Buying and selling your home

As we all know this year is like no other year for everything and this year’s tax returns is no exception. In reaction to Covid-19 various Stimulus Packages have been implemented by Federal Government. State Governments have issued some grants and other incentives. All this has made this year’s tax returns much different to any other. As a result of all this ATO is encouraging taxpayers to hold on to lodging their tax returns till after 3rd week on July as they need their systems updated so the assessment process works without much impediment. The end of the financial year upon us, millions of Australians are beginning to prepare their tax returns. And, with the coronavirus pandemic throwing a spanner in the tax works, it pays to spend a little extra time ensuring you have every deduction down pat. If you spent money on something you needed for work, and weren’t reimbursed by your employer, you can claim a deduction for it – as long as you have a record (bank statement or receipt) to prove it. If the expense was for both work and private purposes, the ATO will allow you to claim a deduction for the work-related portion.

Single Touch Payroll (STP) is a new way of reporting tax and super information to the ATO. If you are using a solution that offers STP reporting, such as payroll or accounting software, you will send your employees’ tax and super information to us each time you run your payroll and pay your employees. The information is sent to us either directly from your software, or through a third party – such as a sending service provider. If you have a software provider, they can tell you more about the type of STP solution they offer. For a list of available STP solutions visit the STP product registerExternal Link . There will also be a number of options available for employers who do not use payroll software, such as No-cost and low-cost Single Touch Payroll solutions .