Tax Matters – Feb/Mar 2021

Brought to you by TaxArana, 2 Glenlee St, Arana Hills

Now that we are now well and truly getting back into the new year, perhaps one of your new year’s resolutions should be to better manage your tax matters. Get those old returns done, or if you are in business, talk to us about getting a health check done for your business.

If you are still working from home, the Federal Government has extended the .80c per hour for all running expenses. This means there is no need to calculate costs for specific running expenses. Multiple people living in the same house can claim this new rate. For example, a couple living together could each individually claim the 80 cents per hour rate. The requirement to have a dedicated ‘work from home area’ has also been removed.

Claiming of motor vehicle expenses is one area that seems to cause of lot of confusion for taxpayers. If you use your vehicle for work purposes, you may be able claim. Visit their website to discover what is claimable. The ATO does focus on this area when reviewing returns so it is important that you keep appropriate records if claiming these costs.

In summing up, get those tax returns up to date whether you are an individual or in business. Also, if you lodge BAS returns get those lodgements up to date as well!

For further information give the friendly team at TaxArana a call on 3351 6111

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