Centrelink tells recipients to hold off on lodging their taxes!
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Tax season is right around the corner, and we wanted to share some helpful advice with all of you, especially those receiving Centrelink payments. It's important to hold off on filing your tax returns for now.
Why, you may ask? Well, Services Australia, the government agency responsible for Centrelink, has recommended that Centrelink beneficiaries should wait a little longer this year.
They will begin issuing payment summaries in early July, and these summaries are crucial for your tax return. They provide a clear breakdown of your taxable and non-taxable payments throughout the tax year.
'Some payments from us won't show on your payment summary. But you might need to tell the Australian Taxation Office (ATO) about them.'
If you received the Pandemic Leave Disaster Payment, High-Risk Settings Pandemic Payment, or the Disaster Recovery Allowance top-up, it's essential to report these payments to the Australian Taxation Office (ATO) because they are subject to taxation.
However, please note that these payments will not be listed on your Services Australia payment summary.
On a positive note, if you received the Australian Government Disaster Recovery Payment, you are not required to report it to the ATO.
Hank Jongen, the general manager of Services Australia, shared some valuable information, emphasising that not all Centrelink customers need to lodge tax returns.
'If [those on the age pension] are getting other money from investments, they may have to pay tax. And, of course, we need people to lodge their tax returns to balance Family Tax Benefits and Childcare Subsidies.' Jongen said.
His top tip for Centrelink recipients? If your financial situation allows it, wait until late July before lodging your tax return.
The reason for this advice is fairly simple—by then, all the information about your income from employers, investments, and Centrelink will be pre-populated into your tax return.
'And all you need to do then is simply tick it off, and you can lodge your tax return.' Jongen added. By waiting a little longer, you'll avoid the hassle of manually gathering and entering all that information yourself.
It's important to keep in mind that being patient can go a long way, especially when it comes to filing your tax returns this year.
Waiting until late July will not only save you time and effort and guarantee that you accurately report all your income and benefits to the Australian Taxation Office (ATO).
Why, you may ask? Well, Services Australia, the government agency responsible for Centrelink, has recommended that Centrelink beneficiaries should wait a little longer this year.
They will begin issuing payment summaries in early July, and these summaries are crucial for your tax return. They provide a clear breakdown of your taxable and non-taxable payments throughout the tax year.
'Some payments from us won't show on your payment summary. But you might need to tell the Australian Taxation Office (ATO) about them.'
If you're a recipient of Centrelink benefits, it is strongly recommended that you wait until late July before submitting your tax returns. Photo by Towfiqu barbhuiya on Unsplash
If you received the Pandemic Leave Disaster Payment, High-Risk Settings Pandemic Payment, or the Disaster Recovery Allowance top-up, it's essential to report these payments to the Australian Taxation Office (ATO) because they are subject to taxation.
However, please note that these payments will not be listed on your Services Australia payment summary.
On a positive note, if you received the Australian Government Disaster Recovery Payment, you are not required to report it to the ATO.
Hank Jongen, the general manager of Services Australia, shared some valuable information, emphasising that not all Centrelink customers need to lodge tax returns.
'If [those on the age pension] are getting other money from investments, they may have to pay tax. And, of course, we need people to lodge their tax returns to balance Family Tax Benefits and Childcare Subsidies.' Jongen said.
There is no need to report the Australian Government Disaster Recovery Payment to the ATO. Photo by Recha Oktaviani on Unsplash
His top tip for Centrelink recipients? If your financial situation allows it, wait until late July before lodging your tax return.
The reason for this advice is fairly simple—by then, all the information about your income from employers, investments, and Centrelink will be pre-populated into your tax return.
'And all you need to do then is simply tick it off, and you can lodge your tax return.' Jongen added. By waiting a little longer, you'll avoid the hassle of manually gathering and entering all that information yourself.
It's important to keep in mind that being patient can go a long way, especially when it comes to filing your tax returns this year.
Waiting until late July will not only save you time and effort and guarantee that you accurately report all your income and benefits to the Australian Taxation Office (ATO).
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