My Tax ATO 2022

ATO has introduced major changes in tax systems for 2022 income tax return.

Some of these changes are-

JobKeeper payment

In 2022, You have to declare JobKeeper payment amounts which you received from Government  as either an Employee or Sole trader in your tax return. Both these income are taxable.

JobSeeker payment

This amount is also taxable in 2022 Mytax

COVID-19 Disaster Payments for people affected by restrictions.

These payments provide support to individuals who are unable to earn their income because state or territory health orders prevent them working in their usual employment.

This payment is  non-assessable non-exempt (NANE) income

Pandemic Leave Disaster Payment

These are  support payments for individuals in certain states who can’t earn an income because either they:

• must self-isolate or quarantine at home or
• are caring for someone with COVID-19.

This is fully taxable income and needs to be included in the tax return.

JobMaker Plan and the low- and middle-income tax offset

Low and Middle income offset which was announced in the 2018–19 federal Budget continues to be available for 2020–21.

A tax offset is not a refund but it can  reduce the tax payable. This offset will vary depending on your individual circumstances, such as your income level and tax you have paid in last year. The maximum offset amount is $1,080 per year.

Working from home

ATO understands that Australians are continuing to adapt to the ongoing impacts of COVID-19 on their working arrangements. ATO has extended the all-inclusive shortcut method of 80 cents per hour worked from home until 30 June 2022.

This method is an all-inclusive rate that requires simple record keeping and a single calculation step.

Early release of superannuation due to COVID-19

This Program of early release of Super payment closed on 31 December 2020.

Under this program , you do not have to include the amount in ITR. However any amount  released under other than  compassionate grounds must be included in your tax return.

Changes to payment summaries

You may not receive a payment summary from your employer this year.

Most companies and employers now report their employees’ income, tax and super information directly to ATO  on every payday. Taxpayer can access payment summary information – now called an income statement – at any time by going to ATO online services through  myGov account.

Alternatively, you can contact us and Accountant can access for you without any charge.