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Not sure of your entitlements on your 2020 tax return? Need some professional help? It’s okay, you’re not alone! Recent changes to the tax rules have left Aussies scratching their heads as they try to figure out what they can and can’t claim at tax return time, according to the Leading Edge Omnibus Survey conducted in May 2020.
1573 Aussies from across the country, both men and women, who have previously used the ATO’s online tool myTax were questioned to see how they feel about doing their taxes this year. The responses made it clear everyone is confused and in need of calm, experienced professional help.
There’s never been a more important time to know how to get the best tax breaks and deductions, and if you qualify for certain entitlements. Millions of Australian families and individuals are doing it tough at the moment and need every bit of help they can get.
When you do your own tax return you run the risk of some simple but serious mistakes that could end up costing you a lot of money, or even subject to heavy penalties. As many as 25% of Aussies are making some of these errors and many pay the price. When you’re hurting financially it might even be tempting to cut a few corners – but you’ll be the loser in the long run.
The top mistakes?
34% forget to keep records or receipts, so they can’t prove deductions are legitimate
27% forget to include all of their income (this is important if you’re self employed or have a side gig like driving for Uber)
27% include deductions for personal items (easy to do if you’re now working from home)
The best way to get a better refund on your tax return is to work with an expert tax agent who knows the legitimate ways to get you a bigger refund. This way, you’ll have more money in your pocket with nothing to worry about.
The proof is in the numbers:
61% of Aussies say they get a better tax return when they use a tax agent
60% get anxious and stressed using the ATO’s DIY online tool myTax
76% of people aged 18-29 feel particularly overwhelmed by myTax
59% of full time workers and 57% of casual workers plan to use a tax agent to get better job-related deductions
“A professional tax agent will help maximise your refund, save you time, and reduce the amount of stress involved in the process,” says H&R Block’s Director of Tax Communications, Mark Chapman.
“With the recent droughts, bushfires, floods, and now COVID-19, 2020 isn’t going to be your average tax year. With various stimulus packages and people working from home, there are going to be a lot of people with a lot of questions. H&R Block can guide you through the whole process and take away the hassle.”
This year you might be entitled to one of three different stimulus payments introduced by the Australian government in response to COVID-19:
$550 Coronavirus Supplement if you’re on JobSeeker
A one-off $750 Economic Support Payment, or
$1500 JobKeeper wage subsidy
The low and middle income tax offset is also back in 2020 for Aussie taxpayers who earn between $48,000 - $126,000 (with offsets of up to $1,080 available depending on your income). It’s a welcome little bit of relief and research shows that most people used the offset in 2019 to pay bills (31%) or pay off debts (20%) rather than spend it on retail or leisure pursuits such as travel, food or clothing (13%).
Also this year, for the first time, you’ll no longer get a payment summary from your employer. Instead all your details will go directly to the ATO.
We’re here to help – Contact H&R Block now
Still feeling confused – or maybe even more confused than before? Don’t worry, lots of people feel that way. In fact, 44% of Aussies say they’re not even sure how JobKeeper works and 66% admit that they had no idea they wouldn’t be getting a payment summary from their employer this year.
Our tax consultants are passionate about what they do. We pride ourselves on being on top of changes as they happen and knowing the best deductions for every job and industry. We’re the experts, so you can relax and know you’re in safe hands, guaranteed to get the best possible return. Best of all, you can use our fee from refund service so you won’t even have to pay us outright.
Our H&R Block accountants are now working online. Book an appointment with an expert.