Perth Tax People in Perth, Western Australia | Business service

Perth Tax People

Locality: Perth, Western Australia

Phone: +61 1300 751 700

Address: 4/73 Outram Street 6005 Perth, WA, Australia

Website: https://perthtaxpeople.com.au

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24.01.2022 Coronavirus - Tax Benefits and Cash Flow Boost for Small Business Since many businesses have been impacted due to coronavirus, ATO has released a special report advising the new tax incentives and cash flow boost from for small businesses. As per Australian government Economic Response, Please see below the summary of whats been discussed and the potential benefits.... Enhancing the instant asset write-off The immediate right off limit of an asset has been increased from $30,000 to $150,000 Which is great news for businesses who are looking to buy or invest in assets and they can claim a big tax deduction of $150,000 And this offer is valid until 30th of June 2020. Eligible businesses are the businesses with aggregated turnover of less than 500 Million. Boosting Cash Flow for Employers The Boosting Cash Flow for Employers measure will provide up to $25,000 back to business, with a minimum payment of $2,000 for eligible businesses. The payment will provide temporary cash flow support to small and medium businesses that employ staff during the economic downturn associated with coronavirus. The payment will be tax free. All the businesses with the aggregated turnover of less than $50 million dollars And are with holding tax for employees are eligible for this grant. Please contact [email protected] or call one 1300 751 700 for more information.

23.01.2022 JobKeeper payments: Today the federal government have announced a new wage subsidy package. The key points include:... $130 billion committed over the next six months to support jobs of an anticipated 6 million Australians A JobKeeper allowance of $1,500 job fortnight (which is a flat payment per employee). Available to full and part-time workers, sole traders and casuals who have been with their employer for 12 months or more. Any employee who has been stood down since 1 March will still be eligible for the payment. From today, employers and sole traders can apply to ATO, and money will flow from 1 May and be backdated to today Business turnover has to have fallen by 30% to be eligible. For the largest firms, it has to be a 50% drop. The JobKeeper portal has been set up on the ATO website now, where businesses can register their interest immediately. Feel free to contact Perth Tax People on 1300 751 700

23.01.2022 Temporary Early Release of Superannuation The Government is allowing individuals affected by the Coronavirus to access up to $10,000 of their superannuation in 2019-20 and a further $10,000 in 2020-21. Individuals will not need to pay tax on amounts released, and the money they withdraw will not affect Centrelink or Veterans Affairs payments. For the early release of superannuation, one of the following conditions of release must be satisfied:... 1. The individual is unemployed. 2. The individual is eligible to receive the Jobseeker Payment, Youth Allowance for jobseekers, Parenting Payment, Special Benefit or Farm Household Allowance. 3. On or after 1st January 2020: - The individual was made redundant; or - The individuals working hours were reduced by at least 20%; or - If the individual is a sole trader their business was suspended, or there was a reduction in the businesss turnover of at least 20%. The ATO processes the early release of superannuation through the individuals myGov website. Feel free to contact Perth Tax People on 1300 751 700 for info regarding the early release of your Superannuation.

20.01.2022 A short video on Tax Incentives amid Covid-19 outbreak.

20.01.2022 It is vital that proper tax records are kept by small businesses. Small businesses need to keep records in relation to establishing, running or selling the business. Legally, records must: explain all transactions;... be in writing (electronic or paper); be in English or in a form that can be easily converted; be kept for five years (some records are kept longer). Tip! Youll find tax time much easier if all your records are in order and readily accessible. Web: www.perthtaxpeople.com.au Call us on 1300 751 700 We are situated at 4/73 Outram St, West Perth WA 6005

18.01.2022 Business Benchmarks! Benchmarking your business is a way of measuring your performance against similar-sized businesses in your industry. Benchmarking shows you whether your performance is stronger or weaker than your competitors. It will give you a clear picture of where improvements are needed and how to increase profits. Perth Tax People Tax Professionals can benchmark your business... 1.See where you can reduce costs and improve efficiency. 2.Assess the productivity of your business compared to how many employees you have. 3.Identify opportunities for improvement, new ideas and innovative practices. 4.Highlight opportunities for making your business more competitive. 5.Forecast the impact of any changes and see how to prepare for growth. If you would like us to benchmark your business, please contact us [email protected] or call 1300 751 700

