2019 Tax Year Summary

Posted by Alex Kuhanez on 26 Jun 2019, 10:00:00
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ATO 2019 Lodgement  
The ATO will start processing 2019 Tax Returns from Friday the 5th of July with refunds likely to be paid from Tuesday the 16th of July.
 
Payment Summaries/Income Statements 
If your employer uses Single Touch Payroll (STP) you will NOT receive a payment summary/group certificate. Instead, you will receive an income statement on your myGov account, your employer has until the 31st of July (normally the 14th of July) to finalise the income statement. If you do not have access to your myGov account, we will also have access through our tax agent portal. 
If your employer does not use Single Touch Payroll (STP) you will receive payment summary/group certificate by the 14th of July. From 2020 you will only receive income statements on myGov.
 
Low and Middle Income Tax Offset
The government has increased this tax offset from $530 to $1,080, meaning more money in your pocket. This legislation has not passed into law yet, therefore if you complete your tax return in early July, the ATO will amend your return and release the difference to you, when/if the legislation is passed. 
 
Work Related Car Expenses
The cents per kilometre method has increased from 66 cents per kilometre in 2018 to 68 cents per kilometre in 2019. This allows for a greater deduction for individuals that use their car for work. The maximum kilometres for this deduction still remains at 5,000 kms. 
 
Work-Related Expenses
The ATO will continue to concentrate on high work-related expenses, please keep in mind:
• Only work related portion is claimed
• That you have records to prove a deduction or reasonable steps to show how it was calculated. 
• That you have spent the money and not been reimbursed. 
 
Sharing Economy & Crypto-Currency 
The ATO data matching efforts have increased considerably. If you buy and sell crypto-currency, provide ride sharing or operate a private Airbnb; please be aware of your tax obligations. 
 
Private Health Insurance Statement
Private Health Funds are no longer required to send policyholders year end statements. This will be up dated to your myGov account by mid-August. 
 
The above are only a few changes for the 2019 Tax Return year, if you require an appointment or any queries, please contact me or the team on 08 8363 4499 or email me on alex@afmservices.com.au