2022 TA
Small business CGT concessions accessed by ineligible taxpayers The ATO is contacting taxpayers that have claimed small business CGT concessions in recent income tax returns. The main focus of the correspondence is for taxpayers to ensure they meet eligibility conditions and have records to substantiate the concessions claimed. For planned future transactions, taxpayers can seek a pre-lodgment compliance agreement or apply for a private ruling to ensure small business CGT
Announced: 15-Nov-2021 Updated: 22-Nov-2021
concession eligibility.
Single Touch Payroll Phase 2 now deferred The ATO has announced an extension to begin additional reporting requirements under Single Touch Payroll Phase 2. Employers will not be penalised as long as they start reporting the additional information by 1 March 2022. Previously, the guidelines were to have employers commence Phase 2 by 1 January 2022. However, if an employer is able to complete the additional reporting they have been encouraged to do so. One reason may be that the software provider enables an employer to complete additional reporting.
Announced: 23-Nov-2021 Updated: 24-Nov-2021
Single Touch Payroll Phase 2 will mainly require an employer to: •
split gross income of their employees into relevant sections
•
explain the withholding category of each employee, and
•
provide details on cessation of employment.
Payment Times Reporting Scheme The Payment Times Reporting Scheme commenced on 1 January 2021, providing small businesses with greater understanding of the corporate treasury management processes within large businesses and government enterprises. Information reported by large businesses on payment terms and times for their small business suppliers at an aggregate level is publicly available on the Payment Times Reports Register.
Announcement(10-Dec-2020) Consultation Introduced(13-May-2020)
This will assist a small business in decision making by increasing transparency on how quickly they could
Passed(6-Oct-2020)
expect payment for work with a big business.Small businesses can opt out of being identified as a small
Royal Assent(14-Oct-2020)
business for the purposes of the scheme. This will mean that their payment times and terms with large
Date of effect(1-Jan-2021)
businesses will not be reported.
Victorian windfall gains tax Royal assent has been given to the windfall gains tax (WGT), which is to be levied on rezoned land in Victoria. The WGT will apply to rezoning planning decision which will substantially increase the value of land. The WGT will not apply if a rezoning event causes a taxable value of land uplift of less than $100,000.
Announced: 2-Dec-2021
The commencement date for the WGT will be from 1 July 2023, with various deferrals and exemptions
Updated: 3-Dec-2021
available.Information relating to the interaction between the WGT and other federal income tax is yet to be released by the ATO.
Loss carry-back available for companies For 4 income years, many corporate tax entities will be eligible to claim a refundable tax offset when they incur a taxable loss. This optional offset is available only to corporate businesses and is a recoupment of
Announcement(6-Oct-2020)
prior year income tax paid, but is only available for recent income years. The loss carry-back is available
Consultation(6-Oct-2020)
to businesses with turnover under $5 billion. Any refundable tax offset is limited to prior year tax paid and the balance of the franking account. In the 2021 Federal Budget, the ability to utilise tax losses for a refund has been extended by 12 months into the 2022–23 income year. The extension has been introduced into parliament.
Introduced(7-Oct-2020) Passed(9-Oct-2020) Royal Assent(14-Oct-2020) Date of effect(1-Jul-2021)