17.01.2022 Eligible employers Employers will be eligible for the subsidy if: 1. Their business has a turnover of less than $1 billion, and their turnover will be reduced by more than 30 per cent relative to a comparable period a year ago (of at least a month), or their business has a turnover of $1 billion or more, and their turnover will be reduced by more than 50 per cent relative to a comparable period a year ago (of at least a month), and the business is not subject to the Major Ban...k Levy. 2. The employer must have been in an employment relationship with eligible employees as at 1 March 2020, 3. Confirm that each eligible employee is currently engaged in order to receive JobKeeper Payments. Eligible employees Eligible employees are employees who: Are currently employed by the eligible employer (including those stood down or rehired); Were employed by the employer at 1 March 2020; Are full-time, part-time, or long-term casuals (a casual employed on a regular basis for longer than 12 months as at 1 March 2020); Are at least 16 years of age; Are an Australian citizen, the holder of a permanent visa, a Protected Special Category Visa Holder, a non-protected Special Category Visa Holder who has been residing continually in Australia for 10 years or more, or a Special Category (Subclass 444) Visa Holder; and are not in receipt of a JobKeeper Payment from another employer. Feel Free to contact Perth Tax People on 1300 751 700 for application of Jobkeeper payments for your business.

17.01.2022 Do you provide cars, holidays or club membership to your employees? #FBT #Employers #taxes # #fringebenefits #employees Rewarding your employees beyond their usual salaries is a great way to show your appreciation for a job well done. If you do provide your employees with benefits or lifestyle assets to use for their personal enjoyment, it is important to remember that these benefits and assets may have fringe benefit tax (FBT) implications for your business.... Ensure you are meeting your FBT obligations by keeping accurate records to determine any related income tax deductions you may be able to claim. Note! The FBT year runs from 1 April to 31 March. What is FBT? -FBT is a tax employers pay on certain benefits they provide to their employees including their employees family or other associates. -The benefit may be in addition to, or part of, their salary or wages package. -If you are a director of a company or trust, benefits you receive may be subject to FBT. -FBT is separate to income tax and is calculated on the taxable value of the fringe benefits provided.

17.01.2022 As you all know that the Federal Government has outlined new measures in a stimulus package worth nearly $18 billion. SMEs, pensioners and selected sectors such as tourism will be the biggest beneficiaries in an effort to boost the economy and save jobs. Here are 4 categories of benefits that will be provided.

17.01.2022 Tax Planning Process! #entrepreneurial #savetax #financialplanning #taxplanning Tax Planning is not the same as tax compliance. Tax planning can produce very significant savings in the range of $2,700 - $100,000 pa. Well beyond anything that can be achieved by only lodging a tax return. From the steps below you will see tax planning is quite different to getting a tax return done... Step 1 - Information Gathering For effective tax planning, essential client information is collected. The group members (i.e. all the individuals and entities that make up your overall structure. Your group members current year income and expenses and your group members assets and liabilities. Step 2 - Selecting tax strategies This is a two-part process. Firstly, your unique circumstances (identified through step 1) are considered in conjunction with the unique attributes of each available tax strategy. We use a tax strategies database with over 250 strategies. Then secondly, we use our experience, knowledge, and expertise to select up to 10 optimal tax strategies for you. Step 3 - Tax savings report Special tax planning software is then used to produce a report that details the tax savings generated from implementing the selected tax strategies, and the step-by-step process to legally and effectively implement each strategy (including the cost). Step 4 - Client discussion and implementation We then discuss the tax savings report and implementation process with you so you fully understand the options. We can then also implement the strategies for you if you choose to proceed. Web: www.perthtaxpeople.com.au Call us on 1300 751 700 We are situated at 4/73 Outram St, West Perth WA 6005

15.01.2022 Theres still time for you to take advantage of small business tax concessions before the end of the financial year. If you act before 30 June, you can make the most of some concessions. For example: Instant asset write-off... If you buy and install business assets by 30 June that cost less than $30,000 each, you can deduct the business portion in this years tax return. Pre-paid expenses You can claim a deduction this year if you prepay an expense that will end in the next financial year, for example, the rent for your business premises or an insurance policy. Not-so-small list of small business concessions Here is a list of the small business tax concessions that may be available to you. Tip! Speak to your tax adviser to find out which concessions you can tap into. Income tax Lower company tax rate changes Increased small business income tax offset PAYG instalment concession Deductions Simplified depreciation rules instant asset write-off Accelerated depreciation for primary producers Deductions for professional expenses for start-ups Immediate deductions for prepaid expenses Simplified record-keeping Simplified trading stock rules Two-year amendment period GST, BAS and excise Simpler BAS Accounting for GST on a cash basis Annual apportionment of GST input tax credits Paying GST by instalments Excise concession Capital gains tax (CGT) Small business restructure rollover CGT 15-year asset exemption CGT 50% active asset reduction CGT Retirement exemption CGT Rollover Fringe benefits tax (FBT) FBT car parking exemption FBT work-related devices exemption Web: www.perthtaxpeople.com.au Call us on 1300 751 700 We are situated at 4/73 Outram St, West Perth WA 6005

