12 Aug 2021 Tax Season in Full Swing
It’s August! Have you thought about your 2021 income tax return yet? If you are due a tax refund it’s better off in your pocket sooner rather than later!
It has never been more important to engage a professional to assist you with your return. In the last 18 months, there have been significant changes in respect to taxation and superannuation. Are you confident to DIY your return to ensure you minimise tax and/or maximise your refund?
Business owners, are you aware of the different tax deductions available for assets depending on when you bought the asset and how much it cost? Do you understand the new Loss Carry Back Tax Offset for companies, and are you eligible? Some of our clients have already received large refunds of tax paid in previous years under this measure.
Individual taxpayers, do you know all of the deductions you are entitled to? Do you know what income is assessable including JobKeeper or other Centrelink Benefits? Have you looked at your Superannuation recently? Did you know that from 1st July 2021 your employer must pay 10% of your ordinary time earnings to superannuation and that the concessional contribution cap increased to $27,500 from 1st July 2021? And did you know that you can carry-forward unused concessional contributions from previous years?
The above matters are only the tip of the iceberg when it comes to tax and superannuation. If all of it was overwhelming, confusing, or if you didn’t know about most of it, then you should seek professional advice.
At UHY Haines Norton, our professional team are here to help you, and we are currently offering a discounted rate for income tax return preparation. Call us today on 07 4972 1300.