STP records nearly finalised, says ATO

In its latest update, the ATO advised that the STP system for 2022 is progressing well and that contact centres are meeting 90 per cent of their service standards.

Its focus this tax year has been on communicating to customers how to correctly claim for deductions, especially around COVID-19-related purchases of personal protective equipment.

The ATO also said it had delivered communications advising of the increase to fuel tax credit rates on 1 August 2022 and said the latest fuel tax credit calculator will help customers apply the correct rates.

In its latest video for tax agents, the ATO said it is focussing on the differing tax implications for government COVID-19 support payments and clarifying which payments need to be included in clients’ tax return this year.

The Our Tax Time podcast will take an in-depth look at crypto assets including reporting income, like staking rewards, when to declare income and capital gains or losses and what to consider if a business wants to start accepting crypto.

Additionally, tax professionals can obtain more information from the ATO’s newsletter on employment income amendments that are now in online services for agents (OSfA), the increased fee for foreign investment application, how to determine residency for tax purposes, what to include if clients are receiving foreign income and what to do if a client has missed the 28 July 2022 super guarantee due date.