Don’t worry though, our team of professionals have the tax expertise to help you understand how it must be incorporated into your return.
Here are 2 things to consider this tax season if you received JobKeeper payments:
Have you had enough Tax Withheld?
One of the first challenges is figuring out if your employer withheld the correct rate of tax from your JobKeeper payments. We have already seen a few cases where the amount withheld is too little, and in other cases, there has been no tax withheld at all. As a result of this, some individuals have been left with an unexpected tax bill through no fault of their own.
Trying to figure out how much of your JobKeeper payments should have been withheld for tax can be confusing as it all depends on your annual income. So if you think your employer has withheld too little tax, or you have noticed that they didn’t withhold any at all, it'd be a good idea to speak to a professional.
What if I have Tax Payable?
If you think you could be facing a tax payable result this tax season, one of the best things you can do is book an appointment to prepare your return with ITP Qld.
Not only will we be able to minimise your payable by ensuring you claim all the deductions you’re entitled to, but we can help you set up a payment plan to minimise any burden to your bottom line.
Finally, if you do face complications in your tax return, our professionals can liaise on your behalf with the ATO so you won’t have to go it alone!