Read all about changes to 2022 tax compliance.
Government super co-contributions: The income thresholds are updated to the 2022 rates.
Private health insurance rebate rates: Updated to 2022 rates.
Medicare levy reduction for low-income earners: Updated to 2022 rates.
Study and training loan repayment thresholds: Updated to 2022 rates.
Low and middle income tax offset: As part of the 2022–23 Budget announcement, the Low and middle income tax offset is increased by $420.
Small business tax offset: The tax offset available for unincorporated small business entities (with an aggregated turnover of less than $5m) was increased to 16% and capped at $1,000 per individual for each income year.
Occupation standard deductions ratios: Updated in the Non-resident foreign income schedule.
Tax estimate: General improvements have been made to the calculations and layout. The tax estimate is displayed at the bottom of the return.
Working holiday maker changes: The ATO has made changes for working holiday maker calculation if they are a citizen of an NDA country.
The ATO has enhanced the pre-fill service for interest income by providing a high certainty indicator for interest amounts. Where the ATO indicator is set to a high level of certainty, to change the interest amount you need to select an interest adjustment reason. If the reason of Other is selected, you must complete the interest adjustment reason description.
interest records have residency calculations for what totals to main return. The Country of residence field will only display for part-year residents.
Dividends have 2 new sets of fields for 2021 and 2022 – Exploration credits for companies and Listed investment company capital gain deduction.
Dividends have residency calculations for what totals to main return. The Country of residence field will only display for part-year residents.
New Business workpapers:
Data is migrated when you move previous returns from your desktop software to MYOB Practice, or when you create a return in MYOB Practice based on a previous MYOB Practice return.
Company tax rate: The rate is updated from 26% to 25% for base rate entities.
The R&D schedule is available in MYOB Practice in 2022.
The R&D expenditure threshold is increased from $100 million to $150 million.
For companies with an aggregated turnover below $20 million, the current 43.5% refundable offset is replaced with an 18.5% offset above the claimant's company tax rate.
The International Dealings schedule has been removed. You'll see a message advising you to do the return in your desktop software.
Backing Business Investment depreciation: You can't apply BBI depreciation to newly acquired assets in the 2022 financial year. Businesses that have previously depreciated their asset using BBI can continue using the existing rules. As a result of that, the ATO has removed the following labels.
Company: Item 9 Capital Allowances - labels - V, W, X, M, O.
Partnership: Item 49 Capital Allowances - labels - V, W, X, M, O.
Trust: Item 50 Capital allowances. Labels V, W, X, M, O.
Individuals: Item P12. Labels Q, R, T.
Trust and Partnership returns
Item 49 Aggregated Turnover. Label P from Select your aggregated turnover range to Aggregated turnover range.
Item 50 Capital allowances > Depreciating assets first deducted in this income year: Label C Have you self-assessed the effective life of any of these assets? is moved under Item 50B, Other depreciating assets first deducted.
The payment summary schedules in the partnership and trust returns have been redesigned and now integrate to the main return.