With the beginning of every New Year, Australian citizens need to file their tax return at the Australian tax office. However, this time a number of changes have taken place in the tax rules of Australia. The necessity has become even more substantial due to the Covid-19 crisis. The financial year of Australia usually ends on 30th June every year. Thereafter, the session of tax return starts from 1st of July and continues till 31st October.
Some important changes
Until recently, the Australian tax return office has brought some distinct changes in its tax return sector. This is all because of the sudden onset of the Coronavirus. So, what are some of these changes? What impact will they have on the lives of the various Australians? These are some of the questions whose answers you will get in the below given information.
Australian businesses which have been affected severely will now get benefitted from the Australian Taxation Office. However, the ATO will not voluntarily offer these aids to any of the businesses out there. On the contrary, a particular business professional has to approach them for optimizing their relief measures effectively. If you want to get detailed information about these relief aids, then contact a proficient Tax Return Consultant immediately. A comprehensive information about these relief measures can be considered below.
- Provision of low interest payment plans to the several Australian businesses out there. This will allow them to cope with the ongoing as well as the forthcoming sole trader tax return liabilities.
- Exemption of any taxing debts or interests which have become applicable after 23rd January, 2020.
- Provision to businesses to pay PAYG instalments over varied amounts. These amounts can come down to zero for those who are paying for the March 2020 quarter.
- Businesses which have paid for the quarters of September and December of 2020 will be refunded.
- An extension of 6 months for businesses which have cleared certain Partnership tax return liabilities. These include income tax assessments, fringe benefit tax assessments, PAYG and excise instalments etc. However, businesses will get this privilege only by presenting certain activity statements to the Australian Taxation Office.
- Businesses will also get the facility of a quarterly GST reporting cycle. This will actually make them applicable to certain GST refunds. To do this they first of all need to go for a monthly reporting comprising the GST reporting cycle. After this, they should retain this process of monthly reporting constantly for 12 months. This will make them applicable to opt for a quarterly reporting as well.
Apart from these, the ATO has also declared a new ‘work from scheme’ for the various Australians out there. Hopefully, this will help people to claim their deductions much more easily than before.
Good News for WFH Australians
Due to the Covid-19 outbreak, the Tax Return Perth protocol including that of Australia’s has witnessed significant changes. Most of the Australians are compelled to stay at and home and work from there. Nonetheless, they are working for the entire week, that also on a full-time basis. The Australian Taxation Office, thus, has proclaimed a new work from home scheme for all its citizens.
What to expect?
According to this, Australians can claim at least 80 cents of all their daily expenses on a per hour basis. This will prevent them from facing the hassle of calculating separately for each of the taxing expenses. All the members of a specific family can avail this facility individually. What’s more, you don’t even have to belong to fully-fledged work from home area to avail this privilege. This will let you claim 52 cents per work hour pertaining to certain expenses.
These include expenses of internet and certain computer devices, lighting, cooling and heating expenses, expenses of your phone etc. This work from home facility would also get the Australians reasonable deductions in certain common taxes. These include working related clothing taxes and vehicular taxes.
Provision of Stimulus Packages
Currently, most of the Australians are unable to work due to the abrupt occurrence of Coronavirus. This has put their professional career at an absolute stake. So, the Australian government is offering them an array of stimulus packages. These include the JobSeeker payment with an increment and the JobKeeper Wage Subsidy.
Reasonable Tax Rebates for Australians
2020 is awaiting Australians with reasonable deductions in their income tax amounts. Last year, they were even more fortunate to have got a lump sum of $1080 in their tax amounts altogether. The case is a bit different this time. This means that these tax offsets will vary from $255 to $1080 according to their incomes. Furthermore, these tax offsets will decrease your tax bill optimally. Simultaneously, they might have to pay relatively less taxing bills than what they usually do.