Here’s the latest tax news that everyone needs to know before they lodge their 2020 Online Income Tax Return.
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JobSeeker & JobKeeper Payments are TAXABLE
If you have applied for either payment, 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 in case you receive a tax bill. You can always 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 online 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. More than one person in the household can claim it.
All you have to do is keep a diary, timesheets or a logbook tracking how many hours you worked 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 Online Income 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 instant cashback.
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 your wages information will be available. We electronically receive your annual information, so you’ll be able to complete your online income 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 tax information to the ATO, and we can electronically pick it up from there and populate it into your online income tax return.
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