Tax Time 2020
Hello friends, it's tax time. When your employer finalises your pay for the year, you are pretty much ready to lodge your tax return. If you have other sources of income, such as Interest from banks, Dividends received from shares, multiple employers or managed investments, you may need to wait a little bit longer for those to be published.
In terms of Tax Deductions, as always, consider your Work Related Expenses - if you spent money for work and was being paid to use it, then it may be deductible. Things to consider include:
Working from home - we can claim an hourly rate of $0.52 per hour worked.
Personal mobile phone and home internet usage. We would calculate your Work usage vs your private use (this may depend on who else uses the home internet for example).
Laundry for your compulsory or protective clothing
Home PC or Laptop used for work purposes.
During COVID 19 lockdown, (1st March 2020 - 30th June 2020), the ATO allows you to use the Shortcut method, which is a flat $0.80 per hour worked at home. However, if you use this Shortcut method, you can't claim your Mobile, internet and $0.52 fixed rate separately. This may require the use of multiple Work Diary / Entries.
Ready to go?
1. You can email me your work, or even upload your documents or summaries to a Dropbox / Google Drive / Microsoft OneDrive and share access.
For Microsoft OneDrive, please share to firstname.lastname@example.org
2. Send me a text with your name and email, letting me know it's ready to go. 0468313378