TAX TIME 2020 IS HERE. Don’t jump the gun and lodge too early.

Tax time 2020 is here, but it’s likely to be anything but routine. Many individuals on reduced income or have increased deductions may be eager to lodge their income tax returns early to get their hands on a refund.

However, the ATO has issued a warning against lodging too early, before all your income information becomes available. It’s important to remember that employers have until the end of July to electronically finalise your income statement, and the same timeframe applies for other information from banks, health funds and government agencies.

Our finance and business advisory partner, HLB Mann Judd, provide all of the latest tax news, views and clues for July 2020 in their tax alert. This Alert addresses:

• Tax time 2020
• Tax return tips
• Expanded instant asset write-off for businesses
• Additional cash flow boost coming for businesses
• ATO scam calls may soon be a thing of the past