15.01.2022 Nurses Rated Most Trusted Profession The Roy Morgan Image of Professions Survey found that nurses topped the list of the most highly regarded professions. Over 94% of Australians rate nurses highly for their ethics and honesty. Nurses have topped the annual survey for 23 years running. Accountants are rated the most admired financial-related profession with 50%. Accountants have now been the preferred financial-related profession since 1991.... Further down the line on the ethics and honesty scale we have financial planners. Only 25% of Australians rate financial planners as very high or high for their ethics and honesty. This will no doubt plummet to new lows as revelations of widespread fraudulent financial planners have come to light from the Banking Royal Commission. The least trust worthy profession in the eyes of the public is no surprise really used car salesmen with 7%.

14.01.2022 If you are a sole trader without employees (amid COVID-19 outbreak): The increased instant asset write-off Under normal circumstances, individual assets less than $30,000 are eligible for the instant asset write off. The Government has lifted this threshold to $150,000 for assets that are either installed or ready for first use by 30 June 2020.... Backing Business Investment (BBI) A time limited 15 month investment incentive (through to 30 June 2021) to support business investment and economic growth over the short term, by accelerating depreciation deductions. Businesses with a turnover of less than $500 million will be able to deduct 50 per cent of the cost of an eligible asset on installation, with existing depreciation rules applying to the balance of the assets cost. Increased and accelerated income support The Government is temporarily expanding eligibility to income support payments and establishing a new, time-limited Coronavirus supplement to be paid at a rate of $550 per fortnight. This supplement will be paid to both existing and new recipients of the eligible payment categories. These changes will apply for the next six months. Assistance for affected regions, communities and industries The Government has created an initial $1 billion support fund to provide assistance to industries and regions severely affected by the economic impacts of Coronavirus. Read more about the assistance for affected regions, communities and industries. SME Guarantee Scheme This will provide businesses with funding to meet immediate cash flow needs, by further enhancing lenders willingness and ability to provide credit. Businesses with a turnover of up to $50 million will be eligible to receive these loans. Early access to superannuation You can access up to $10,000 of your superannuation in 2019-20 and a further $10,000 in 2020-21. You will be able to apply for early release of your superannuation from mid-April 2020. Tax support The Australian Tax Office (ATO) is providing relief for some tax obligations for businesses affected by the outbreak, on a case-by-case basis.

14.01.2022 5 simplified accounting methods for food retailers #retailindustry #reducetax # #businessdeductions #simplify Five simplified accounting methods (SAMs) have been designed for food retailers who buy and sell a mixture of products, where some are taxable and some are GST-free. You use a SAM to estimate your GST at the end of each tax period.... 1.Business norms: Apply standard percentages to your sales and purchases. This is the simplest method but can only be used by specified business types. 2.Stock purchases: Apply the percentage of your GST-free purchases to your GST-free sales. 3.Snapshot: Take a snapshot of your trading and use this sample to estimate your GST-free sales and GST-free purchases. 4.Sales percentage: Work out what percentage of GST-free sales you made in a tax period and apply this to estimate your GST-free purchases. 5.Purchases snapshot: Take a snapshot of your purchases and use this sample to calculate your GST credits. Available to restaurants, cafs and caterers only. Tip! To use a SAM, make sure you are registered for GST and your turnover is not more than $2 million. You must also be a retailer who sells both taxable and GST-free food at the same premises (or, for the purchases snapshot method, you buy both taxable and GST-free food). Visit www.perthtaxpeople.com.au for any questions or Call us on 1300 751 700. We are situated at 4/73 Outram St, West Perth WA 6005.

