Tax News you NEED to know!

Here’s the latest tax news that everyone needs to know before they lodge their 2020 Tax Return.

Feel free to share with your Friends & Family.

JobSeeker & JobKeeper Payments are TAXABLE

If you have applied for either payments, it’s important to note that they are taxable! So, if you think your income between 1 July 2019 – 30 June 2020 will go over $18,200 it might be worth setting some extra money aside incase you receive a tax bill.

To avoid a tax bill in the future, ask Centrelink or your boss to withhold extra tax from your pay, any excess tax will be issued to you in a refund when you complete your etax return with Gotax Online.

Working from Home

To compensate so many of us working from home, the ATO have introduced the Shortcut Method for home office, this can be claimed from 1 March 2020 to 30 June 2020. This new claim bundles up all of your home office expenses into one so you can claim 80c per hour, you do not have to work from a designated office and more than one person in the household can claim it.

All you have to do is keep a diary, timesheets or logbooks tracking how many hours you work from home.

Read our blog on why we don’t like the new Shortcut Method here.

$1080 Gov’t Bonus

Yes, depending on your income and personal tax circumstances, this is still available on your 2020 Tax Return! This can be anywhere from $255 to the full $1080 depending on how much you earn, if you earn over $126,000 you won’t get anything at all.

Remember though, this is an offset that reduces how much tax you have to pay, it’s not an instant cash back.

Payment Summaries no longer exist

You don’t need to wait for your payment summary anymore! Employers have been reporting your wages directly with the ATO this year, so once they have marked your last pay as final. We can electronically receive your annual information, so you’ll be able to complete your tax return.

Private Health Insurance

Insurers are no longer required to send private health insurance statements to members. Similar to payment summaries, they will upload your information to the ATO, and we can electronically pick it up from there.

2020 Tax Returns are almost ready! Lodge your 2020 Tax Return with us and receive FREE Access to eCashBook’s Household Tracking App & Software!

See you soon!

Do your tax return right the first time with GoTax Online!

Speedy Gonzalez $10, Not too much to claim $38.50, One with the lot $64.95 and if it’s your first time, do it for FREE!

Note that the information provided is general in nature and subject to change, please contact one of our professionals who can evaluate your circumstances and provide more accurate advice to your current situation.