Did you know a million individuals had lodged their annual tax returns with the Tax Office by the end of July 9? It’s confirmed by the Treasurer Josh Frydenberg, and reports add that Australians have rushed to get their hands on annual tax refunds, with a record number submitting returns early in a sign of the income pressures on many households during the nation’s first recession in 30 years.
Treasurer Josh Frydenberg has said that Government’s tax cuts allow millions of Australians to benefit this year by keeping more of what they earn, providing a much-needed boost to their household budget.
Lodging a Tax Return
Have you earned an Australian income between July 1, 2019, and June 30, 2020? Then, you are entitled to lodge a tax return. As a leading tax law firm in Perth, we advise you to file your tax return even if your income is low this year due to the pandemic, to ensure that if you are eligible for a refund.
According to the Australian Taxation Office, it’s important to lodge your activity statements and tax returns on time, even if you can’t pay by the due date. The current pandemic has placed tremendous financial stress on millions of people, and if you are one among them who missed to pay the tax on time or missed a due date, ATO has come up with a range of options to help you.
Talk to your taxation lawyer in Perth to get a clear understanding on the issue, and they’ll talk to the ATO to defer payment due dates and stop interest accruing for your income tax payments that were due after 23 January 2020, fringe benefits tax (FBT) and excise. They will also set up a plan to assist you to make the payment by instalment without incurring any serious penalties.
When you use a tax lawyer in Perth to lodge your tax return, your payment deferral date may vary. So, get in touch with them immediately to check your payment due date and ensure that you aren’t charged a late lodgement penalty.
Tax Deduction Claims for People Working from Home
For peoples who are working from home, you can file tax deduction claims for the following:
– Electric expenses for the equipment you are using for work, and the expenses associated with heating or cooling the area from which you are working
– Cleaning costs for your work area
– Phone and internet bills
– Expenses for home office equipment such as computers, printers, phones, furniture and furnishings
ATO’s shortcut method is an act of fair and easy, and you can claim a deduction of 80 cents for each hour you worked from home in the 2019–20 income year during the period 1 March to 30 June 2020.
The rapid onset of COVID – 19 has changed the way we claim at tax time. Get in touch with your tax law firm in Perth to lodge your tax returns and find out the options that could benefit you in many ways.
The author of this article is a leading tax lawyer in Perth with over a decade of experience in practising law. In this article, he explains why it’s essential to lodge a tax return even if you had a low annual income this year due to the pandemic. Visit https://www.munrodoig.com.au/ for more information.