Tax Tit-bits
Here is a great article that is worth reading.
Income Statements can be found in myGov in July
Since Single Touch Payroll (STP) came into place in 2019, payment summaries (previously called Group Certificates) now known as Income Statements can be accessed through myGov. These are no longer directly provided by employers. This will be prepared and ready for employees by 14 July if your or 31 July, depending on if the employer has 20+ employees or 19 or less respectively.
Tax Implications of COVID-19 Rent Concession
If you’re a landlord who has given a rent concession or a tenant who received a rent concession?because of COVID-19, you need to consider this in your tax returns.
Take note that the changes in the income you declare, deductions you can claim, GST, and capital gains tax obligations depend on the type of rent concession and the changes to the landlord-tenant agreement.
To read full article, just click the link?here. Should you have any questions or wish to discuss anything further, please do not hesitate to contact me at 0435173529 or email me at [email protected]