14.01.2022 8 Tax Deductions you might not have known you can claim! 1. Dogs Can you seriously claim a tax deduction for your pet pooch? Unfortunately not. But there are circumstances where a deductible dog could be a real possibility. If your business uses a guard dog to keep your premises secure, a dog is indeed deductible. Its regarded as a capital asset of the business and you can claim an immediate deduction for the whole cost using the very generous $20,000 instant asset write-of...Continue reading

13.01.2022 How will coronavirus affect Australias real estate market and house prices? The bottom line is it will be negative prices will go down. People, up until now, have been talking about the property market developing a bit of momentum, with the interest rate cuts we had last year and the easing of credit conditions. Im looking to buy. What do I need to know?... In this environment, buyers who are in very secure jobs are actually in an improved position because the overall market is weaker. Coronavirus will take out a group of buyers those adopting a wait-and-see approach or those simply unable to buy due to reduced income. Im looking to sell. What do I need to know? If youre a seller, you need to appreciate that things are going to be weaker. Those would-be sellers who have flexibility will be able to defer and that could cushion prices falls. There will still be people who need to sell for whatever reason. The turnover will decline but there will still be properties coming into the market. Im a property investor. What do I need to know? The market has been getting more difficult for the investor. The market in, for example, Sydney is oversupplied at the moment and theres already been some downward pressure on rents. Yes, investors can benefit somewhat from the decline in rates but that benefit is offset by declining rents.

13.01.2022 The top 7 reasons businesses fail are: 1.Insufficient capital typically the budgeted revenue is over-estimated, and the expenses underestimated. Unless extra capital is available, the business will fail. 2.Poor management and leadership many business owners are technicians with no management skills. How long and how many mistakes will be made before they build up their management and leadership skills?... 3.Failure to deliver real value Too many new businesses are just copycats of thousands of other established businesses. What differentiates the new business from the competition and what real value is provided to customers? 4.Starting a business for the wrong reason too many businesses are started by technicians who want to ditch the boss and work for themselves or want to work fewer hours in a stress-free environment. 5.Expanding too quickly confusing sales with profitability is a common mistake with new business owners. They are often so happy to have customers and expanding sales, they forget the importance of profitability and cash flow. 6.Poor business model too many businesses are started with business models that are just not viable or profitable. The numbers dont stack up, and never will. 7.Inability to control business and personal expenses excess spending is the grim reaper of new businesses. Too many business owners think the business cash flow is their personal piggy bank. For business owners to give themselves the best chance of succeeding, they need to: Firstly, understand the key reasons businesses fail as detailed above. Have an independent business failure audit undertaken on their business normally by an accountant, business advisor, or business coach. Take action and make changes to ensure those 7 failure factors have been eliminated from their business.

13.01.2022 Temporary relief for financially distressed individuals and businesses On 24th March 2020, the Federal Governments Coronavirus Economic Response Package Omnibus Act 2020 came into force. This legislation aims to provide temporary relief for financially distressed businesses by lessening the threat of actions that could unnecessarily push them into insolvency and force the winding up of the business. The changes only apply for the six months from 25th March 2020 to 25th Septe...mber 2020. The four main differences are: 1. Changes to statutory demands made by creditors The minimum amount for which a creditor can make a statutory demand has increased from 21 days to 6 months. Also, the response time for a debtor responding to a statutory demand has increased from 21 days to 6 months. 2. Individual bankruptcy The minimum debt that allows a creditor to initiate bankruptcy proceedings against an individual debtor has increased from $5,000 to $20,000. Also, an individual now has six months, instead of 21 days, to respond upon receipt of a bankruptcy notice. 3. Protection for directors liability for trading while insolvent Directors have temporary relief from any personal liability for trading while insolvent. 4. Treasurers temporary flexibility to amend the Corporations Act Contact Perth Tax People on 1300 751 700 to get more information.

11.01.2022 How to become an employer of choice: A business that meets all of its employee expectations is called an employer of choice. An employer of choice attracts, motivates and holds on to highly talented workers because of the conditions, rewards and opportunities it offers. Characteristics of an employer of choice:... Flexible working conditions This can be achieved by job sharing, work from home arrangements, and a four-day work week. Employee wages and benefits are equal to or above market rates. Employee benefits such as free lunches and drinks are provided. Empowerment Employees are empowered to make decisions about how they do their jobs and perform their key functions and make progress on their goals. Opportunity for employee development Employees are encouraged to continue to develop their skills and careers. Involvement Employees can make suggestions, think up new products, attend appropriate meetings and have input on work processes that affect their job.

