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* No wonder, 2019-2020 has settled in our
memories with unforgettable experiences. But with the end of this financial year, you need to review ‘what is your financial position right now.’ For instance, everyone is well-acquainted with how we are dealing with the global pandemic COVID-19 impact.
* Hence, there’s nothing wrong with saying that
this year will be identified as one of the most vexing years that ever had come in the life of any businessman. But, amid this problematic situation, you should get relief from tax exposure and audit risk by regulators. It is vital to take help related to the online tax return in Melbourne amid this hard time.
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The End of Financial year has always been one of the busiest and actionable times for business owners. EOFY is a great opportunity that advises all business owners to think more and create strategies in the New Year. That’s why it is imperative to gain all the essential information that may help you tackle your EOFY. We advise you on making the future a little less stressful and starting a new financial year with full dedication. We always strive to keep you up-to-date with the latest situations and online tax return possibilities in Melbourne.
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COVID-19 doesn’t influence any sector. But apart from that, if you have rent out your commercial or residential properties, then only a few changes are made that come under tax policies. In the situations of temporary reduced rent or if the tenant is unable to pay you rent, you can claim for that as per ATO. But above from that, if the tenant pays rent, then you will be taxed for this income that you’ll have to mention in your online tax return, Melbourne. Since the deferred interest rate is capitalized, so you can continue to claim the interest. Moreover, if you are an Australian resident and you have a property in another country that generates rental income for you. Then you must recognize this rental income while filing an online tax return in Melbourne. However, during this, you’re also allowed to claim rental income expenses as per the conditions stated above. Ultimately, if you’re planning an online tax return in Melbourne, then wellorganized paperwork will surely make things much easier for you. In this way, you save your time as well as save money that’s essential for your business amid this global pandemic-COVID-19.
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* Accounts NextGen - Tax Accountants Melbourne Level 19/180 Lonsdale St, Melbourne VIC 3000 (03) 9015 8540
[email protected] www.accountsnextgen.com.au