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KP Covid-19 Update

Categories: Accounting & Tax
21 July 2020

Lodging your tax return as soon as you can this year is proving attractive to recoup potential refunds.

However it’s important to consult a professional to assist you with the many COVID-19 changes for the past financial year.

Review the below checklist before lodging to ensure you have all your information at hand:

 

1) Working from home expense claims

Many people have worked from home for a period of time but not everything is tax deductable.

The table below shows the deductions available that you can claim from working at home:

 

2) Loss of employment and other incomes

Redundancies, losing employment, reduced earnings and rental property losses can impact your tax return and be complex to process.

COVID related payments such as JobKeeper and Jobseeker and cash low boosts come into play this tax time and can be difficult to navigate what is classed as income and what isn’t.

If you are not sure what you can claim, we will ensure that we claim all allowable deductions and rebates for you whilst preparing your tax return.

 

3) Waiting for all information

Third-party information from banks, health insurance providers and public companies that pay dividends may take a while to be processed and for you to be updated.  It is important to also have your employer group certificates finalised.

Without this information, you may make mistakes or omit income and have to amend your tax return at a later stage.

 

Kensington Partners can help

Let us help prepare and lodge your tax return for you. Contact us to book an appointment

 

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