Tax return 2021

Tax return 2020-21 lodgment will start on 1st July and end on 31 Oct. This is a timeframe where you must lodge your tax return for 2020-21. The deadline of tax return is 31st October. Most of salaried income people get refund out of income tax which they have paid during the year.

On the other hand, if you work as self-employed and work on ABN (Australian Business number), then you need to pay tax according to your income. Once you lodged your tax return, ATO will review your income and match with your employer payroll. The income and expenses as well as your deduction determine your refund.

Normally, ATO releases refund within 7-10 working days but sometime ATO takes more time to release refund.

Most Important deduction in this year 2020-2021 is Work from home. This means that people who have worked form home in last financial year can claim work from home expenses. This means they can claim for home internet, computer, electricity stationary etc. You must tell our accountant if you have worked from home so that we can maximize your tax refund.

Other important deductions for employed taxpayers are work related car , travel, uniform , laundry , dry cleaning , self education , mobile , stationary , internet , union fees, income protection insurance , tools, car fuel , professional memberships, subscriptions, tax agent fees, GIS paid to ATO , charity and donations, legal fees etc.

If you have business, then you can claim any expenses which are directly related to business.

If you have rental income, then any expenses related to rental income can be claimed such as land tax, bank interest , depreciation , council , water, repair, insurance, pest control , legal fees etc.