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13 Jul 2020

2020 Income Tax Returns

Tax time will be a little different this year

While the way we process income tax returns may be a bit different from other years, you can still expect to receive the same exceptional service.

Changes to how Income Tax Returns (ITR) will be processed
There will be no face-to-face meetings this year. Instead, we ask that you email your information or drop it into our office.

We will be offering 15-minute phone appointments with our ITR specialists Jordan, Emily, Grace, and Bethany to answer any questions you may have relating to your ITR.

COVID-19 related items to be aware of this year

  • If you are claiming your motor vehicle by the logbook method we may need to apportion your expenses for periods of time that you may not have been using your vehicle for work purposes.
  • If you have been working from home, other expenses that may need to be apportioned to account for COVID-19 include home office expenses such as phone and internet.
  • JobSeeker, JobKeeper, and coronavirus supplements are assessable income and need to be included in your tax return.

ATO focus

  • Working from home deductions. The increased ATO rate for home office expenses ($0.80) is a “cover-all” approach which includes the usual $0.52 fixed rate per hour plus computer consumables, stationery, phone, and internet expenses. It also includes the decline in value of computers, laptops, phones, desks, etc. This rate only applies from 1 March to 30 June 2020.
  • Increased data matching in areas such as cryptocurrency transactions and accommodation providers in the sharing economy such as Air BnB.

Fees

  • We’re pleased to advise there has been no increase in our fees this year.
  • Our standard income tax return fee starts from $264 (inc. GST). Should you choose to have our fees deducted from an ATO refund due there will be an $11 (incl GST) administration fee.
  • Any added complexity or rental property, dividend, or capital gains tax schedules will be charged as a fixed price in addition to our standard fee. A quote will be emailed for approval before any tax work commences.
  • Payment is required before lodgement.

Our simple three-step process 

  1. We receive your information to have your tax return prepared
  2. We will prepare your return and send you an estimate of your refund or tax payable amount, along with our invoice to pay
  3. Once you have paid the invoice, we will provide you with your tax return and everything you need to sign so we can get your return lodged with the Australian Taxation Office.

Help is always available
With some areas across Victoria going back to stage three restrictions and with the state borders closed, we understand the significant impact this will have on many of our clients. If you need support for yourself, a friend, or a family member, help is always available; call Beyond Blue 1300 22 4636 or Lifeline 13 11 14.