Tax Season 2022

Welcome back


With June 30 fast approaching we have produced another newsletter to make sure everyone is well prepared. Please note not everything will apply to all clients. It is designed for individuals and businesses.

Appointments


Please note under ATO guidelines we cannot prepare any returns until the 15th July. But that aside the office is open as usual.
The team has continued to expand – we have Anthony, Jonah, Nicole and Shane to help process your returns this year.
As usual demand is high and appointments are filling fast, so please use all members of the team and get in early with making a time.
If you are feeling unwell or have flu or COVID symptoms? Please do not come in, and we will switch your appointment to a phone, zoom or teams meeting. We will do the same if any of the team are unwell.
Appointments can be made on (08) 82951055 or email reception
Do you need to print off a Group Certificate/Payment Summary or Private Health Insurance Details?
No – we will access any payment summaries or private health insurance from the ATO after the 15th July. This also means you do not need to access MY GOV before your appointment.

Tax Checklist


Please click here to see what you can bring with you to your tax appointment.

Tax Refunds


Although Albo is now in Power we still have Sco Mo’s Bonus and this has been increased in 2022, however it is income tested – eligibility is determined based on your Taxable Income. It is to be removed in 2023 tax year. So enjoy this Tax Return!
Please remember to bring your bank account details, including BSB and account number with you to your appointment.
REMINDER – WE NO LONGER OFFER FEES TO BE DEDUCTED FROM THE REFUND. THIS STOPPED WITH THE MYGOV ONSET.
FEES CAN BE INVOICED OR PAID AT APPOINTMENT.

TAX TIPS
INDIVIDUALS AND BUSINESS

Home Office Claims


For those who have had to work from home and are wondering what can be claimed please see link below
Employees Working From Home

COVID-19 Test Expenses


From 1 July 2021 if you’re an employee, sole-trader or contractor and you pay for a COVID-19 test for a work-related purpose, you can claim a deduction.
COVID 19 Test Expenses

Disaster Payments


Taxable or Not Taxable Income?
COVID-19 Disaster Payment – non-taxable
Pandemic Leave Disaster Payment – taxable
Cost of Living Payment – non-taxable
Natural Disaster Assistance Payment – non-taxable
Australian Government Disaster Recovery Payment – non-taxable
Disaster Recovery Allowance – taxable
Disaster Payments

Cryptocurrency


Please be aware that cryptocurrency is under the microscope with the ATO. You may need to consider tax treatment on Disposals.
Cryptocurrency with ATO

ATO Warnings


Each Year the ATO raises areas of review, please see the following for comments from the ATO.
ATO Claim Warnings

BUSINESS END OF YEAR

Superannuation


From 1st July, 2022, the super guarantee rate will increase to 10.5%.
Earnings Threshold $450 removed
Super Guarantee Changes

These changes may automatically take place through your cloud based software however it is important to review the setup, so any queries please contact Anthony at :
[email protected]

Contribution Caps

Concessional Contribution Cap – $27,500.
Non Concessional Cap – $110,000.

Unused Concessional Cap Carry Forward :

Members can make carry-forward concessional super contributions from previous years if they have a total superannuation balance of less than $500,000.


Personal Super Contributions: Notice of Intent Form


Notice of Intent Form Super Contributions

Single Touch Payroll
Phase 2

Your software provider should be all over the changes, however any queries please contact Anthony at
[email protected]

XERO Payroll End of Year Checklist

MYOB Payroll End of Year Checklist

Temporary Full Expensing


Eligible business can claim immediate deductions for business portion of an asset in the year it is first used or installed ready for use.
Temporary Full Expensing

STRANGER THINGS HAVE HAPPENED…

We see the year ahead as one to get back to normality, we’ve seen and survived through much stranger things…
Shane and Nicole will assist as the senior tax specialists and advisors.
Anthony will be available for individual returns, anything XERO and MYOB and provide support as required to all clients.
Jonah will be available for individual returns and continue to support the SMSF team.
Deb will continue to lead the SMSF
Hayley is our key ATO and ASIC liaison.
Kayla who is our front person. She will be provide more support to all but is the go-to for contact with Shane and Nicole, particularly when things get strange…


[email protected]

[email protected]

[email protected]

[email protected]

[email protected]

[email protected]

[email protected]

HAPPY TAX SEASON, STAY SAFE IN THE UPSIDE DOWN…

Tax Season 2022