The occurrence of Covid-19 had already had adverse consequences on the entire world. This has affected many people to fulfill their taxing duties properly. In response to this, the Australian Taxation Office has made a number of significant changes within Australia’s taxing system. So, let’s take a look at a few of these changes.
Are you the owner of vacant land in Australia? Then, you cannot ask for any deductions related to its cost. You cannot claim deductions on:
These amendments have come into effect from 1st July 2019. In case, you bought the land before that, you should still abide by this new protocol.
Read More:- 2020 Tax Updates: Deriving the Most Refunds
A certain tax offset for the net medical cost for attendants and aged care and disability aids was available until abolished. It was from 1st July 2019 that this facility was made completely unavailable.
A number of changes have been made to the land tax system of Australia as well which are outlined below.
To get more information about all these facts, you can feel free to contact the top Tax Accountant Perth, Australia.
Overseas residents of Australia cannot claim their CGT main residence tax relief. They cannot do so while selling a property in Australia provided if the property isn’t applicable to the following exceptions.
The foreign residents can claim the CGT main residence tax exemption. To become eligible, they will have to stay in Australia for 6 years or less than that. In case, a mishap occurs in between, they won’t be able to do so.
Capital Gains Tax (CGT) includes making, transforming, changing, and ending of an interest. This particular interest or privilege is applicable to a person possessing the capital or income of a partnership. The members of this partnership cannot optimise the small CGT concessions provided if the following circumstances occur.
In case, these two circumstances haven’t arrived, the eligible owner can claim the CGT concessions.
Is your employer using the Single Touch Payroll (STP)? If so, then your payment summary information will be termed as an income statement. This will be considered equal to payment rundown or group certificate in general terms. According to the new amendments, your employer isn’t liable to provide you an end-of-year summary for the STP based facts.
So, are you also planning to lodge your Tax Return Perth in Australia? Before that, you should read this post carefully to get familiar with the recent taxing changes in Australia for Covid-19.