The low and middle income tax offset (LMITO) announced in the 2018–19 Federal Budget continues to be available for 2019–20. An offset is not a refund and can only reduce the amount of tax you need to pay. The amount of the offset you may be entitled to will vary depending on your individual circumstances, […]
To support retirees with account-based pensions and similar products from having to sell investment assets in their self-managed super funds (SMSF) to fund minimum drawdown requirements, minimum drawdown requirements have been reduced by 50% for 2019–20 and 2020–21 income years. For SMSF trustees who have paid their member the minimum drawdown amount, payments can be […]
If you receive a refund from the Services Australia income compliance program, you or your tax agent do not need to take any action for tax purposes. That is: you will not be taxed on this amount you should not include it in your tax return you do not have to submit […]
Eligible individuals economically affected by COVID-19 can access some of their superannuation (super) early. The application is available through ATO online services in myGov. If eligible, you are able to access up to $10,000 of super before 30 June 2020 and a further $10,000 from 1 July 2020 until 24 September 2020. You do not need to pay […]
We recognise that due to COVID-19, a significant number of employees and business owners started working from home from 1 March and are incurring additional running expenses in relation to their income producing activities. In addition to the existing fixed rate and actual cost methods, we introduced a temporary ‘shortcut method’ of 80 cents per hour worked […]
