12/10/2022, 12:32 ATO Tax Time 2022 resources now available - TaxBanter

Home > ATO Tax Time 2022 resources now available

ATO Tax Time 2022

resources now available

June 10, 2022 News, Tax Time



Contents [ hide ]
 Key focus areas for 2022
Tax Time 2022 materials
Tax return stationery 2022
Further info and training for the EOFY

The ATO has recently released its Tax Time 2022 package for tax
professionals and its suite of 2022 tax returns and accompanying
instructions. The ATO has also announced its four priority areas for 2022.

Key focus areas for 2022 Categories

For Tax Time 2022, the ATO will be focusing on four priority areas:
Select Category

Record-keeping
The ATO will be taking ‘firm action’ to deal with taxpayers who deliberately Search for articles
try to increase their refund, falsify records or cannot substantiate their
claims. Search for articles

Here is information on the penalties that may be imposed for false or

misleading statements or for failing to meet record-keeping obligations. Did you know?

Tax Yak and Banter Blog content

Work-related expenses will generally be eligible for CPD
Some people have changed to a hybrid working environment — i.e. partly in hours. Please check with your
the office and partly at home — since the start of the pandemic, which saw professional or regulating body to
one in three Australians claiming working from home expenses for 2020–21. confirm.

If a taxpayer has continued to work from home, the ATO would expect to
see a corresponding reduction in car, clothing and other work-related Subscribe to the Tax Yak
expenses such as parking and tolls. Podcast
Apple Podcasts
There are three methods for calculating a deduction for working from
home expenses: Google Podcasts

https://taxbanter.com.au/banter-blog/tax-time-2022/ 1/7
12/10/2022, 12:32 ATO Tax Time 2022 resources now available - TaxBanter

1. The fixed rate method — a rate of 52 cents per hour for additional
Android
running expenses incurred as a result of working from home. The
work-related portion of depreciation, and phone, data and internet
by Email
expenses, is also deductible.
2. The actual cost method — the actual additional expenses incurred as
RSS
a result of working from home.
3. The temporary shortcut method — an all-inclusive 80 cent per hour
rate, only available from 1 March 2020 to 30 June 2022.

The ATO reminds taxpayers that:

 if the taxpayer’s working arrangements have changed — do not just

copy and paste the prior year’s claims

if the expense was used for both work-related and private use — the
taxpayer can only claim the work-related portion of the expense.

If the taxpayer has kept track of their expenses with the myDeductions tool

in the ATO app, they can email the records to their tax agent.

Rental property income and deductions

Rental property owners need to include all the income they have received
from their rental, including short-term rental arrangements, insurance
payouts and rental bond money retained.

The ATO advises that if it notices a discrepancy, it may delay the processing
of the refund as it may need to contact the taxpayer or their registered tax
agent to correct their return or to ask for documentation to support claims
made.

For more information visit www.ato.gov.au/rental

Capital gains from crypto assets, property,

and shares
If the taxpayer disposes of an asset such as property, shares, or a crypto
asset, including non-fungible tokens (NFTs), they will need to calculate a
capital gain or loss and disclose it.

Through the ATO’s data collection processes, it knows that many

Australians are buying, selling or exchanging digital coins and assets. The
ATO expects to see more capital gains or capital losses reported this year.
the ATO also reminds taxpayers that they cannot offset crypto losses
(capital losses) against their salary and wages.

For more information visit www.ato.gov.au/crypto

See the cryptocurrency 2014–15 to 2022–23 data-matching program

protocol

Listen to our Tax Yak Episode 61 — Cryptocurrency and tax

https://taxbanter.com.au/banter-blog/tax-time-2022/ 2/7
12/10/2022, 12:32 ATO Tax Time 2022 resources now available - TaxBanter

Tax Time 2022 materials

The Tax Time 2022 package includes the following guidance for tax
professionals.

Overview of key changes

Key changes that affect 2022 tax returns include:

COVID-19 disaster payments are exempt from income tax

pandemic leave disaster payments are assessable
COVID-19 test expenses incurred for work purposes are deductible
 changes to the R&D tax incentive and film tax offsets
removal of capital allowances label items due to the cessation of the

backing business investment and enhanced instant asset write-off
incentives

other changes to tax return label items.


Prepare for Tax Time
To prepare for Tax Time 2022, the ATO recommends that tax agents:

update their client list

check their clients’ lodgment program due dates
advise the ATO when a return is not required
review security to stop fraud.

The lodgment due dates will be available in Online services for agents by
the end of July 2022.

The ATO will start processing 2021–22 tax returns on 7 July 2022 and expects
refunds to be paid from 16 July 2022.

The ATO aims to finalise most electronically lodged current year tax returns
within 12 business days of receipt. Paper tax returns may take up to 50 days
for processing.

The ATO will advise of the progress of clients’ tax returns in several ways,
including:

a weekly tax return status email

viewing progress in Online services for agents
a confirmation of refund SMS sent from the ATO to clients.

