Probably this year went through loads of difficult shifts; some unusual and unseen incidents have affected the economy worldwide. All of us did work from home, while most of us relied on the government’s assistance.
But, as the end of the financial year is nearer, the lines of worriment may be visible on your forehead. However, for Australians, it’s not a hectic situation, as they know how and why it’s essential for them.
Along with this, since loads of happening came into existence over time; hence most of you might be curious to know the latest updates on tax returns. Therefore, in light of that curiosity, below is some latest information for you.
If you don’t know when tax returns are due
Because the deadlines vary for tax seasons, you may have to face-off with difficulties. Hence you can take the help of agents who’ll guide on every milestone.
If you want to use an agent
In most instances, you should only seek professional tax agent help. For example- they are expert in filling the tax return and always keep you up-to-date with the latest policies.
If you receive Job Keeper payments
Job keeper payments are, however, taxed as a regular income. Hence beware, the payment is viewed as salary/wages/allowance/ by ATO.
If you receive Job Seeker payments
Like job keeper, jobseeker payments are also taxed, and ATO views it as ‘government payments and allowances.’
If you withdrew some of your superannuation early
According to ATO assistant commissioner, Karen Foat, any withdrawn amount from super are tax-free if you receive early access to your super due to COVID-19.
If you run a business
Taxpayers who don’t pay instalments for GST won’t be affected because the government has decided to suspend the indexation entirely due to coronavirus.
If you run a self-managed superannuation fund (SMSF)
You can take some advice from a charted accountant on behalf of SMSF.
In theory, you can also attend a service centre – but with social distancing and other coronavirus regulations in place, authorities say only those in urgent need should visit Centrelink. (Watch the video below)
What documents will I need?
You’ll need to get some supporting documents ready to help answer some of the questions that will be presented to you.
Previously, job seekers had to get separate certificates from every employer they had worked for over the past 12 months.
But the federal government has scrapped this measure in a bid to make accessing funds easier.
The government has also waived the assets test, meaning personal assets – such as property – will not be considered when determining your claim.
Make your claim
Sign in to myGov and go to Centrelink.
Select Payments and Claims from the menu, then Claims, then Make a claim.
Select Get started from the category that best describes your circumstances.
Answer all the questions. Each screen has information to help you complete the claim.
Submit your claim
Tracking your claim
After you submit your claim online, you’ll get a receipt advising the claim was submitted.
The receipt will provide the ID number of your claim, an estimated date for completion and a link to track your claim’s progress online.