[lwptoc]
Editor’s note: This blog article was updated on 27 August 2021 to include the ATO’s Tax Help Program – for more details, see below.
The ATO has now released its Tax Time 2021 stationery.
Tax Time 2021 publications will be available here as they are released.
The key publications are here:
The ATO has also prepared a suite of Tax Time Toolkits which provide information for various occupations.
The ATO will start full processing of 2020–21 tax returns on 7 July 2021 and expects to start paying refunds from 16 July 2021.
The ATO aims to finalise most electronically lodged 2021 returns within 12 business days.
The ATO has not yet updated its lodgment program due dates on its website for 2021 tax return obligations. The lodgment due dates for clients’ 2021 tax returns will be available in Online services for agents by the end of July. Generally, agent-lodged returns for 30 June balancers are due by 15 May of the following year (i.e. 15 May 2022), with an agent extension to 5 June, unless the lodgment program requires earlier lodgment. Where the client has one or more prior year tax returns overdue as at 30 June 2021, their 2021 return due date will be 31 October 2021.
Stage 2 of the Personal Income Tax Plan (tax cuts)
Optional shortcut method for calculating working from home deductions
Low income tax offset
CGT discount for affordable housing
Early access to superannuation — not assessable income
The ATO offers a free Tax Help program from July until 31 October 2021 through which volunteers help eligibile individuals to lodge their tax returns online. The program is available to individuals whose income is $60,000 or less, who did not:
Taxpayers whose tax affairs include one or more of these matters that are ineligible for the Tax Help program should consider seeking assistance from a registered tax agent in lodging their return.
The program is currently experiencing a downturn in part attributable to COVID-19 restrictions affecting taxpayers’ ability to attend face to face sessions at Tax Help centres across Australia. Tax Help is also available online or by phone.
Cash flow boost credits
JobKeeper Payments — assessable income
Loss carry back tax offset
Corporate tax rate for base rate entities
Uncapped instant asset write-off
Write-off of closing pool balance
Backing business investment
Turnover threshold increased from $10 million to $50 million from 1 July 2020 for certain concessions.
Temporary full expensing of depreciating assets
Enhanced instant asset write off
Backing business investment
Item 8 Financial and other information — 3 new labels
Item 9 Capital allowances — 12 new labels (P to N)
Item 13 Losses information — 11 new labels (A to S)
Item 49 Aggregated turnover
Item 50 Capital allowances 11 new labels (P to O)
Item 48 Aggregated turnover
Item 49 Capital allowances 11 new labels (P to N)
For more information about the capital allowances changes which may affect 2021 tax returns and planning for 2022, check out our upcoming presentation, Capital allowances revisited, taking place on 7 July. You can also register for the recording so you can review it at a time convenient to you.
Each month, TaxBanter’s Tax Updates will keep you informed of the latest developments in this space. We present Tax Updates online, in cities across Australia and offer private tailored training sessions to firms of all sizes.
Brush up for the EOFY by training with us! Our next Online Tax Update takes place Tuesday, 6 July. You can register for it here. New clients can take 50% off the session with the code EOFY50.
To learn more about our various training options, click here.
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