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COVID-19 SPECIAL

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.


  Highlights:

  • 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.

 

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