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  • Writer's pictureAnthony Cerantonio

Why getting in before June 30 will ensure you’re getting the most out of your 2020 Tax Return

With less than three weeks until the end of the financial year, now is a better time than ever to get your financials in order.

COVID-19 has brought with it some alterations to tax deductions and entitlements;

If you’ve been working from home, you’re eligible for working from home deductions.

Items such as protective equipment, utilities, internet expenses as well as amenities like coffee and stationary, all fall within expenditure you’re able to claim.

To ensure you’re claiming as much as you can, bring a list with you to your upcoming appointment.

Another government initiative to consider is the concessional incentive to contribute to your superannuation fund. Australians are now eligible to receive a deduction of up to $25,000.

Businesses and Sole Traders are also now entitled for instant asset write offs of up to $150,000.

Eligible businesses can claim an immediate deduction for new or second-hand equipment assets purchased such as vehicles, tools and office equipment.

For individuals, in preparation for your 2020 tax return, start gathering a list of deductions to claim.

Our accountants will be able to access your PAYG Group Certificate straight off the ATO portal, you no longer need to wait for it to get the ball rolling on your lodgement.

Unsure of what you’re eligible for and what you can claim?

Navigating the above initiatives can be confusing, let us handle it for you.

Maximise your tax return by getting in early, get in touch to book your appointment before June 30.

+61 3 5280 8432

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