FLEETDRIVE
After a tumultuous 2020-21 financial year rocked by COVID , this year ’ s tax time is likely to be a tough one for many of us .
WORDS BY DANIEL BRAID
Due to the ongoing challenges of the pandemic the employment status of many Australians has changed , more than $ 36 billion has been ripped out of superannuation , millions of workers have received subsidies from JobKeeper or JobSeeker and thousands of businesses have received emergency payments to keep them afloat .
In some small relief many Australians will have a lower tax liability this year thanks to Stage 2 tax cuts , in combination with offsets for low-and-middle-income earners . Some employees may have a larger than usual refund for over-withheld tax given the changes weren ’ t made to PAYG schedules until October 2020 . Meanwhile the tax rate for base rate entities with a turnover less than $ 50 million has dropped to 26 per cent this financial year and will drop to 25 per cent for FY21-22 .
Regardless of your situation it ’ s important to ensure that you ’ re getting the best return for your organisation and for your own personal needs . Below are some simple tips to help you get the best returns for FY20- 21 and into the future .
ISSUE 29 JUNE 2021 / WWW . AFMA . ORG . AU 5