There are some key changes in 2022 Tax Return.
It is better you read and analyze them before submitting 2022 Income Tax Return.
- $0 to $18,200: Tax Free Threshold – No Income Tax
- $18,201 to $45,000: 19% over $18,200
- $45,001 to $120,000: $5,092 + 32.5 % over $45,000
- $120,001 to $180,000: $29,467 + 37 % over $120,000
- $180,001 and up: $51,667 + 45 % over $180,000
Working from home expense at D5 Label of ITR
Employees can claim this expense if they have worked from home in last financial year. This is provided to cover up genuine expense incurred by employee who are working from home. ATO has extended the all-inclusive shortcut method of 80 cents per hour worked from home until 30 June 2022. 80 Cents per hour is an all-inclusive rate that requires simple record keeping and a single calculation step. You only need to calculate the hours and give it to us
Low income tax offset increased
ATO has said that the low and middle income tax return 2022 offset will continue for the 2021–22 income year. This change is not yet law.
Loss carry back
ATO is giving support to businesses and encouraging new investment through a loss carry back regime. Eligible corporate tax entities which have previously had a liability to pay corporate income taxes in a relevant year and have subsequently made a tax loss can claim a refundable tax offset in this year
Temporary full expensing of depreciating assets
ATO is extending temporary full expensing incentive to support businesses and encourage new investment. Businesses which have aggregated turnover of less than $5 billion can immediately deduct the business portion of the cost of eligible new depreciating assets.
Backing business investment
Eligible businesses can now deduct the cost of eligible new depreciating assets at an accelerated rate using Accelerated depreciation rules. For each eligible new asset, the Backing business investment – accelerated depreciation deduction applies in the income year the asset is first used or installed ready for use for a taxable purpose.
Enhanced instant asset write-off
If a depreciating asset is not eligible for temporary full expensing or if you opt out of temporary full expensing, the enhanced instant asset write-off rules continue to apply to eligible businesses and eligible assets.
Small business entities using the simplified depreciation rules
The instant asset write-off changes also apply to small businesses using simplified depreciation. In addition, a small business using simplified depreciation must deduct the balance of their general small business pool for an income year ending between 6 October 2020 and 30 June 2022. For a small business entity which chose to use simplified depreciation, the temporary full expensing rules with some modifications apply. It cannot opt out of temporary full expensing for assets to which the simplified depreciation rules apply.
At Tax Refund On Spot, we work hard to lodge your Tax Return 2022 with full transparency, providing you a step-by-step information at each stage through emails and SMS regarding the progress of your tax return 2022. Our senior tax accountants are experienced with many years of experience, through which we can guide you in managing your tax, considering your history and financial situation and any benefits that you are eligible for.
