Australians can lodge Tax return now. There are many ways you can lodge Tax return. You can use MyGov online or use Tax agent. You do not need to use Tax agent if your tax return is simple. MyGov is also the quickest way to get your return back. Usually you get your return money back in 2 weeks.
You need to click on ATO and click lodge Tax return. Most of your information from employers, banks, government agencies and health funds is pre-filled by late July, and will be there in the form of an ‘income statement’. You just need to check that information is correct.
The Australian Taxation Office has warned against lodging your tax return too early, however: “It’s important to check that your employer has finalised the information in your income statement and it is marked as ‘tax ready’ before you lodge,” assistant commissioner Karen Foat said.
If you lodge before your income statement is marked ‘tax ready’, you could be up for a bill later on, or risk having your return delayed unnecessarily.
The portal is available 24/7, so you can lodge anytime after your income statement says ‘tax ready’, and returns are generally issued within two weeks.
Another benefit of lodging through the ATO online is the tax office’s myDeductions tool, which allows you to keep records of your work and general expenses.
Then, that data will also be used to pre-fill your tax return.
Working from home deduction this finance year:
Due to COVID-19 many Australians are working from home. If you work from home below are some of the items you can use to minimize your tax.
Electricity:
If you were working from home obviously you were using electricity so you can claim the cost of supplying electricity for heating, cooling and lighting to the room in which you were working. But you can claim for the time when you were working. You cannot claim when you are watching movie or playing board game with your family.
Cleaning:
If you have cleaner coming to clean your house or your home office you can
deduct cost. But you must keep invoice and can claim for the area or room where
you were working.
Furniture:
If you have bought a new chair or computer desk to work from home you can claim furniture for the office but only up to value of $300. “If it’s over $300, you can take the depreciation – so you can claim back the wear and tear on the furniture.”
Computer Equipment:
If you have bought computer or printer or any computer related item to work from home and paid from your pocket then you can claim the cost. “You must be able to demonstrate how you used the device for work and you can only claim the work-related proportion of your use, excluding any private use,” the ATO said.
Conclusion:
Once you have records of all the expenses you can claim, you then need to work out how you are going to claim them.
If you do not want to go through each and every expense, then the easiest way to claim is just charge 80 cents per hour you worked from home.
“The other option available is the halfway”
“You can claim 52 cents an hour for running costs, and then other items such stationery, phone and internet bills and furniture wear and tear, you can claim separately.
“You just decide what is the best for you.”
You may not need Tax agent for that. You can do all through MyGov online.
Disclamation: This is author’s opinion. You must do your own research before claim any deduction to check you are eligible.
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