It’s tax time, and while you shouldn’t be rushing to fill out your tax return, if you received any Government help this year you’ll need to tell the Australian Taxation Office (ATO) about some of them.
Also read: ATO warning: Avoid this mistake at tax time
To help those in need, the Government has rolled out a number of initiatives but some payments are tax deductible.
Here’s a breakdown so you know what to declare.
If you got any of these payments in the 2021/22 tax year, you need to declare them in your tax return:
Disaster Recovery Allowance
Disaster Recovery Allowance Top-up
New Zealand Disaster Recovery Allowance
Pandemic Leave Disaster Payment
You don’t need to report any of these non-taxable disaster payments:
Australian Government Disaster Recovery Payment
Australian Victim of Terrorism Overseas Payment
COVID-19 Disaster Payment
When should you lodge your return?
The ATO warned Aussies could risk having their tax return delayed if they lodged too early.
Assistant commissioner Tim Loh said the ATO saw the most mistakes in early July as people rushed to get their tax returns done.
“You can lodge on 1 July, but you are punting with your tax return by risking delays to any refund you are owed,” Loh said.
“If you forget to include everything, you may end up answering questions from the tax office.
Loh said it was best to wait until your information had been pre-filled by the ATO, once information from your employer or Services Australia had been provided.
“We pre-fill information such as your wages, health insurance and interest from banks, this process is usually finalised by late July,” he said.
“Thanks to pre-fill, waiting a few extra weeks can make lodging your tax return online quicker and easier.”