Tax Tit-bits
Income Statements can be found in myGov in July
Since Single Touch Payroll (STP) came into place in 2019, payment summaries (previously called Group Certificates) now known as Income Statements can be accessed through myGov. These are no longer directly provided by employers. This will be prepared and ready for employees by 14 July if your or 31 July, depending on if the employer has 20+ employees or 19 or less respectively.
Tax Implications of COVID-19 Rent Concession
If you’re a landlord who has given a rent concession or a tenant who received a rent concession because of COVID-19, you need to consider this in your tax returns.
Take note that the changes in the income you declare, deductions you can claim, GST, and capital gains tax obligations depend on the type of rent concession and the changes to the landlord-tenant agreement.
Remember JobKeeper on your tax return
If you received JobKeeper this financial year you need to include them in your tax return.
If you’re a sole trader, partnership, company or trust that has received JobKeeper payments, the ATO will contact you or your tax agent by early July to let you know:
- the total amount of JobKeeper payments your entity received since 1 July 2020, or where you can find out
- where to report JobKeeper payments in your tax return.
Get in touch with us if you have any questions. If you need some expert guidance, contact us today so our specialists can help you.