Snapshot Of NSW COVID-19 Assistance

Snapshot Of NSW COVID-19 Assistance

Have you already gathered the necessary information and supporting documents for your 2021 Income Tax Return? If you have not done yet now is the right time to start collating all your information and get your Income Tax Return sorted early.

In 2020 ATO had focused on delivering COVID-19 stimulus benefits. For 2021 ATO will focus on cracking down key risk areas to the tax and super system.

ATO has cautioned taxpayers against the following:

  • Claiming work-related expenses on items that are not actually work-related
  • Making unsubstantiated claims for allowable tax deductions
  • Double-dipping of work-from-home expenses
  • Rental property expenses
  • Capital gains from cryptocurrency, property and shares

 

For your convenience, we have designed the 2021 ITR checklist and questionnaire to guide you in detail. It is our goal to make 2021 tax compliance easier for you despite the various updates in tax rules and regulations and the tax traps associated with them.

 

We encourage you to gather your tax information as early as possible and clear out any issues or queries. However, we also cautioned you against lodging too early, because lodging too early doesn’t mean you will get your refund much quicker. It is advisable that taxpayers should lodge their tax return until their income, insurances, dividends and bank interest details are available. In most cases, this information is available by the end of July.

 

If you want a copy of our 2021 ITR Tax Checklist and Questionnaire or have tax-related queries, please do not hesitate to reach out to us.

 

Yan (Jenny) Qi CA

Founder of Progress CA Pty Ltd

Tel. no. 0403 050 779

Email: info@progressca.com.au

Website: www.progressca.com.au