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Yes, it’s that time of year again!
With all of the other challenges, we have had in 2020, this tax time has no doubt snuck up on all of us.
Restrictions associated with coronavirus have meant many changes to most of our working lives.
Dining room tables have become working desks and video conferences have become commonplace.
As so many Australians have been working from home for months, what are the tax implications in working from home?
The ATO has put together these very good guidelines:
As always, you should check with your registered tax agent for direct guidance about your situation.
Now . . . how much tax did you pay?
Australia's income tax rates are amongst the highest in the OECD.
A recent report showed that Australian workers are among the most heavily taxed employees in the world's leading economies, according to a new ranking of income tax.
The Organisation for Economic Co-operation and Development's latest annual snapshot showed Australia was behind only Denmark, Iceland and Belgium on rankings of total income tax paid, and nearly 10 percentage points higher than the average for the group's 36 member states.
Based on the analysis of single workers at the income level of the average wage, Australians pay 23.6 per cent of wage earnings to government in income tax.
The OECD average on income tax paid in 2019 was 15.8 per cent, according to the report.
Australia ranked lower on the total percentage of gross wages paid due to compulsory superannuation. Australia also has a higher reliance on personal income tax than countries with broader consumption taxes.
Workers in New Zealand (18.7 per cent), the US (16.3 per cent), Canada (15.7 per cent) and the UK (13.8 per cent) all pay less in income tax than their Australian peers, before social security contributions.
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Property Club members are getting ahead by not paying as much tax and using the tax saved, to hold an investment property portfolio for the long-term!
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