Coming Up Tue 5:00 PM  AEDT
Coming Up Live in 
Hindi radio

Tax time: Few tips individuals, businesses should know

Representative image of tax time Source: Getty Images/Marilyn Nieves

Melbourne-based tax expert Niranjan Deshpande says taxpayers and businesses preparing returns for the financial year 2020-21 could benefit from various stimulus packages announced by the federal and state governments last year.

Tax expert Niranjan Deshpande suggested that taxpayers and businesses disclose their full incomes, including gains from cryptocurrencies, as the Australian Taxation Office (ATO) will be closely monitoring all tax returns.

Mr Deshpande, director at LPA partners Hawthorn, said the value of cryptocurrencies has risen in the past year, and the ATO has matching information.

"Please ensure you declare your gains or losses from cryptocurrencies," Mr Deshpande told SBS Hindi in an interview.


  • Tax expert Niranjan Deshpande advised taxpayers to disclose gains and losses made from cryptocurrency
  • He said income generated overseas will not be taxed twice
  • Mr Deshpande said small businesses can benefit from various measures announced by the federal and state governments

Mr Deshpande said the federal and state governments have implemented various measures to stimulate the economy.

He said small businesses have much to consider before lodging tax returns.

"This year small businesses, that are the engine room of the economy and employ over 4.7 million people, have received quite a few benefits," Mr Deshpande said.

"These benefits include immediate asset write-off, temporary full expensing, and super carry forward," he said.

Mr Deshpande suggested taxpayers check general taxation rules before claiming a deduction.

He reassured taxpayers that income generated overseas will not be taxed twice. 

"Australia and India, along with over 100 other countries, have signed the sharing of information agreement. So, the ATO has a lot of information about foreign income earned by Australian residents," Mr Deshpande said.

"Please ensure you declare your foreign income, however, big or small," he advised.


Listen to the podcast in Hindi by clicking on the audio icon inside the picture at the top. 

Tune into SBS Hindi at 5 pm every day and follow us on Facebook and Twitter


Coming up next

Tax time: Few tips individuals, businesses should know 06/07/2021 12:46 ...
Passion to purpose - ‘Ausmumpreneur’ who initiated drive-through vaccination clinic in Queensland 18/10/2021 10:00 ...
A legal battle may ensue over border closures between federal and state governments, say experts 06/09/2021 07:08 ...
One in five Australian women delayed their baby plans due to pandemic 03/09/2021 06:18 ...
How dangerous is the Delta variant of COVID-19 for school going children? 02/09/2021 09:38 ...
'I want to know when playgrounds will start reopening': Experts answer children's queries on COVID-19, vaccines 31/08/2021 08:17 ...
‘COVID isn't safe for pregnancy, vaccine is,’ says gynaecologist Dr Nisha as she busts myths around safety 27/08/2021 12:45 ...
'Stay at home': Police urge Indian community to celebrate Raksha Bandhan online 21/08/2021 07:20 ...
Why are Sydney’s COVID cases rising despite lockdowns and vaccination? Prof Michael Kidd explains 20/08/2021 09:56 ...
It may take time before Indian students return to Australia: Indian High Commissioner 14/08/2021 09:36 ...
View More