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1. No more payment summaries from your employer!! Employees’ income statements will be available through myGov and online for tax agents.

2. Employers finalise STP income statements by Tuesday 14 July if they have 20 or more employees, or Friday 31 July if they have 19 or less employees
3. JobKeeper payments are treated as assessable income and will be included in pre-fill data. If you are a sole trader, you need to include it as business income in the tax return.
4. COVID-19 early access to superannuation these payments are not assessable income and are not included in your tax return.
5. Cash flow boost payments are non-assessable non-exempt (NANE) income.
6. Work from home deductions - during COVID-19, you can claim 80 cents for each hour you work from home between Sunday 1 March 2020 and Tuesday 30 June 2020
7. Instant asset write-off threshold increased to $150,000 from 12 March 2020 to 31 December 2020. To claim this tax time, assets must be first used or installed ready for use by 30 June 2020.

Have questions concerning any of these matters please don’t hesitate to contact us.

To book an appointment to prepare your 2020 Tax Returns please contact Blackburn Accounting on 6454 5831

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