Manage your finances by the numbers

TAX CHANGES TO TAKE ADVANTAGE OF... Principal of Tax Gurus Chartered Accountants, Navneet Jyoti. Photo: Steve Hutcheson

THIS last financial year saw a number of changes in the tax regulations that might escape a lot of people.
According to the principal at Tax Guru Chartered Accountants, Navneet Jyoti, “This last year saw a lot of people taking on Jobkeeper and Jobseeker as a means of getting through the year, however, they need to be aware that this may have tax implications in submitting their returns,” said Navneet.

“There have been other changes to the tax code as well that might see people, hundreds if not thousands of dollars better off.

“The 2020 tax threshold has changed also with $37,000 to $45,000 at 20 percent and it is over $45,000 that the 34 percent range will be applied.”

Because the pandemic saw a shift in some businesses profitability, the government have re-introduced loss carryback that will enable some to look at recovering tax paid up to three years ago.

To ensure you get the best out of your tax position, the team at Tax Guru Chartered Accountants are located at Suite 3/164 Welsford Street, Shepparton and can be reached on 5822 1900 or their website at www.taxguru.net.au.

TAX CHANGES TO TAKE ADVANTAGE OF… Principal of Tax Gurus Chartered Accountants, Navneet Jyoti. Photo: Steve Hutcheson