Tax Tips

Tax Tips

With the financial year recently ending, its almost tax time. As millions of Australians begin sorting out their financial records, we have devised our best tax tips to help you lodge your return this year.

Wait until the end of July

Around 1 in 5 people lodge their tax return before they have all of their relevant income information. It is important to check that your employer has finalised the information in your income statement and it is marked as ‘tax ready’ before you lodge.

Have you been working from home?

For the period from 1 March 2020 to 30 June 2020, you can claim 80 cents per hour for each hour you worked at home. This covers all of your work from home expenses such as phone expenses, internet expenses, electricity and gas for heating, cooling and lighting, and the decline in value (depreciation) of equipment and furniture.

 

What if I make a mistake?

Forgotten to include income from a previous job, or claim a deduction you were entitled to? Don’t panic! You can correct your mistake by requesting an income tax amendment, which can be done online via myGov, or submitted to the ATO as a form or letter.

Did you buy equipment to expand your business?

As part of its response to Covid-19, the Government has expanded the instant asset write-off scheme, which allows businesses to claim a 100% tax deduction upfront on the purchase of equipment. Businesses with an annual turnover of up to $500m are eligible and the equipment threshold has been raised to $150,000.