Its time again to get your 2021 tax return into the ATO and gain access to your tax refund!
What you need to know for your 2021 tax return
- The low to medium income tax offsets of up to $1080.00 per tax payer introduced in 2019 have been extended for tax payers and will help secure refunds if correct PAYG was withheld throughout the year.
- For those who use the per kilometre method to claim motor vehicle costs the rate has increased in 2021 from 68 cents per kilometre in 2020 to 72 cents per kilometre.
- JobKeeper and JobSeeker payments are assessable income and will be included in your tax return.
- Special “shortcut method” for home office expenses during the COVID-19 crisis from 1 July 2020 to 30 June 2021. Under this special provision, those working from home can claim 80 cents per hour for each hour you worked from home during the period. You cant claim for costs that have been reimbursed by your employer.
- Remember if your overall work related deductions exceed $300 you will need to maintain documentary evidence such as diaries and receipts to substantiate your claims.
- It’s unlikely you will receive a payment summary from your employer this year but you can download a income statement via your MyGov account.
- The ATO will be focusing on motor vehicle expense claims so be sure to retain adequate evidence either for Km’s claimed if using this method or documents to substantiate costs if using the cost method.
- The ATO have also alerted us they will be putting Cryptocurrency activity under the microscope this year. If you have been buying and selling Cryptocurrency be sure to provide your activity details to your Tax Agent as you may have taxable income to report.
- Your employer has until 14 July to finalise their STP reporting which means if you book in your tax return before they have done this your Tax Agent may not have access to your final payroll information. The ATO have suggested they will not start processing tax returns this year until 7 July 2021 and will not start paying refunds until 14 July 2021.
Why you should engage OnVenture as your Tax Agent?
OnVenture are not just business experts but are tax experts for both business and individuals and are always developing new ways to improve the experience and outcomes for clients. Some key reasons to select us as your Tax Agent this year are:
- $127.50 COVID Safe phone assisted tax return service ($99 for first time personal tax clients). Our low cost personal tax return service ensures we collect all the information required to maximise your return without requiring you to attend the office.
- Our comprehensive tax return survey is a quick and easy way to ensure we have all the information we need to complete your tax return before your phone meeting.
- Not able to join us on a tax return call during 9-5? No problem! We have increased our operating hours through July to include phone meeting appointment times:
- Prior to business hours from 7:30am to 9am on Wednesdays and Fridays; and
- After business hours from 5pm to 6.30pm on Tuesdays and Thursdays.
- Prefer to meet at our office or have us visit you onsite or at home, not a problem. Our $180 in office or mobile service will be ideal for you.
- Maximise your return. With our broad industry knowledge we are able to identify opportunities through our online survey and in-meeting consultation to ethically increase your deductions and maximise your return.
Ready to Go?
If you are a new client, give us a call on 1300 300 013 or book in your 15-minute phone assisted tax return call and we will send out the tax return survey to collect your information and prepare your return prior to the call. Book in here: https://calendly.com/onventure/tax-consult-15min
Note:
- Other services and fees maybe required for non-standard events and activities such as property rentals, capital gains events from asset sales and small business schedules, etc.
- Your employer should be now reporting with STP and have until 14 July to finalise the STP reporting for the year. You will not receive a payment summary from your employer however can obtain an Income Statement if needed by logging into your MyGov account. If your employer has finalised their STP reporting for the year we should have access to your wages income and tax withheld details via the ATO portal and do not need a payment summary (group certificate as they where one known by).