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Tax Season 2021: What You Need to Know

Australia is still standing strong and coping with the economic crises. The Federal Government and Australian Taxation office are working hand in hand to save Australians from paying enormous taxes this year after COVID-19 economic upheaval. The dire need for immediate actions was supported with decisions on “TAX CUTS”. The strategy which was meant to be applicable in 2022 financial year, would start it is functioning from July 2020.

The tax-free threshold of $18,200 being the same, those who were earning more can see significant changes in income tax brackets. The 19 percent tax brackets stretched from $37,000 to $45,000 and the 32.5 percent tax bracket from $90,000 to $120,000. Click here to see how tax brackets work according to your taxable income. The maximum benefits of these tax cuts can go up to $1080. The low-income earner will see support increase in Low Income Offset from $445 to $700 in financial year 2021. The low- and Middle-income offset being the same as last year as high as $1080 for income earners between $60,000 to $90,000.

What you need to know if you want to lodge an early tax return 2021? 

The lodgement is possible only in two scenarios. First, if you are leaving Australia permanently before the end of the financial year and have significant proof of that, i.e, booked Airline tickets. Secondly, if you have received your last pay of the financial year and are sure not to earn any further income till the end of the financial year. If any of these cases are applicable to you, do not hesitate to contact our tax agents to help you lodge your tax return 2021 and get you a maximum refund. Call 1300 698 297, we are happy to address all your queries.  

What documents and information do you need to lodge your tax return? 

  1. It all starts with your TFN (Tax File number) and ABN (Australian Business Number, if applicable). Keep it handy when you call My Tax Refund Today.
  2. Your last Payslip/PAYG of the financial year from your employer if you are lodging an early tax return.
  3. Receipts/records of the expense incurred while performing your job.
  4. Details of your ABN income if earned.
  5. Details of trading shares and dividend income if earned
  6. Details of rental income if earned
  7. Private health insurance details if applicable
  8. Details of your spouse’s income if applicable`

These were few of the important things that you can consider while lodging your 2021 tax return and get maximum benefits. Follow the simple process if you are eligible to apply for early lodgement and receive your refund from ATO.  

What you need to know if you have multiple tax returns overdue.

My Tax Refund Today can help you lodge all your pending tax returns. We can check your ATO records and tell you the exact years that need to be lodged. Lodging your tax return every year is mandatory for all Australian taxpayers. Even if you have not earned any income during the year. The non-lodgement advice still needs to be filled and submitted to ATO to avoid non lodgement penalties. Contact us to get a FREE Tax estimate for all the years that are still overdue and lodge within minutes.

To get a FREE tax refund estimate, leave your tax calculation on us by simply discussing your case with our team. It is quick, easy, and reliable. Click  and fill the form with your basic details and get a tax expert to contact you within minutes. We can help you lodge your 2021 tax return effortlessly.

My Tax Refund Today is one of the most successful accounting businesses which has harnessed the power of technology with the strength of customer service to enable clients all over Australia to lodge their tax returns online. With a 4.7 Star Google rating and having served more than 20,000 clients over 5 years, My Tax Refund Today is one of the biggest Tax Agents in NSW.

Fill in the formHERE to have an expert call you and get you same-day refund*, or if you have an questionsrelate toMytax 2021 , andmyGov ,Online Tax Return 2021, you can contact us by calling 1300 698 297 Or email us at info@mytaxrefundtoday.com.au

*Conditions Apply

This disclaimer informs readers that the views, thoughts, and opinions expressed in the text belong solely to the author, and not necessarily to the author’s employer, organization, committee or other group or individual. To have your tax case assessed please contact a registered tax agent.

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