Where practical, we will be encouraging all clients to send in their end of year tax documents electronically this year. We will also be encouraging phone interviews and electronic signatures.
Did you know? We are able to access many of your details including payment summaries from your employer, interest on bank accounts, dividends and private health insurance information directly from the ATO. This information becomes available to us progressively throughout July.
When you are ready, please contact our office to discuss alternate ways for you to provide your tax documents to us.
Our standard fees to complete your 2022 individual tax return are as follows:
Tax Return (individual) $198
Tax Return (Couples) - $374
Additional Schedules - $66 per schedule
Please note that the above is a guide only and fees can vary based on complexity. For a personalised quote please contact our team.
ATO focus areas this tax time – the ATO has announced that it will focus on four key focus areas for the 2022 tax time. These are:
COVID-19 tests tax deductible – if you paid for the COVID-19 test for work-related purposes (to determine whether you can attend or remain at work) you can now claim a deduction for the test.
JobSeekerPayments - are taxable and will be automatically pre-filled in tax returns the information is available from the Government.
COVID-19 Disaster Payments - are not taxable, and not required to be included in tax returns.
Pandemic Leave Disaster Payments - are taxable. Those who received this payment will need to manually add up all amounts received and include the total amount received in their tax return. Please inform us if you received this payment when we prepare your return.
NSW Land tax thresholds – you must register for land tax if the value of your taxable land is above the land tax threshold (which increased to from $755,000 to $822,000 for the 2022 calendar year). Certain land (such as your principal place of residence) is exempt for land tax purposes. You can calculate the value of your taxable land using this link here. If you are concerned whether you may be required to be registered for land tax purposes, please contact our office so we can assist you further.
NSW First Home Buyer Choice – First home buyers who sign a contract of purchase of property on or after 16 January 2023 for a value up to $1.5 million will have the choice of either paying stamp duty (transfer duty) or an annual property tax.
Eligible first home buyers who sign a contract of purchase between the passage of the legislation and 15 January 2023 will be eligible to opt into the property tax. However, these purchasers will be required to pay any applicable stamp duty within the usual required periods and, from 16 January 2023, will be able to apply for and receive a refund of that duty.
To review the current available information on this Government initiative, please click here.
NSW Shared Equity scheme – The NSW Government will pay a proportion of the purchase price of a property (up to 40% for a new dwelling and up to 30% for an existing dwelling) in exchange for an equivalent ownership share of the property. The purchaser must have a minimum deposit of 2% of the purchase price, with no lenders mortgage insurance required. This scheme is open to:
A single parent of a child or children under 18 years of age
A single person 50 years of age or above, or
First home buyer key workers who are nurses, teachers, or police.
Further eligibility criteria apply – for details, please click here
Floods grants and other support – the NSW Government have announced various financial, legal and other support that is available to flood-affected communities. Please click here for further details.
Instant Asset Write-off extended to 30 June 2023 - Businesses can immediately deduct the business portion of the cost of eligible new depreciating assets. The eligible new assets must be first held, and first used or installed ready for use for a taxable purpose, between 7.30pm AEDT on 6 October 2020 and 30 June 2023. Please click here for further details.
Increase to Super Guarantee - The super guarantee rate has increased from 10% to 10.5% from 1 July 2022. The rate used will depend on when your employee is paid, not when the income is earned – therefore the new rate will need to be applied to any payments made on or after 1 July 2022.
Removing the $450 per month threshold for Super Guarantee eligibility – From 1 July 2022, employers are required to make contributions regardless of how much employees are paid (that is, the $450 per month threshold has been resolved to expand coverage of super to eligible employees regardless of their monthly pay).
However, employees aged under 18 still must work for their employer more than 30 hours per week (or earn $450 or more [before tax]) to qualify for super guarantee payments.
