Its time again to get your tax return into the ATO and gain access to your tax refund!
What you need to know for your 2022 tax return
- The low to medium income tax offsets of up to $1080.00 per tax payer introduced in 2019 has been extended for tax payers and will help secure refunds if correct PAYG was withheld throughout the year and you don’t have other income sources.
- For those who use the per kilometre method to claim motor vehicle costs the rate has been maintained at 72 cents per kilometre.
- Special “shortcut method” for home office expenses during the COVID-19 crisis remains available up to June 2022. Under this special provision, those working from home can claim 80 cents per hour for each hour you worked from home during the period if you use this short cut method.
- Do you have a home office? We can help you choose which deduction method to use, fixed rate, actual cost or the shortcut method to maximise your claim.
- Remember if your overall work related deductions exceed $300 you will need to maintain documentary evidence such as diaries and receipts to substantiate your claims.
- It’s unlikely you will receive a payment summary from your employer this year as all employers now should be on STP. Download a income statement via your MyGov account if you need it.
- The ATO will be focusing on motor vehicle expense claims so be sure to retain adequate evidence either for Km’s claimed if using this method or documents to substantiate costs if using the cost method.
- The ATO have also alerted us they will be putting Cryptocurrency activity under the microscope. If you have been buying and selling Cryptocurrency be sure to provide your activity details to your Tax Agent as you may have taxable income to report.
- Your employer has until 14 July to finalise their STP reporting which means if you book in your tax return before they have done this your Tax Agent may not have access to your final payroll information. The ATO have suggested you should not file your tax return until 31 July 2022 to ensure all your information has been collected from all the various agencies.
Why you should engage OnVenture as your Tax Agent?
OnVenture are not just business experts but are tax experts for both business and individuals and are always developing new ways to improve the experience and outcomes for clients. Some key reasons to select us as your Tax Agent this year are:
- $Our popular $129.50 COVID Safe phone assisted tax return service has been retained. Our low cost personal tax return service ensures we collect all the information required to maximise your return without requiring you to attend the office.
- Prefer to meet in person? Not a problem, we have office appointments in our Narre Warren offices starting from $180 or we have limited mobile appointments were we will come to your home or business from $250.
- Our comprehensive tax return survey is a quick and easy way to ensure we have all the information we need to complete your tax return before your phone meeting.
- Not able to join us on a tax return call during 9-5? No problem! We have increased our operating hours through July to include phone meeting appointment times:
- Prior to business hours from 7:30am to 9am on Tuesdays through to Fridays; and
- After business hours from 5pm to 6.30pm on Tuesdays through to Thursdays.
- Maximise your return. With our broad industry knowledge we are able to identify opportunities through our online survey and in-meeting consultation to ethically increase your deductions and maximise your return! Not just this year, we will give you advice to improve your outcomes next year aswell.
Ready to Go?
If you are a new client, give us a call on 1300 300 013 or book in your tax return appointments on the following links:
- Phone assisted tax return call/zoom meeting: HERE
- Narre Warren office appointment (will require post booking confirmation): HERE
- Mobile tax return service at your home or office: HERE
Note:
- Other services and fees maybe required for non-standard events and activities such as property rentals, capital gains events from asset sales and small business schedules, etc.
- Your employer should be now reporting with STP and have until 14 July to finalise the STP reporting for the year. You will not receive a payment summary from your employer however can obtain an Income Statement if needed by logging into your MyGov account. If your employer has finalised their STP reporting for the year we will have access to your finalised wages income and tax withheld details via the ATO portal and do not need a payment summary (group certificate as they where one known by) or your new income statement.