A large number of Australians are working from home as a result of the outbreak, the Australian Revenue Authority has introduced a new policy to make it easier for Australians to apply for tax rebates, Australian News Group reported
Under the New Deal, Australians no longer need to calculate tax rebates in the same categories as before, but can refund all items at a price of 80 Australian cents per hour. In addition, multiple individuals living under the same roof can apply individually and no longer require a dedicated office area. According to the Karen Foat of the Assistant Commissioner, the new policy will be implemented from 31 March to 30 June, which will make tax rebates easier for first-time home-based workers. "Under the new policy, you can make tax rebates by simply recording your home hours, which makes it easier for many first-time home workers to apply for tax rebates. Apart from this, taxpayer can also reduce the value of heating, cooling, lighting, cleaning and office furniture by 52 Australian cents per hour.
Claims for home-based tax rebates before 1 March are said to be based on the old methodology. In addition, the Australian Revenue Authority has reminded people that three golden rules still apply. And that means taxpayer have to make sure that everything you declare is work-related, keep records, make sure you have expenses and the employer doesn't reimburse you.
The australian tax bureau also revealed last month that the agency will track cryptocurrency tax evaders and that hundreds of thousands of australians will receive severe warnings. It is understood that cryptocurrency is considered a form of property and therefore applies to assets subject to capital gains tax. This means that any financial gains from the purchase and sale of cryptocurrencies are normally subject to capital gains tax and must be reported to the Australian Revenue Authority.
