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Changes to the myIR login screen are coming You will not be able to use myIR between 1pm Saturday 8 October and 8am Monday 10 October. This is so we can update our external authentication system. From Monday 10 October the myIR login page will have a new look and feel, but the login process will not change.

Cost of Living Payment Eligible customers will have the payment automatically paid into their bank accounts by the end of the day 3 October 2022. The payments will be staggered and Credit Union customers may not receive their payment until 4 October 2022. Cost-of-Living-Payment

What
Information wage and leave subsidies, provisional tax and the loss carry-back scheme.
Who
For self-employed customers - including in-home childcare providers.

We understand that the COVID-19 outbreak has created a lot of uncertainty for customers. Many customers will have a sudden reduction of income and may be in receipt of a leave subsidy. We want to help customers understand the tax implications of these changes.

Leave subsidies

Leave payments for self-isolation as a result of COVID-19 are available to self-employed workers who satisfy the eligibility criteria and are prevented from working.

COVID-19 Financial support for businesses

Home-based childcare providers

A childcare provider who derives gross income from providing childcare services may meet the criteria to use the standard cost in Determination DET 09/02. If a childcare provider elects to use the standard cost in the Determination, and they receive a wage subsidy, then the IR413 can be used to calculate the net income under the standard cost method.

Reduced self-employed income

We understand that the COVID-19 outbreak will mean a sudden reduction of income for many customers. You can apply for a tailored tax code if your income has been significantly affected so that your current withholding rate will not be too high for your reduced annual income.

Also, some self-employed customers can apply for a certificate of exemption. Certificates of exemption can only be used for schedular payments. They cannot be used for salary or wages.

Apply for a tailored tax rate for schedular payments

Certificates of exemption for schedular payments

Provisional tax

The provisional tax threshold was increased from $2,500 to $5,000. This means any current provisional taxpayers with provisional tax payments of less than $5,000 will have until 7 February following the year they file to pay their tax bill. This is intended to lower compliance costs for smaller taxpayers and allow them to retain cash for longer. 

Provisional tax

Loss carry-back scheme

You will be able to elect into the loss carry-back scheme if you're expecting to make a loss in the 2019/20 or the 2020/21 year.

Tax loss carry-back scheme

 

Last updated: 12 Jul 2021
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