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Disclaimer
These notes are intended to be a guide only. None of the comments contained in these seminar notes are intended to be advice, whether legal, financial or professional. You should not act solely on the basis of the information contained in these notes because many aspects of the material have been generalised and the tax laws apply differently to different people in different circumstances. Further, as tax and related laws change frequently, there may have been changes to the law since the notes were written. Specific advice should always be obtained from a tax professional.

Document Type

Publication

Pages

224

Published

September 1, 2022

Notes Online Home 2022 Tax Schools Day 1

This publication, as a whole, is available in HARDCOPY only.

Chapters and Articles in 2022 Tax Schools Day 1

ATO’S INDIVIDUAL AUDIT HOT SPOTS FOR 2022

ATO ‘ramps up’ its data-matching activities

ATO escalates its attack on claims for working from home-related deductions

Self-education claims for specialist courses (e.g., MBAs and medical specialisations)

Recent Tribunal decision confirms hidden trap with claims for personal super contributions

Common CGT audit traps for dwellings that are also used for income-earning purposes

Common audit traps for foreign residents who dispose of property in Australia

Common audit traps for insurance proceeds received in relation to rental properties

The ATO’s increased compliance focus on cryptocurrencies

Key features of cryptocurrency (e.g., Bitcoin)

The tax treatment of cryptocurrency held by an individual taxpayer

The GST treatment of cryptocurrency

The tax consequences of other emerging cryptocurrency arrangements

What’s new for Individuals

Low and Middle Income Tax Offset (‘LMITO’) increased for 2022

New tax deduction for COVID-19 tests

Dealing with LAFH allowances reported on employee income statements

New ATO travel concession allows more employees to claim home to work travel

New ATO guidelines create major trap for taxpayers re-leasing assets (e.g., cars)

Major High Court win prompts changes to the ‘I’ return for working holiday makers

Reporting depreciation amounts for sole traders on the 2022 ‘I’ return

Applying the Temporary Full Expensing measure to sole trader motor vehicles

Tribunal scrutinises a locum worker’s car and travel claims – Mfula’s case

Major changes to the super contribution rules create greater flexibility

Tribunal confirms taxpayer was carrying on a rental property business

Tribunal highlights the hidden tax dangers with land subdivisions – McCarthy’s

New CGT guidelines on how to deal with granny flat arrangements

ATO provides welcome relief for landlords claiming holding costs for vacant land

New proof of identity (‘POI’) guidelines