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COVID-19 resources -Update July 2020
Work Related expenses – 2020
‘Everyone is now on notice’: ATO acquires COVID-19 data on 3m Aussies
Extra Tools & Resources for our clients.
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Home Office Claims 2020
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ATO announces Div 7A COVID-19 assistance
‘HomeBuilder’ grants now available.
$150k instant asset write-off extended for 6 months
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Tax Time Checklists - Individuals; Company; Trust; Partnership; and Super Funds
ATO updates JobKeeper compliance approach
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Tax reform to feature heavily in PM’s JobMaker plan
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ATO releases JobKeeper alternative test
Temporary Working from Home Expenses Rule
Minimum Pensions Halved – 2020 & 2021
More coronavirus support for landlords, commercial tenants
COVID-19: Early Childhood Education and Care Relief Package
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Now I’m working from home, what can I claim?
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ATO clarifies COVID-19 rent relief concerns
Banks to defer small-business loan repayments for 6 months
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Taxpayers confused by Scott Morrison’s $1,080 tax refund

The excitement over the tax sweetener is quickly turning to confusion, as many Aussies wait for a handout that will never arrive.



       


 


The refund is actually a tax offset, which is calculated when you lodge your income tax return


The tax offset reduces your overall tax bill, so you might end up having to pay less if you receive a tax bill.


The low and middle income tax offset is a non-refundable offset, which means any unused offset amount itself cannot be refunded or reduce the Medicare Levy.


Taxpayers with a taxable income that does not exceed $37,000 will receive a low and middle income tax offset up to $255.  People with a taxable income that exceeds $37,000, but is not more than $48,000 will receive $255, plus an amount equal to 7.5% to the maximum offset of $1,080.


Quick Guide


                                       Taxable Income                          Rebate


                                              0 to $37,000                              255


                                       37,000 to 48,000                   255 + 7.5%


                                       48,000 to 90,000                             1,080


                                     90,000 to 126,000                   1,080 – 3%


                                              126,000 plus                                   0


 


 


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