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With the new financial year now in place, it means it’s time to lodge your 2020-21 tax returns. The official deadline for most people will be 31 October 2021 to lodge their returns. If you are using a tax agent to lodge your returns, and you will require a longer due date, make sure to check with your agent if it is possible for you, as not everyone is qualified for an extension.
Whether you are lodging it yourself or with an agent, the Tax Office has some great resources you can have a look at.
Beware of Tax Scams
Tax Return time also means tax scams time as we will once again begin to see the rise of calls made pretending to be the Tax Office to citizens. It is important to remember that it is extremely rare to receive a call from the Tax Office as communications will usually be via postal mail or delivered to your MyGov account. If you are using a tax agent, communications regarding your accounts will generally be made to your tax agent instead.
Keep in mind that the Tax Office will never use threatening vocabulary or black mail of any sort, such as immediate arrest.
Make sure to never give out any of your personal information over the phone either. If the person calling is legitimate, they will already have your information and will not need you to supply it to them. If you’re ever in doubt, remember to hang up and call the official ATO Number to check.
Find out more about how you can protect yourself here.
Business Portal Ending July
The Business Portal will be officially closing at the end of July 2021. All businesses are now encouraged to use the Online Business Services to in place of the portal.
More information can be located here.
Commercial Lease Payment Updates
If your business has received, or given, a rent concession as a result of COVID-19, your tax obligations may change.
A rent concession may be waived or deferred if you meet the requirements. More information here.
STP Phase 2 Updates
More information has been released by the Tax Office regarding Phase 2 of the Single Touch Payroll (STP) system.
New guidelines are now in place and some changes have been made to the way you report as well.
Closely held employees will now also be required to use STP reporting.
More information can be located here.
