Tax Matters – January 2020

from TaxArana, 2 Glenlee St, Arana Hills

TaxArana Office opens 13th January

We will be back in the office on the 13th January and will be ready to help you with your tax!  

Make an appointment to on track with your tax and be prepared this upcoming tax season. Each TaxArana client receives a free checklist which helps remind you of the records and considerations for your tax returns. If you’d like one, pop in to our office (the house on the corner of Dawson Parade and Glenlee Street) in Arana Hills.

Bushfire Appeal + ATO

As our community watches the horrors of the bushfires unfold, our thoughts quickly move from shock to ‘what can I do?’ and ‘how can I help’? Watch this space, as we find out where help is needed. We will be putting together some kind of local community ‘drive’ to help those affected by the fires. Please keep an eye on our Facebook page for the most up to date information.

If you have family and friends who have been affected by the bush fires, let them know that the Australian Tax Office has put in place special considerations. From the ATO website:

“We don’t want you to be concerned about your tax affairs if you’ve been impacted by the bush fires. We will help you sort out your tax affairs later. If you, or anyone you know, has been affected by this disaster and need assistance, phone us on 1800 806 218 when you are ready.”

Keep your receipts!  

During the ‘silly season’ people tend to be more relaxed with routines; including financial ones. Make sure you keep all receipts and records for your upcoming tax returns. This makes tax preparation so much easier come tax time

Did you rent out your house / apartment over Christmas? 

If you rent out your property via AirBnb, you need to declare your host income.  The ATO announced an audit of AirBnB hosts as part of a wider crackdown on the ‘sharing economy’ – including Uber, Lyft and other such income creating streams.  AirBnB told their 200,000 Australian hosts in October last year, that the ATO would be sharing their information with the ATO. Make sure you declare ALL income in your tax.

TaxArana
Ph: 3351 6111

 

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