Expert to help you navigate impact of Covid on tax claim

THIS tax time will be like no other, according to Farokh Bartliwala CPA who founded Bartly Pty Ltd in Revesby to provide personalised tax services to the local community.

Taxpayers will need to be cautious to navigate the impact of the economic stimulus measures put in place by the Federal and State Governments.
“Covid-19 will have an impact on every individual and business tax return depending on your particular circumstances,” Farokh said.
For individual tax returns:
• You will be able to claim a higher rate of $0.80c/h for working from home, between March 1 to June 30, for computer consumables, stationery, phone and internet expenses, depreciation for computer, laptop, IPAD, etc;
• Two or more people living in the same house can each claim $0.80c/h for working from home;
• Time sheets, diary records will be required as evidence for the number of hours worked;
• Normal substantiation rules and rate of $0.52c/h will still apply for working from home between July 1, 2019, and February 29, 2020; and
• If you received JobSeeker or JobKeeper wage subsidy, then that would be included in your tax return as assessable income.
For business tax returns:
• The cash flow boost received is business income but tax free;
• The JobKeeper received is also business income but assessable;
• If you employed an apprentice as at March 1, 2020, your business could be eligible for the wage subsidy equal to 50 per cent of the apprentice wages; and
• Your business could write off up to $150,000 for an eligible asset purchased up to December 31, 2020.
“At Bartly, we invest time in our clients to listen and understand their situation in detail in order to provide targeted advice,” Farokh said.
“We visit our client’s business or home during or after hours so they have total convenience.”
Call 0407 280 898 today to get the service that you deserve.