Lodging Your Return after COVID-19: Wait for the end of July
This year, with JobKeeper payments in play , the ATO is urging taxpayers to hold off from lodging their returns until their employers have finalised their income statements as tax-ready.
If you lodge before your income statement is tax-ready, your employer might make changes, and you may need to lodge an amendment. In some cases, additional tax and interest may be payable, and it is therefore recommended to wait for the end of July to lodge.
Similarly, if you received the JobSeeker payment, we advise you to wait until the ATO has loaded the information into your tax return because leaving out income can slow your return down or result in a bill later, so it’s best avoided.
The ATO has developed a special resource for taxpayers this tax time, available on their website at https://www.ato.gov.au/taxessentials, or give our friendly team a call to optimise your allowable tax deductions.
Don’t forget about our fast and convenient Tax Pack Service – the contactless, no-fuss and no-stress way to get your tax done. We post the Tax Pack to you and all you have to do is fill out our checklist and post it back to us in the post-paid envelope provided. We’ll handle the rest!