The boost to the instant asset write off rules that the government put in place to help stimulate the Australian economy has been extended to the end of this year.
To assist taxpayers experiencing financial difficulty as a result of COVID-19, the ATO is providing added flexibility to manage your instalments to suit your circumstances.
Before going over your tax return, here’s the information that will be needed, as well as tips on which deductions you can claim.
Due to the COVID-19 health crisis, more support for taxpayers comes in the form of a suspension of the indexation of tax instalments for the 2020-21 income year.
Although tempting, there are some things you should be aware of before considering superannuation early release or re-contributions.