2022.0.1 Update is now available!
Reminder! Disable your Anti-Virus software before you install
If you have McAfee Total Protection installed, please disable real time scanning before applying the update. Please refer to the Validation/Lodgement –ERRORS_TAXONOMY_LOAD guide for steps on how to disable real time scanning. Please also refer to the above guide if you experience prefill, validation or lodgement issues after updating.
Your Software Assistant 2022 update is now available!
You can now download your 2022 Software Assistant update. This release includes the 2022 Tax Time rate and calculation changes as well as the ATO forms available for preparation and lodgement via PLS. The forms included in this release are:
o 2022 Individual tax return
o 2022 Company tax return
o 2022 Trust tax return
o 2022 Partnership tax return
o 2022 Superannuation Fund tax return
o 2022 Fund tax return
o Standalone forms – Interposed Entity Election, Closely Held Trust, Family Trust Election and Activity statements for 2023
To you ensure you get the latest update, make sure you have renewed your Software Assistant licence.
ATO2022 Tax-Time changes at a glance
Individual
o Working Holiday Maker changes where taxpayers may be entitled to be taxed under ordinary resident tax rates instead of the15% rate
o ATO Prefill enhancement for Bank Interest now provides a key indicator to alert tax agents to high certainty data. New labels in the bank interest worksheet (Indicator, Reason Code, Reason Description) are added and need to be completed if tax agent varies the interest amount
o Low and middle income tax offset (LMITO)changes for 2021-22 income year
o Small business income tax offset rate increased to 16%
Company
o Loss Carry Back measures extended for 2022
o A new Loss Carry Back Change in Choice schedule added for 2021 and 2022
o Company tax rate for base rate entities reduced to 25%
Superannuation Fund
o Maximum number of members has increased from four (4) to six (6)
Other
o Business Backing Investment (BBI) no longer applies for 2022. All fields relating to BBI have been removed from Company, Partnership, Trust, Individual returns and Small Business Pool worksheet in Ledger 2022
o Luxury car limit increase to $60,733 has been updated in the Company, Trust, Partnership, Individual and Ledger
o R&D tax incentive schedule and International Dealing schedule updated as per ATO paper return (refer to the ATO 2022 tax return instructions)
General
o A new Client verification tab has been added in the client details to record your proof of identify checks
o Early this year, a Director ID field has been added in the Individual and organisation sections within the ASIC register
In this update we’ve also resolved the following bugs:
IITR 2021
o Validation error incorrectly appears at ItemP9 when the activity code starts from 0
o Removal of the Confirm warning when opening worksheets at Item 13 & Item 20
o Amendment shows incorrect previous assessment balance
o Print Profile incorrectly saving the schedule under the worksheet section
o Validation errors at Item 11 unable to be resolved due to decimal value issue
o CMN.ATO.IITR.730093 validation error incorrectly appears at Item 20 Label R - Net foreign rent, when value is nil
CTR 2021
o Increase the field length for item (b) Tax liability of the income year located in the Loss Carry Back worksheet
o Tax rate 2019-20 being rounded up when printing the return
o Validation error unable to be resolved when code "E" is selected at Item 6 Label E
General:
o Due lodgement BAS report incorrectly shows Activity Statements that have already been lodged
o Foreign employment income: Tax Withheld missing from the prefill import
o Operation timed out error appears when attempting to fetch bank feeds report for the year