices, and a detailed log of your bike usage for work purposes. This documentation is crucial in case the ATO requires evidence of your claims.

2. Calculate Your Work-Related Usage

Determine the percentage of time you use your bike for work-related activities versus personal use. Only the work-related portion of your expenses is deductible.

3. Include in Your Tax Return

When lodging your tax return, include the work-related cycling expenses in the appropriate section. If you’re unsure how to do this, consider consulting a tax professional.

 

What can I claim?

If you meet the eligibility criteria, you can claim a deduction for various cycling accessories. Here are some common items:

1. Safety Gear

  • Helmets
  • Gloves
  • Reflective clothing and vests

2. Maintenance and Repairs

  • Bike pumps
  • Toolkits
  • Servicing costs

3. Storage and Transport

  • Bike locks
  • Racks and carriers

4. Other Accessories

  • Lights
  • Cycling computers/GPS devices
  • Hydration systems

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DISCLAIMER

The information provided in this blog is for general informational purposes only and is not intended as legal, financial, or tax advice. While we strive to ensure the accuracy of the content, tax laws and regulations are subject to change and can vary based on individual circumstances. We recommend consulting with a qualified tax professional or the Australian Taxation Office (ATO) for personalised advice and to ensure compliance with current laws and regulations. ROCKBROS and its affiliates are not responsible for any errors or omissions, or for any actions taken based on the information provided in this blog.

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