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Get ready! It’s the tax time.

Get ready! It’s the tax time.

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According to ATO assistant commissioner, Karen Foat, any withdrawn amount from super are tax-free if you receive early access to your super due to COVID-19.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.

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