10 Things You Need to Know This Tax Time

Here are the 10 key things to know when lodging your 2021-22 tax return:

1. Check if your COVID-19 support payments and natural disaster payments need to be included in your 2021-22 tax return. Note that there may be different tax treatments, depending on the payment.
2. Make sure that you are eligible for COVID-19 test deduction claims. You may read this ATO article to know your eligibility.
3. If you are claiming working from home expenses in your 2021-22 tax return, you can choose from the following as long as you are eligible and you meet the record-keeping requirements of the method you choose:
   • Temporary shortcut (all-inclusive)
   • Fixed-rate
   • Actual cost
4. Make sure that your records are correct to substantiate your deduction claims. No receipts, logbook or diary, means no deduction. You can use myDeductions in the ATO to keep all your records in one place.
5. From 1 July 2022, the ATO pre-fill service will display an indicator to notify you when your bank interest record is high-certainty data. You will need to provide a reason for the adjustment if you make changes to any bank interest pre-fill information where there is a certainty indicator.
6. You need to have capital gains or losses declared for the disposals of crypto assets during the 2021-22 financial year. Make sure to include received staking rewards or airdrops as ordinary income. Income tax will also apply if you are in the crypto trading business.
7. You should report in your return if you received any income from your rental property. This includes income from:
   • Short-term rental arrangements
   • Insurance payouts
   • Bond money
8. Be aware of the low and middle income tax offset for the 2021-22 income year. The offset can now be up to $1,500, depending on your taxable income.
9. If you have one or more prior year tax returns overdue as of 30 June 2022, your 2022 tax return date is 31 October 2022. If you lodge all overdue prior year tax returns by 31 October 2022, your 2022 tax return will be due according to your normal lodgment program.
10. There is support available if exceptional or unforeseen situations prevent you from lodging returns on time. You may be entitled to a lodgment program deferral or a supported lodgment program, depending on the issues you’re facing.