INCOME TAX FOR INDIVIDUALS

What’s changed?

There have been minor changes including:

  • the creation of a standard working from home allowance

  • specific guidance on tax on payments for people who have been stood down, made redundant or whose jobs have been terminated

 

The Tax Office has not made any announcements on the payment of tax or deferring lodgement times. 

 

The Tax Office is also handling requests for the early release of super and further information can be found under Superannuation.

This page last updated on 01/06/2020

What do the changes mean?

  • People can claim deductions for working from home and the Tax Office has simplified this process. Refer clients to this information if they have questions.

  • The Tax Office has also provided guidance on tax on employment payments. This may be a common question and you could refer clients to this information.

    This page last updated on 27/04/2020

What do you do differently?

  • When negotiating with the Tax Office, do mention if your client has been affected by the pandemic if they have difficulties making payments. 

  • It is expected that the Tax Office should be flexible about repayment arrangements during the pandemic but it remains to be seen what will happen in practice.

  • The usual approach to requesting repayment arrangements should apply.

Disclaimer: The information on this website is for financial counsellors only. It is general information only. Financial counsellors must still tailor advice to their client’s individual circumstances. 

Copyright © 2020 Financial Counselling Australia. All rights reserved.​

FCA sincerely thanks Kat Lane. Liz Minter and Melinda Rene for their outstanding work in putting this site together.

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