The cost-of-living crisis has prompted many Australians to make cuts to “luxury items”, but gym memberships are often the last to be sacrificed.
Gym memberships were identified as one of the first things to go, consequently resulting in calls to make these fees tax deductible.
The local gym owner Philip Schmidt said they’re experiencing a small drop in customers.
“I think for two or three we get, we probably lose one or two drop off so we’re trying to just keep our numbers stable,” he said.
This initiative comes due to there being a demand by those who want to lose their love handles without breaking the bank.
Audio: The local gym owner Philip Schmidt speaks to UOWTV reporter Joshua Houldin about tax-deductible gym memberships.
As well as this, Australia’s exercise, and active health body AUSactive yesterday submitted a pre-budget proposal to the treasurer ahead of the 2024 and 2025 federal budget.
This will aim to make gym memberships such as pilates classes and leisure centre fees tax deductable as an exemption under the Fringe Tax Benefits Legislation.
In a survey done by World Fitness, the median Australian Gym Membership cost sits at $70 a month (or $840 p/a) this excludes services from trainers or extra classes.
