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2020 tax rebate guide: how to best prepare tax returns?

[Life Information]     30 Jun 2020
2020 tax rebate guide: how to best prepare tax returns? During the outbreak, government provided a deduction of 80 minutes per hour for thousands of home-based workers. At the same time, those who work from home with larger space can request further deductions, but first, they need to provide detailed usage records, that is, applicants must keep invoices and receipts for related expenses, as well ...

2020 tax rebate guide: how to best prepare tax returns? During the outbreak, government provided a deduction of 80 minutes per hour for thousands of home-based workers. At the same time, those who work from home with larger space can request further deductions, but first, they need to provide detailed usage records, that is, applicants must keep invoices and receipts for related expenses, as well as approximate space actually used when working from home (e.g. specific rooms for office use).

Unconsciously has reached the end of June, blink of an eye, the new fiscal year is coming soon, followed by the new tax year. If you earn work income in Australia between July 1,2019 and June 30,2020, run a business, or receive government subsidy relief, then you need to submit a tax refund application form by October 31. If you don't return the tax on time, you may face a fine from the tax bureau.

Key points:

Any person who has earned income in Australia must submit an annual tax return for the period from 1 July 2019 to 30 June this year.

Tax residents still enjoy a tax exemption of $18200.


Signature:

On-the-job vacationers who earn less than $$37000 on 417(Working Holiday) and 462(Working and Holiday) visas will be required to pay 15% of their income.

The JobKeeper subsidy of $1,500$ every two weeks shall be regarded as taxable income.

(Chart: Adobe Stock)

                                                     

Offset from work at home

During the outbreak, government provided a deduction of 80 minutes per hour for thousands of home-based workers. At the same time, those who work from home with larger space can request further deductions, but first, they need to provide detailed usage records, that is, applicants must keep invoices and receipts for related expenses, as well as approximate space actually used when working from home (e.g. specific rooms for office use).

Home-based businesses can also receive home-based credit rights.


Other common related work deductions

car and transportation expenses – related expenses from one duty station to another, including petrol, parking and other work clothes, work clothes related cleaning expenses – purchase of work clothes and cleaning work clothes, telephone charges, network charges – if you use your own phone or internet for work purposes, you can ask for a deduction of tools, equipment expenses – if you purchase tools, equipment or other assets to help you earn your income, you can ask for a deduction of part or all of the expenses.

Contact promptly in case of doubt, or telephone consultation. For maximum tax rebates, please contact professionals.

 

statement: the contents and law clauses mentioned in this platform article are all facts, and the author does not give any comments and suggestions on the elements. Consult your accountant or lawer. before making any decision

Contribution: Neena Wang

Tax Agent 25202857

Address: Ground Level,21Argyle St,Parramatta NSW 2150

Tel :02 9613 8216/0433 524 099

Email :[ email protected]]

Web site: www.minimisetax.com au.

provided by the Neena Wang, representing only the original author's point of view, does not represent's position.

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