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It’s tax time

It’s tax time…

But unlike other years, due to COVID-19 having a massive impact on our personal circumstances, there have been some big changes to how we do our tax returns. According to the ATO, nearly everyone’s circumstances have changed.

Here is scoop of things to know.

What can you claim while working from home?

Working from Home – How much can I claim?

To simplify things, the ATO has released an easy short cut method to make a claim from your working-from-home expenses. The Work from Home expenses internet, telephone, electricity, heating and depreciation of office equipment. You can claim 80 cents per hour for every hour you have worked starting from 01st March 2020. Using this method is easy to comply and only requires a timesheet or diary of hours worked from home.

Multiple people living in the same dwelling can claim the rate, and there is no requirement to have a dedicated work-from-home space.
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The Budget – What it means to you

budget 2016 affect on contractors and businessWith the Federal Budget 2016-17 announced, small businesses and middle income earners get the handouts, with promises to promote jobs and growth, control spending and make savings.

We have summarised some of the key areas that could affect you as an individual, a contractor and a business.
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Good News ACT Payroll tax changes pushed back to January 2015

ACT Payroll Tax Changes

Changes to ACT Payroll Tax pushed backThe ACT Payroll Tax adjustment to 6.85% has been pushed back a further 3 months, by Treasurer Andrew Barr till January 2015, giving contracts extra time to adjust to the change.

The tax was announced in the June budget, taking Canberra’s contractors by surprise, with an estimated 1000 contractors losing their payroll tax exemption and facing pay cuts amounting to thousands of dollars.

The tax change was to take effect on July 1, but under pressure from contractors the government pushed the start date back to September 1.  Now after further criticism from the cross-party estimates committee, Mr Barr pushed the date back further, to January 1.

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