The Australian Taxation Office (ATO) has launched its Tax Time 2020 campaign to help teachers and education professionals understand how to best prepare and lodge their tax returns.
- income and allowances to report
- you can and can’t claim as a work-related deduction
- records you need to keep.
The full occupation specific information for teachers can be found on the ATO website here.
The ATO has also introduced a simplified method for claiming deductions for anyone working from home as a result of COVID-19. Between 1 March and 30 June 2020, taxpayers will be able to claim 80 cents per work hour for all their additional running expenses, rather than needing to calculate costs for specific running expenses. This new method is designed to make tax returns simpler for anybody who has recently transitioned to working from home due to COVID-19, and ensures they are able to easily claim their relevant deductions. Full details in our earlier Briefing.
While schools should certainly not provide financial advice to staff it may be helpful to ensure that teachers are aware of these ATO resources. There is also a simple poster that can be downloaded and posted on noticeboards available here.