Happy New Financial Year! | SaabTeece Individual Tax Update
The start of this financial year has been like no other. Once again, we find ourselves in lockdown and working from home and just like that, it's already August.
We are excited to release our new
‘Individual Income Tax Return Client Checklist’ which is available for you to download and complete. Our new checklist is excel based and contains links to more information on income and deduction items, please check it out here.
We would prefer if you could send in your records electronically. If you would like access to our new ‘Client Portal’ to upload your records securely, please click here.
Below, we have summarised what the tax office will be paying close attention to in their audit activity this year along with key lodgement dates.
If you or your business is currently impacted by lockdown and Covid 19, please click here for our Summary of Support Available
As always, please do not hesitate to
contact us.
The Australian Taxation Office (ATO) will be paying close attention this year to;
- Rental Property Owners – looking out for dodgy claims and ensuring repairs or capital expenditure is correctly treated.
- Gig economy workers – eg. AirBnB, Stayz, Uber, Airtasker etc. If you advertise on one of these sites, expect the ATO to know about it.
- People who get paid in cash.
- Over-claiming home office expenses.
- Cryptocurrency traders.
- Aussies who earn income overseas – Australia has information exchange programs with 45 different countries.
- Aussies whose data doesn’t match up – remember the ATO receives information from most investments.
- Aussies claiming more than their peers – if you are a plumber, the ATO would expect your claims to be comparable to other plumbers.
- Aussies claiming much more than in previous years.
- Couples where only one partner is covered by private health insurance (or dependent children are not covered).
If you are concerned about your risk of audit activity, please keep an eye out for our ‘Audit Shield Service’ that will be emailed to you in the coming weeks.
Lodgement Due Dates
- Most Individuals will a lodgement due date of 15th May 2022
- Individuals who had a tax liability of $20,000 or more in 2021 will have a lodgement due date of 31 March 2022
- If your 2021 was lodged late, the 2022 return will have a due date of 1 November 2021.
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