Crunch time: What to know before submitting this year's tax claim
It's tax crunch time.
With tomorrow marking the start of a new financial year, Aussies are rushing to finalise their affairs before filing their tax returns.
Today finance expert Effie Zahos has revealed her tips around what Australians should do before submitting this year's claim.
READ MORE: COVID-19 crisis does little to dent NSW property market
You can sign up for the Today newsletter here. Today
What you need to know before submitting tax. Today
Zahos said it's not too late for a last-minute tax splurge; punters just need to pay attention to delivery dates.
"I noticed a whole lot of end of financial year sales coming in my inbox saying 'Go out and buy a computer,'" she said.
"As an individual, it's not too late if you want to buy a computer or an asset or a tool or so on, but the ATO confirmed last night if you are shopping online because you're in lockdown, you want have that asset in your hand this financial year if you want to claim it."
With Australians working from home once again due to coronavirus lockdowns, Zahos said it may be worthwhile investing in a tax agent.
READ MORE: Aussies warned to report all income earnt from 'side hustles'
You can claim a deduction of 80 cents for each hour you worked from home. Getty
"Most of us will be looking at the 80 cent rule. A lot of Aussies working from home still," she said.
"Here is the thing with that 80c rule. It does include everything. Your heating, cooling, also phone, Internet and computer.
"This is where it pays to get a good tax agent or accountant, they may find other ways to claim."
For more of Zahos' tips please watch the interview at the top of the page.
The information provided on this website is general in nature only and does not constitute personal financial advice. The information has been prepared without taking into account your personal objectives, financial situation or needs. Before acting on any information on this website you should consider the appropriateness of the information having regard to your objectives, financial situation and needs.
Join the Today show family and give yourself the chance to win great prizes by signing up to our weekly newsletter, delivered straight to your inbox every Wednesday with a special message from Karl and Ally. You can sign up for free here.
We’d love to hear from you
