TACC news

Coronavirus: Tax in the time of COVID

16 June 2020

Australians have experienced unprecedented challenges so far in 2020, and as tax-time looms the Australian Taxation Office (ATO) has put together specific COVID-19 related support and guidance to make the process as easy as possible, especially as many people's circumstances have changed, including their type of income and/or ability to claim new deductions.

Key COVID-19 related topics addressed:

• Income changes (JobKeeper and JobSeeker)
• Stand down payments
• Early access to superannuation 
• Working from home expenses
• Protective clothing
• Clarity on work travel (home to work).
   

“We know many of our clients and their agents will have questions about how different types of income and expenses may affect their obligations this year. We’re helping to make sure people know how to get it right," said Assistant Commissioner, Karen Foat.

“We have published information on our website to help you get it right when lodging this year, including the Tax Time Essentials page which is a one-stop-shop for the things that are a little different this year and how they impact your return."

The Chamber recommends members take the time to review ATO resources, whether they plan to lodge their own return or opt to work with a trusted agent. In other areas of business, members are also reminded that VACC experts in key industry fields, including Industrial Relations, OHS&E, and Technical, are here to support them during this difficult time.

For more information
ATO media release: 2020 has been difficult but your tax return doesn’t need to be
ATO: Tax time essentials 2020