Tax Time toolkits

There are educational resources tailored for individuals and small business,
and are available in languages other than english. Amongst other
resources, there is a suite of occupation guides, an Individuals Tax Time
Toolkit, an Investors Toolkit, small business guides and a Small Business
Tax Time Toolkit.

Tax return stationery 2022

https://taxbanter.com.au/banter-blog/tax-time-2022/ 3/7
12/10/2022, 12:32 ATO Tax Time 2022 resources now available - TaxBanter

This section provides the links to the new tax return forms and instructions
for 2022.

Individual tax return

Individual tax return 2022
Individual tax return (supplementary section) 2022
Individual tax return instructions 2022

What’s new for 2022?

Low and middle income tax offset (LMITO)
The LMITO has increased by $420 for 2021–22. This increases the base
amount to $675 and the maximum amount to $1,500.

The LMITO rates for 2021–22 are:


The LMITO is not available after 2021–22.

Granny flat arrangements and CGT

From 2021–22, no CGT event arises for individuals when eligible granny flat
arrangements are created, varied or terminated.

A granny flat arrangement is a written agreement that gives an eligible

person the right to occupy a property for life. A granny flat interest can be
held in any type of property, provided it is a dwelling. The property could be
the owner’s main residence or a separate property, and may be part or all of
the property.

An eligible person with a granny flat interest must either have reached
pension age, or require assistance for day-to-day activities because of a
disability.

The CGT exemption applies where:

the owner(s) of the property are individuals

one or more eligible people have an eligible granny flat interest in the
property
the owners and the people with the granny flat interest enter into a
written and binding granny flat arrangement, which must not be

https://taxbanter.com.au/banter-blog/tax-time-2022/ 4/7
12/10/2022, 12:32 ATO Tax Time 2022 resources now available - TaxBanter

commercial in nature.

ATO COVID-19 measures and support

Measures and support available for individuals impacted by COVID-19
include:

advice on the tax treatment of employment payments made because

of COVID-19 (e.g. where the employee takes leave, is stood down or
lose their job)
advice on the tax treatment of Government payments made because
of COVID-19 (e.g. if state or territory health orders prevented the
 individual from working in their usual work)
an optional simplified method to claim 80 cents for each hour the
 individual worked from home
advice on the deductibility of costs incurred for a COVID-19 test

advice on the tax treatment of residential rental property income and

 expenses.

Company tax return 2022

Company tax return 2022
Company tax return instructions 2022
List of schedules

What’s new for 2022?

The What’s new section includes a number of items including the following
key developments:

Loss carry back tax offset tool

The loss carry back tax offset tool can be used by a taxpayer to:

work out if they are eligible to claim the loss carry back tax offset
work out the maximum loss carry back tax offset
provide the information to include in the tax return labels.

There are also new label items relating to the loss carry back tax offset.

Change in base rate entity corporate tax rate

The corporate tax rate for base rate entities has reduced to 25 per cent from
2021–22 (26 per cent in 2020–21).

Trust tax return 2022

Trust tax return 2022
Trust tax return instructions 2022
List of schedules

Partnership tax return 2022

Partnership tax return 2022
Partnership tax return instructions 2022
List of schedules

https://taxbanter.com.au/banter-blog/tax-time-2022/ 5/7
12/10/2022, 12:32 ATO Tax Time 2022 resources now available - TaxBanter

Further info and training for the

EOFY
Join us at the beginning of each month as we review the current tax
landscape. Our monthly Online Tax Updates and Public Sessions are
excellent and cost effective options to stay on top of your CPD
requirements as we approach the EOFY. You can also browse our recording
library for past topics if you need to catch up prior to 30 June!

Online training
 June Tax Update | recording
Superannuation: Catching up | recording
 July Tax Update | 5 July (live or recorded)
Forgiving debts | 6 July (live or recorded


 Face-to-face sessions
Our Public Session Tax Updates are available in 16 locations nationally and
are presented monthly. Click here to find a location near you.

Tailored in-house training

We can also present these Updates at your firm (or through a private online
session) with content tailored to your client base – please contact us here to
submit an expression of interest or visit our In-house training page for
more information.

Our mission is to offer flexible, practical and modern tax training across
Australia – you can view all of our services by clicking here

Tax Training Company Resources Media

In-house tax training About TaxBanter Banter Blog LinkedIn
Public Session tax training Our Tax Trainers Tax Data Twitter
Tax Fundamentals The TaxBanter Team Federal Budget Summary Tax Yak Podcast
LiveOnline tax training Careers at TaxBanter Federal Budget quick- COVID-19
Superannuation training Testimonials reference timeline
Online recordings Contact us
Terms & conditions

© Copyright TaxBanter Pty Ltd. | ABN 34127929720 | Level 9,  

41 Exhibition St, Melbourne VIC 3000 | (03) 9660 3500
https://taxbanter.com.au/banter-blog/tax-time-2022/ 6/7
12/10/2022, 12:32 ATO Tax Time 2022 resources now available - TaxBanter

Website by Amplified Marketing

https://taxbanter.com.au/banter-blog/tax-time-2022/ 7/7