What to bring
Thank you for the opportunity to prepare your tax return last Financial Year and once again we look forward to preparing and lodging your return for 2020.
It has been a crazy few months and I trust everyone is well and surviving COVID-19.
New home office claiming method
The ATO have released a streamlined method for claiming home office running costs for taxpayers working from home. This method can be compared against the actual cost method and you can then use the method that provides the greater deduction.
Expert advice on COVID-19 support
Interactive Tax Consultants have a qualified team of staff and have been advising small business clients in relation to the Job Keeper Payment, Boost 1 & 2, NSW government grants and accessing superannuation on compassionate grounds due to COVID-19. Please contact the office if you need assistance or advice.
Current ATO audits
The ATO are continuing audits of work-related expense and investment properties. ITC can advise you clearly as to what you can and can’t claim and how to make the claim, to ensure that you do not receive any costly fines and penalties.
Appointments during COVID-19
Due to COVID-19, our preferred method to prepare your return for 2020 is electronically, you can email us with documents attached, upload your spreadsheets and documents to your own ITC Portal, or post to our PO Box. If you need to discuss your return, I am available for phone and Zoom appointments. If you would prefer to come into the office, I will consider appointments if you do not have any flu-like symptoms and have not been in contact with someone diagnosed with COVID-19. Please phone or email the office for an appointment as usual on 02 92121982 or reception
@itc.sydney and see our ‘What to bring’ list below on our website.
Improve your monthly cashflow
Don’t forget we also offer an in-house finance broker through ITC Finance. With home loan rates at a historic low (starting at 1.79%), refinancing can reduce your repayments and improve your monthly cashflow. Or you may consider drawing on your home equity to access cash out. We can also assist with small business lending to improve cashflow during COVID-19. Please contact sam
@itc.sydney directly with any questions.
What to bring/email to us
Financial Year Ended 2020.
- PAYG Payment Summaries.
- Interest earned on bank accounts.
- Foreign income and foreign investment losses
- Dividend statements including dividend reinvestments.
- Employee option and share scheme documentation.
- Financial summaries from managed funds and other financial institutions.
- Total interest charged on margin loans and other investment loan products.
- All Buy and Sell Contract Notes from shares sold during the year.
- Private Hospital Cover details.
- Ipad, tablets, work related apps, computers, software, and antivirus, upgrades, mobile phone, and internet, stationery and home office running costs.
- Total hours worked at home during COVID-19
- Foxtel where used for research
- Seminars & conference fees including travel & accommodation, books & journals
- Union fees, tools and equipment, protective clothing or uniform with logo, sunscreen, sunhat and sunglasses,
- Income protection insurance
- First Aid training
- Education expenses in excess of $250 including related travel.
- Log book for work related motor vehicle or number of km travelled up to 5,000
- Rental property statements, interest charged and related expenses. There is also a link to a tax depreciation calculator, to give an estimate of depreciate deductions.
- Charitable donation receipts.
- BSB and Account Number for a quick refund by direct deposit into your bank account.
- Agent Fees & Commissions
- Body Corporate Fees
- Borrowing Expenses
- Building & Structural Improvements
- Commissions & Management Fees
- Electricity & Connection Costs
- Bank Charges
- Head Rental
- Land Tax
- Lease Incentives
- Legal Fees not associated with eviction
- Mortgage Insurance
- Municipal Rates & Taxes
- Office Supplies
- Prepaid expenses up to 12 months (interest, body corporate, council, water)
- Replacement assets
- Solicitor Disbursements
As a tax agent I can offer extensions between March 2021 and May 2021, please contact the office for your specific date.
We look forward to hearing from you soon!