Tax time is merely days away and this year is unlike any other. With COVID increasing the number of employees working from home, it is more important than ever to have an experienced accountant on your side. There are certainly many benefits of using an accountant for this year’s tax return. Even the way you prepare and lodge your return this year may be different than ever before with COVID social distancing rules in place. The team at Fusion Accounting Solutions is here to help you navigate your individual tax return, ensure you claim correctly and maximise your returns.
The Differences in the 2019-2020 Individual Tax Returns
Your tax return this year will look different from those of prior years if you have been working from home. It is important you get these calculations right to avoid a knock on the door from the ATO. Our team is experienced and knowledgable in the requirements and expectations of the COVID working from home deductions and expectations from the ATO.
Are There Benefits of Using an Accountant for this Year’s Return?
Yes! Whilst you can certainly lodge your tax yourself online, utilising a tax agent will ensure you get it right with the best chance of maximising your deductions. Even the most seasoned of individuals can make simple errors.
What Information Do I Need for my Individual Tax Return?
In order for us to help maximise your refund, we have collated a checklist of items and supporting documents to bring with you or send through to us.
Income
- PAYG Summaries
- Pensions or government payments/allowances
- Yearly interest earned from your banks, building societies.
- Dividend statements
- Rental property income
- Other business income
- Other income earned
Expenses
- COVID Working from home costs (this will incorporate hours worked from home from 1st March to 30th June) including:
- Phone costs (work usage only)
- Computer/laptop expenses (lease or purchase and percentage of usage)
- Internet costs (work usage)
- Furniture purchases
- Car expenses (Logbook record or justified kilometres estimation)
- Travel expenses (flights, taxis, train, bus tickets, parking)
- Accommodation costs
- Work-related self-education expenses
- Last year’s tax return fee
- Income protection insurance premiums
- Rental property expenses (eg: rates, body corporate fees, agent fees, interest, repairs and maintenance, water rates, depreciation schedule)
- Investment expenses (bank fees, financial advisors fees)
- Records of sales and purchases of any shares, business or property
- Private health insurance details
- Spouse details
- Children’s details
- Centrelink benefits
- Government debts (Child support, Centrelink, HELP debt)
- Donations
When Should You Lodge your Return?
We advise to delay your lodgement for a couple of weeks after June 30. This will allow your employer and relevant Government Departments and Health Funds to have lodged all information to the ATO.
Flexible Tax Preparation & Lodgement Processes
Our team understand that lodging your tax needs to be simple and adhere to social distancing guidelines. Therefore, we have a variety of flexible options on offer including:
- In-person – We are open for business as usual to both residents of NSW and Queensland. Queenslanders can cross the border for an in-house consultation. We are located at 1/43 Greenway Drive, Tweed Heads South NSW. For those Queenslanders needing a border pass, simply head to the Queensland Government website to apply and download your border pass form for simple access over the border.
- Mail in work – to PO BOX 1016, Coolangatta QLD 4225, Australia.
- Email – simply email all relevant information to admin@fusionsolutions.com.au
- Telephone appointment – we can discuss your return over the phone on (07) 5523 3004.
- ZOOM meeting – the ideal virtual face-to-face solution.
Additionally, we can assist with an overall review of your financial situation. Simply bring along your loan accounts and super account information if you would like to take advantage of this opportunity.
Simply contact our team today to book in your individual tax return appointment.
