It’s that time of the year again, however, for individuals and business owners tax time 2021may be the most intricate yet. Covid-19 not only presented new challenges for the operational side of business but also to our financial and tax obligations.
It’s currently estimated (this figure is tipped to rise) that 6 million Australian’s accessed either the Job Keeper or Job Seeker benefits provided by the Australian Government this past financial year. This new way of living and working will also affect how we make deductions this tax time.
Working from home and Covid-19 tax relief initiatives will all play a part in the 2020/2021 tax returns. A number of changes have been implemented; including the rules surrounding what stipulates a home office which has been accordingly amended to suit the current climate. Protective gear for work is another deduction that has seen a major overhaul to the requirements this tax time. Many industries during this time were made to purchase and use personal protective gear such as face masks and sanitizer.
The more complicated your income is, the stronger it is recommended to utilise a Chartered Accountant and Registered Tax Agent for your tax return. This rings true for more people than ever this year with the varied sources of income and additional deductions that can be made.
The due date for tax time 2021’s return to be completed this year is October 31st. By engaging BMR Business Solutions, an automatic extension is granted to 15th May 2022. Fortunately for business owners and individuals, it is our job to know and be on top of all these changes. To find out what the friendly team at BMR Business Solutions can achieve you or your business, give us a call today on 07 3353 7111.