What's the latest tax news that everyone needs to know before they lodge their 2022 Online Income Tax Return.
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JobSeeker & JobKeeper Payments are TAXABLE
If you have applied for either payment, it’s important to note that they are taxable! So, if you think your income between 1 July 2021 – 30 June 2022 will go over $18,200 it might be worth setting some extra money aside in case you receive a tax bill. You can always ask Centrelink or your boss to withhold extra tax from your pay, any excess tax will be issued to you in a refund when you complete your online tax return with Gotax Online.
Working from Home and Covid 19 RAT test
To compensate so many of us working from home, the ATO had introduced the Shortcut Method for home office, this can still be claimed this financial year. This claim bundles up all of your home office expenses into one so you can claim 80c per hour. More than one person in the household can claim it.
All you have to do is keep a diary, timesheets or a logbook tracking how many hours you worked from home.
Read our blog on why we don’t like the new Shortcut Method here.
A new deduction the ATO has brought in for this year is your RAT test kits. They will now be tax deductible on your 2022 tax return. Depending on your tax rate you can enjoy a percentage back on the purchase price. Make sure you are keeping your receipts and for any RAT's purchased prior to this new addition, make sure you still have sufficient evidence of the purchase. Businesses alike will enjoy an exemption from fringe benefit tax on work related purposes of providing these RAT tests to employees.
$1500 Gov’t Bonus
Yes, the 2022 federal budget saw an increase of $420, depending on your income and personal tax circumstances, this is still available on your 2022 Online Income Tax Return! This can be anywhere from $255 to the full $1500 depending on how much you earn, however, if you earn over $126,000 you won’t get anything at all.
Remember though, this is an offset that reduces how much tax you have to pay, it’s not instant cashback.
Payment Summaries no longer exist
You don’t need to wait for your payment summary anymore! Employers have been reporting your wages directly with the ATO this year, so once they have marked your last pay as final your wages information will be available. We electronically receive your annual information, so you’ll be able to complete your online income tax return.
Private Health Insurance
Insurers are no longer required to send private health insurance statements to members. Similar to payment summaries, they will upload your tax information to the ATO, and we can electronically pick it up from there and populate it into your online income tax return. It is always wise to review your private health insurance at EOFY to make sure you are getting the most out of your benefits.
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Dee