Between working from home, redundancies, JobKeeper allowance to government concessions: 2020's tax time has been given an almost whole new look.
To help shed some light about what you can do and what you may be eligible for this year, the Leader sat down with senior accountant Jamie Donovan for the ins-and-outs.
For businesses, he said one of the main changes was the $150,000 instant asset-write off which has been extended by the government until December 2020
"Business are able to by new and second hand assets to claim a 100 per cent depreciation at time of purchase," he explained.
The ATO has also issued extensions for 2019 tax returns, considering tax agents have been busy helping businesses with JobKeeper.
Working from home benefits
For the swathe of people now working from home, there has been a one-size-fits-all decision to allow fixed claims applied to the hours clocked in "at work".
The ATO created an alternative way for people to calculate the percentage of electricity, gas, phone and internet use during work hours at home.
It is good to be in early, especially for individuals if they've been working from home they are entitled to further dedications which could potentially lead to a higher tax refund.Jamie Donovan
Claims can now be made for 80 cents per hour of work done between March 1 and June 30 this year.
The rest of the year sits at a fixed rate of 52 cents per hour.
"Basically they only need a summary of hours they've worked from home. That method has been simplified to maximise their tax savings," Mr Donovan explained.
And, if you've kept your receipts for any work-related purchases, like chairs, desks, printer ink, even hand sanitiser, it's all able to be claimed.
To claim a deduction, the ATO says you must prove the purchase, have spent the money yourself without any reimbursement from your company, and be able to prove it is work related.
The ATO has also noted, that employees receiving allowances including JobSeeker and employment termination payments must report them correctly.
Should you wait or get in early to file a return? Mr Donovan says it's best to get in early to do your tax.
He also stresses the important of reaching out for advice or assistance, as he had come across many people in Tamworth who had no idea what they were able to claim.
"It is good to be in early, especially for individuals if they've been working from home they are entitled to further dedications which could potentially lead to a higher tax refund," he explained.
"For business clients, the combination of a downturn in trade with and increase in potential deductions like accelerated depreciation or instant asset write-offs, can lead to potential higher than usual tax refunds."