Before lodging your clients' 2021–22 tax return, make sure you are across this list of 10 key things you need to know:
Make sure to check if your client's COVID-19 support payments and natural disaster payments need to be included in their 2021–22 tax return, as there may be different tax treatments depending on the payment.
If your clients are claiming a deduction for the cost of buying work-related COVID-19 tests, make sure they are eligible.
If your clients are claiming working from home expenses in their 2021–22 tax return, they can choose from either the temporary shortcut (all-inclusive), fixed rate or actual cost methods, as long as they meet the eligibility and record-keeping requirements of the method they choose. Check your clients haven't added additional expenses that are already included when using the temporary shortcut or fixed rate methods.
Make sure your clients have correct records to substantiate their deduction claims – no receipts, logbook or diary, means no deduction. Your clients can use myDeductions in the ATO app to keep their records in one place. Clients can email a copy to their registered tax agent.
From 1 July 2022, our pre-fill service will display an indicator notifying you when your client's bank interest record is high-certainty data. If you make changes to any bank interest pre-fill information where there is a certainty indicator, you'll need to provide a reason for the adjustment.
Disposals of crypto assets (coins, tokens and non-fungible tokens) during the 2021–22 financial year need to have capital gains or losses declared. If your clients received staking rewards or airdrops, make sure to include these as ordinary income. If your clients are in the business of trading crypto, income tax will also apply.
If your client received any income from their rental property throughout the year, this will need to be reported their return. This includes income from short-term rental arrangements, insurance payouts and bond money that was retained.
Advise your clients of the increase to low and middle income tax offset for the 2021–22 income year. The offset can now be up to $1,500, depending on your client's taxable income.
If your client has one or more prior year tax returns overdue as at 30 June 2022, their 2022 tax return due date is 31 October 2022. If all overdue prior year tax returns are lodged by 31 October 2022, the 2022 tax return will be due according to your normal lodgment program.
Support is available if exceptional or unforeseen situations prevent you from lodging your clients' returns on time. Depending on the issues you're facing, you may be entitled to a lodgment program deferral or a supported lodgment program.
Refer to our other tax time resources to help you get your clients' lodgments right this year:
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