FBT obligations – The ATO have issued a media release urging employers that have provided their employees with fringe benefits to consider their Fringe Benefits Tax (FBT) obligations including registering, reporting, lodging, and paying FBT. The ATO expected many employers to have an FBT obligation for the first time due to benefits provided during COVID-19. To establish whether you have provided a fringe benefit, and further details regarding FBT obligations, please click here.
Director Identification Number -All directors of companies must hold a director identification number (otherwise known as a director ID) verifying your identity with the ATO prior to 30 November 2022. Please click here for further details and how to apply. Criminal and civil penalties, as well as personal liability will apply for directors who do not comply.
Minimum wages increase from 1 July 2022 - The national minimum wage has increased to $21.38 (up from $20.33) or $812.60 per week (up $40 from $772.60) based on a 38-hour week for a full-time employee. Casual employees entitled to the national minimum wage must receive a minimum $26.75 per hour, which includes their 25% casual loading.
This increase applies from an employee’s first full pay period starting on or after 1 July 2022. For more details, and to ensure you are meeting your employer obligations, please click here.
Employers to offer casual conversion – Casual employees who have worked for their employer for 12 months need to be offered the option to convert to full-time or part-time (permanent) employment by their employer. Certain eligibility requirements need to be met for this to occur.
Whilst businesses with fewer than 15 employees do not have to offer their casual employees to permanent employment, if requested, employers cannot refuse a request unless they have consulted the employee and have reasonable grounds to refuse the request.
.au Direct domain names have launched – If your business has an existing eligible .au domain name (such as .com.au or .net.au), you have until 20 September 2022 to indicate whether you intend to apply for the exact match of your name in .au direct via Priority Allocation Process.
If you choose not to apply for the exact match of a name, it will become available to the general public. Your existing domain names will all continue to operate as normal.
Company and business name fees increase - The Australian Securities and Investment Commission (known as ASIC) will increase company and business name fees from 1 July 2022. Please click here for further details.
COVID-19 and NSW Payroll tax– Businesses with grouped Australian wages of $10 million or less who experience a 30% decline in turnover may be entitled to 50% reduction in the 2021-22 financial year when they lodge their 2022 Annual Payroll Tax reconciliation online. Please refer to their website by clicking here for further details.
NSW Payroll tax thresholds - The payroll tax rate has increased from 4.85% at 5.45%, with the annual payroll tax threshold remaining consistent $1.2 million. Note if you pay wages interstate, the annual payroll tax threshold reduces in proportion with the amount paid interstate. If you are concerned whether your business should be registered for payroll tax purposes, please contact our office so we can assist you further.
2021 Census data released - the Census results provide a wealth of information that help businesses plan for their future. The information allows businesses to:
make informed and confident decisions,
understand the people in their geographic area and whether they are a good fit for the business target customer group, and
Shape and create the best marketing strategies for the business target area.
To find out how you can access the 2021 Census data, click here.
Tax offset for spousal super contributions– You may be able to claim a tax offset of up to $540 per year if you make an eligible contribution on behalf of your spouse (married or de facto) who is either earning a low income or not working. Eligibility criteria applies, please click here for further details.
No change to contribution caps - The concessional contribution cap is $27,500 and the non-concessional cap is $110,000 for the 2022-23 financial year.
Downsizer contributions – From 1 July 2022, if you are 60 years or older you can contribute up to $300,000 from the proceeds of the sale (or part sale) of your home into your super. To establish if you satisfy the eligibility criteria to make downsizer contributions, please click here.
Minimum Pension Drawdown - The temporary 50% reduction in superannuation minimum drawdown rates has been extended to the 2022-23 financial year. To review your minimum drawdown rate for year ending 30 June 2023 (based on age on 1 July 2022), please click here.
Removal of work test rules – From 1 July 2022, if you are under 75 years old, you can make or receive personal super contribution and salary sacrificed contributions (within your existing contribution cap limits) without meeting the work test. You may also be able to use the bring forward rule.
Note you will still need to meet the work test if you wish to claim a personal super contribution deduction.