09.01.2022 Commercial leasing principals during COVID-19 The government is introducing a mandatory commercial leasing Code of Conduct (the Code). The Code imposes a set of 13 good faith leasing principles for application to commercial tenancies (retail, office and industrial) between landlords and tenants where the tenant is eligible for the Governments JobKeeper program. For each tenant receiving the Governments JobKeeper payments, landlords should agree tailored, bespoke and appropria...te temporary arrangements, taking into account their unique circumstances on a case-by-case basis. The six main leasing principles are: 1. Landlords must not terminate leases due to non-payment of rent during the COVID-19 pandemic period (or reasonable subsequent recovery period). 2. Tenants must remain committed to the terms of their lease. 3. Landlords must offer tenants proportionate reductions in rent payable in the form of waivers and deferrals of up to 100% of the amount ordinarily payable. The rent reductions are based on the decline in tenants trade during the COVID-19 pandemic period and a subsequent recovery period. For example, if the tenants sales drop 50%, the rent payable needs to fall at least 50%. 4. Rental waivers must constitute no less than 50% of the total rent payable under principle three above. 5. Payment of rental deferrals by the tenant are amortised over the balance of the lease term and a period of no less than 24 months (whichever is longer). 6. Landlords must not draw on a tenants security for non-payment of rent. Where landlords and tenants cannot reach agreement on lease arrangements (as a result of the COVID-19 pandemic), the matter must be referred for binding mediation. Feel free to call us on 1300 751 700 to know more.

09.01.2022 Ten Deductions Employees Should Never Have Claimed: 1. Adult industry workers claiming breast implants. 2. Employees claiming cigarettes for stress relief at work. 3. Driving instructors claiming speeding and parking fines.... 4. Prescription glasses, contact lenses and hearing aids. 5. Cost of business lunches and social functions (even if discussing business matters). 6. Actors, dancers and entertainers giving gifts such as flowers or alcohol to fellow performers, producers or directors (as it is a private expense). 7. Adult industry workers claiming every day clothes including shoes, dresses, skirts and blouses. 8. Defense force members claiming haircuts, grooming and weight loss programs or supplies (even though ADF has specific regulations on weight and grooming). 9. Factory workers claiming iPods and digital media subscriptions to listen to music at work. 10. FIFO workers claiming taxi travel to and from the airport. See more

08.01.2022 Buy your business premises in your SMSF #savetax #taxplanning #smsf #superannuation #assetprotection This strategy involves purchasing your business premises in your self-managed super fund (SMSF). This has the following advantages:... Your superannuation is used to partly (or fully) purchase your premises. You are effectively paying rent to yourself. The business receives a tax deduction for any rent paid to the SMSF. The SMSF is only taxed at between 0-15% on the rent received. Asset protection SMSF assets are protected in the event the business or owner has financial difficulties. Implementation process: Establish the SMSF. Roll in the members public offer superannuation balances. Investigate suitable premises to purchase. Have the SMSF purchase the premises (with bank financing if required). Prepare the arms-length lease agreement. Ensure market rent is paid as per lease agreement. Please contact us on [email protected] or call us 1300 751 700 for more information.

08.01.2022 Employers will have until 7 September to disclose any superannuation guarantee shortfalls before increased penalties apply. The Treasury Laws Amendment (Recovering Unpaid Superannuation) Bill 2019 has now received royal assent, providing a one-off amnesty to encourage employers to self-correct historical SG non-compliance dating from 1 July 1992 to 31 March 2018. The amnesty period will now run from 24 May 2018 to 7 September 2020, giving employers six months to get their SG ...affairs in order before a 100 per cent minimum penalty will kick in for those who fail to come forward during the amnesty period. An employer will not be able to benefit from the amnesty for SG shortfall relating to the quarter starting on 1 April 2018 or subsequent quarters. Feel free to contact Perth Tax People on 1300 751 700 to help you with calculation and payment of the shortfalls on Superannuation Guarantee payments.

06.01.2022 Maximise workspace utilisation! Maximising space utilisation involves reducing workspace inefficiencies to reduce rental expenses without negatively impacting employees. Typical strategies to maximise space utilisation include:... Reducing the square metre of space allocated to each employee need to ensure this doesnt damage employee satisfaction and productivity. Introduce desk sharing due to offsite meetings, holidays, travel, and employees working from home, the average desk is only utilised 40% of the time. Eliminate boardrooms the average boardroom is only utilised for a couple of hours per week. Changing the workspace design to make it more efficient and effective. Subleasing or assigning under utilised space.

