What are Labour Hire summaries and how they effect your Income Tax Return
Labour Hire summaries are documents that provide details of amounts withheld from payments made under a labour-hire arrangement. These summaries are issued by the labour-hire agency, which is responsible for payment and other employee entitlements.
Labour Hire is a popular form of employment for industries that need manpower for short periods of time, or there are seasonality or other temporal factors reducing the need for direct administrative relationships with employees. Industries that commonly use labour hire include construction, landscaping, mining, event management, fruit picking, cleaning, civil (ie. traffic control, labourers), and security.
If you have received income from a labour-hire arrangement, you need to include this information on your income tax return.
Using an online tax service like GoTax can make it easy to include your Labour Hire summaries on your tax return. GoTax can pre-fill your tax return with business-related income statement or payment summary information provided to the ATO. Simply enter your income, tax withheld, and deductions, and GoTax will calculate your estimated refund. So if you have received income from a labour-hire arrangement and want to include this information on your tax return, head over to gotax.com.au and get started!
Those employed under Labour Hire arrangements generally have a higher level of expenses to fulfill their obligations. You need to record these expenses to claim all of your tax deductions successfully.
Well you're in luck. The Gotax Deduction Grabber has been created for just that purpose, recording your expenses anywhere at anytime. Download now.