Dgn tax + advisory in Brisbane, Queensland, Australia | Tax preparation service

Dgn tax + advisory

Locality: Brisbane, Queensland, Australia

Phone: +61 7 3540 7979

Address: Building 6 2404 Logan Road, Eight mIle Plains 4113 Brisbane, QLD, Australia

Website: http://Www.dgntax.com.au/

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24.01.2022 #jobkeeper #abuse #penalties #employers #awareness #covid19 #tax

12.01.2022 Tax Returns 2020 - JobSeeker, JobKeeper, Early Superannuation, Stand Down Payments & Other Unusual Income. JOBSEEKER Payments The first thing to have in mind is that JobSeeker payments are taxed.... The ATO will automatically load this information into the 'government payments and allowances' section in your tax return, but it won't necessarily be there from July 1 on the dot. This means if the information is missing when you do your tax return, you'll have to populate it yourself or revisit later after the data flows through. JOBKEEPER Payments JobKeeper payments are taxed as regular income. Australians that have received JobKeeper payments from their employer don't need to do anything different to other "normal" years. The payments will be included as salary and wages and/or allowances, in their regular income statement, which their employer provides directly to the ATO. Sole traders that have received the payments need to include them as income for the business. EARLY SUPERANNUATION withdrawal If you received early access to your super this year under the special arrangements due to Covid-19, any amounts you’ve withdrawn from super under this program are tax-free and you do not need to declare them in your tax return. STAND DOWN PAYMENTS Some Australians in the past three months have received a one-off or multiple payments from their employer for being temporarily stood down from work. These payments are also taxable and appear in their income statement and in their return. If people aren't sure whether these amounts have been included in their income statement, they should check with their employer. OTHER UNUSUAL INCOME During the coronavirus crisis, some Australians may have received out-of-the-ordinary income such as a redundancy payout, income protection insurance payout, sickness or accident insurance claims, and accrued leave payouts. The treatment of these vary, so the tax office advised following the instructions on the individual line items in the tax return. For further information, contact us.

07.01.2022 #leave #jobkeeper #payments #employers #Unethical #employees #ATO #tax