It is tax time for the 2021 financial year. The ATO has announced key changes that may affect the lodgement of your financial year 2021 tax return(s).
Who?
This applies to tax returns for the financial year ended 30 June 2021.
When?
Full processing of 2020-21 tax returns commences on 7 July 2021. Refunds are expected to be paid from 16 July 2021.
What are the key changes?
A couple of key changes for the 2021 financial year include:
- COVID-19 measures and support: including early access to superannuation which is not assessable income and the introduction of an optional simplified method to claim 80 cents for each hour worked from home.
- JobMaker plan: upper limit of the 19% personal income tax bracket raised from $37,000 to $45,000. The low-income tax offset (LITO) increased to $700 from 1 July 2020.
A full list of the key changes can be found from the ATO, linked below.
https://www.ato.gov.au/Tax-professionals/Prepare-and-lodge/Tax-Time-2021/Overview-of-key-changes/
Need help with your tax work?
We are always here to help. If you require further assistance, please do not hesitate to contact our office on (07) 3879 3303.