Tax Time is HERE - are you ready?
July is "Tax Time" - the time of year when we run around looking for those receipts we stashed somewhere safe, and Googling the
words 'is this deductible' over and over. This year, we have compiled the best advice to give you everything you need to get your tax
return lodged and returned quickly and with less stress.
There have been a number of subsidies and grant programs available in 2021 and 2022. According to the ATO, the COVID-19 Disaster Payments are not taxable and don't need to be included in your return this year. The Pandemic Leave Disaster Payment are taxable and will need to be included as assessable income.
COVID Tests & PPE
This year, you will be able to claim a deduction for the cost you have incurred when buying RAT tests (from 1 July 2021). However, these can only be claimed for work-related purposes (to determine whether you can attend or remain at work) and cannot be claimed for children before they returned to school. Unfortunately this does not include any travel or parking expenses you have incurred when purchasing your RAT Tests. PPE that you have purchased to remain at work (masks, gloves, hand sanitiser) are also deductible.
Offsets & Refunds
These are expenses you have incurred where a refund was made to you.
These may include:
You also may have other income such as rental properties, a business, foreign income, capital gains or employee share schemes, which also need to be included.
You don't need an appointment to get started today!
Getting your tax return lodged is one less thing you have to worry about with us. By completing our user-friendly online form, clients can upload their documents straight to our team who can begin your return as soon as possible.
To speak to a member of our team about your 21-22 tax return, call our office on:
Tocumwal / Albury: (03) 5849 1551
Brisbane: (07) 2103 3253