06.01.2022 Eight Pets That Can Be Tax Deductible: -Dogs on farms for rounding up sheep, cattle and other livestock. -Fish at workplaces (office and factories).... -Birds at the workplace. -Guard dogs at factories. -Dogs and cats at workplaces (offices and factories) to improve employee morale, interaction, communication and stress levels. -Chickens and ducks at a nursing home. -Dogs guarding tradespersons tools on work sites from theft. -Guinea pigs and rabbits at the office. Generally, the purchase cost of the pet is capital and you can claim an immediate deduction for the whole cost using the very generous $30,000 instant asset write-off for small businesses for a limited time period. In addition, the pets food, vet bills, bedding, cages, toys, etc, will be a tax-deductible business expense as the benefits of pets in the workplace are well documented.

04.01.2022 Supercharge productivity with employee surveys! Employee surveys are used by businesses to gain feedback and measure employee engagement, workplace culture, commitment, employee morale, and performance. Conducting regular employee satisfaction surveys has the following benefits:... Increases productivity as giving employees the ability to voice their concerns, and more importantly, acting quickly on those concerns can have huge beneficial effects on employee motivation and dedication. Access to employee ideas on how to improve the business and make it more profitable. Improves employee retention as everyone wants a voice, to be heard, and to feel important. Conducting anonymous surveys allows management to find out how employees really feel about their positions, upper management and the company as a whole. How to introduce surveys to your business: 1.Prepare for action Determine the survey objective, create buy-in and set goals. 2.Design the survey Determine the survey length, format and distribution method. 3.Define the questions Which should relate to the survey objective and goals. 4.Promote the survey Employees need to know the survey is anonymous and the objectives of the survey (what management is trying to achieve). 5.Launch the survey Online or smart phone. 6.Analyse results Look for themes and connections, focus on low score areas which are highly important to employees, and rank questions from most to least positive. 7.Report results Share results with everyone within 30 days.

04.01.2022 Negotiate lease incentives to cut costs: Leasing incentives are financial concessions or upfront capital payments that landlords make to prospective tenants to entice them to commit to a binding lease agreement. Typically, these incentives are rent-free periods at the commencement of the lease, cash payments, payments of the tenants fit-out costs, or monthly rental reductions for a fixed period.... Lease incentives are generally available under the following circumstances: Where a building is new. Where a shop has been vacated by a tenant due to receivership. When the economic environment is difficult and there is a lot of vacant space. Implementation process: 1.Research the lease incentives provided for similar space this is difficult as leasing incentives are not set out in the lease agreements and are therefore not discoverable in a legal search registered lease agreements. They are normally included in an incentive deed which is confidential between the landlord and tenant. 2.Negotiate a lease incentive with your proposed landlord also possible if your current lease is expiring and you wish to sign up for a new lease with your current landlord. 3.Consider that contributions to fit-outs usually have conditions attached to them, such as claw-backs, where a tenant does not stay for the full length of the lease.

04.01.2022 What business structures determine -Your potential personal liability, -The licenses you require, -How much tax you pay,... -Whether youre considered an employee, or the owner of the business, -How much control you have over the business, -Your ability to raise capital, introduce partners/investors, or get finance, and -The ongoing costs and volume of paperwork for your business. If you would like us to assess the right structure for your business, please contact us [email protected] or call 1300 751 700. We are situated at 4/73 Outram St, West Perth WA 6005.

02.01.2022 Pensioners will receive a government handout of $750, and there will be support for those on family tax benefits, apprentices and small business as part of the governments coronavirus stimulus. https://twitter.com/7NewsAdelaide/status/1237905521530699776

02.01.2022 The Australian Tax Office (ATO) expects over 3 million Australians to lodge their 2020 tax returns through MyTax for free. You should do away with an accountant and lodge your own tax return if: Your tax situation is simple or unchanged If you only have one job.... Youre a numbers kind of person You enjoy keeping track of all the numbers, paperwork and receipts. You dont own share or property investments. You can understand tax laws and are happy to stay up to date (MyTax is easy to use with lots of helpful information. In addition, you can browse the ATO website). See more