Upcoming changes to the On-demand reports

  • New field to be added to the On-demand Outstanding Activity Statement (Current + Previous 3 Years) report.
  • New field to be added to the On-demand Income Tax Lodgment (Current + Previous 3 years) report to display whether each period/year is eligible for flexible lodgment under the disaster support arrangements/substituted accounting period.
  • New digital installment notice for GST/PAYG installment payments.

 
New Continuing Professional Education (CPE) policy

The Tax Practitioners Board (TPB) announced its new CPE policy, which will take effect from 1st July 2022, and the key changes are as follows:

  • Tax Agents now have to complete a minimum of 120 hours of CPE over a 3-year cycle. This was previously 90 hours.
  • BAS Agents now have to complete a minimum of 90 hours of CPE over a 3-year cycle. This was previously 45 hours.
  • Both the agents now have to complete a minimum of 20 hours of CPE/year. This was previously 10 hours for Tax Agents & 5 hours for BAS Agents, respectively.

 
Extension to “Loss carry back” rules

The “Loss carry back” rules have been extended by 12 months, allowing eligible entities to claim tax offsets up to FY2023.

Deductible Gift Recipients

Additions

  • Greek Orthodox Community of New South Wales Ltd
  • Australian Associated Press Ltd
  • Virtual War Memorial Ltd
  • SU Australia Ministries Ltd

 
Deletions

  • East African Fund Ltd

 
Extension

  • Cambridge Australia Scholarships Ltd
  • Foundation 1901 Ltd

 
ATO cautions about the obligations relating to COVID-19 vaccination incentives to Employees

  • The employers are to meet the PAYG & Superannuation obligations in relation to the cash payments & paid leaves to employees for getting vaccinated.
  • Non-cash benefits such as vouchers & competition prizes will attract FBT.
  • The payment made for transportation to & from the vaccination centre is exempt from FBT.