ATO podcasts - episodes 46 to 50

Episode 50 – Crypto assets and tax

In the final episode of Tax inVoice, podcast host, David Jepsen is joined by ATO Tax Time spokesperson Assistant Commissioner, Tim Loh to talk about the tax treatment of crypto assets. They discuss when you need to declare income and capital gains or losses, why record keeping is so important and what you need to know about non-fungible tokens (NFTs). Tim advises what to do if donating crypto, what self-managed super fund trustees need to consider when investing in crypto and what businesses need to do before accepting and using digital assets.

For more information visit:

• Crypto asset investments
• GST and digital currency
• CGT events
• SMSF investing in crypto assets
• Tax time toolkit for investors

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Episode 49 – Income, prefill and the Medicare levy

ATO Assistant Commissioner, Adam O’Grady, and Services Australia General Manager, Hank Jongen, join the podcast to talk about reporting your income correctly this tax time. Find out which government payments need to be included in your tax return and the difference between the Medicare levy and the Medicare levy surcharge. They will explain what you need to do to claim a Medicare levy exemption, and the importance of correctly reporting your spouse or partner’s income.

More information is available on the ATO and Services Australia websites:

• Income you must declare
• Government grants, payments and stimulus during COVID-19
• Tax time essentials
• Medicare and private health insurance
• Medicare Entitlement Statement from Services AustraliaExternal Link
• What’s on your Centrelink payment summaryExternal Link
• What families need to do at tax timeExternal Link

Episode 48 – Work-related expense deductions

ATO Director, Risk and Strategy, Kendal Hawken, joins podcast host David Jepsen to talk about work-related deductions, including what you can claim this tax time, what records you need to keep and how to avoid common errors.

When preparing your tax return, it’s important to remember that what you can claim depends on the type of job you have, individual circumstances, and whether you have the required records to support the claim. Records are typically a receipt of a purchase or a form of written evidence such as a logbook, travel or working from home diary.

Using the myDeductions tool in the ATO app allows you to keep track of your records digitally. Understanding what you may be able to claim based on your individual circumstances can help you avoid common errors.

For more information visit:

• Deductions you can claim
• Occupation and industry specific guides
• Protective items, equipment and products
• Working from home expenses
• Home office expenses calculator
• Depreciation and capital allowances tool
• Records you need to keep

Episode 47 – Tax Help program

Helen Castle, a volunteer from the ATO’s Tax Help program joins Tax inVoice podcast host David Jepsen to talk about the program and how it can help Australians meet their tax obligations during tax time.

The Tax Help program is a free and confidential service open to people earning about $60,000 or less each year with simple tax affairs. It is designed to give people a helping hand during tax time, including those who have difficulty understanding and lodging their returns or have limited or no access to ATO online services, such as those living in remote locations.

From July to October, trained volunteers can help you lodge your return, claim a refund of franking credits, submit a non-lodgment advice or lodge an amendment. If you’re eligible for the Tax Help program, you can make an appointment for Tax Help services by phoning the ATO on 13 28 61 (select option 3, then option 2).

You can speak to a Tax Help volunteer:

• online
• by phone
• in person at Tax Help centres across Australia.

For more information visit:

• Tax Help program for information about eligibility and what to bring to your appointment
• Become a Tax Help volunteer or open a Tax Help centre
• Tax time essentials.

Episode 46 – COVID-19 and tax time

ATO Tax Time spokesperson Assistant Commissioner Tim Loh joins host David Jepsen for Tax inVoice – helping taxpayers understand what they can and can’t claim relating to COVID-19 and the tax implications of COVID-19 support payments.

Over the pandemic, the government delivered multiple COVID-19 support payments, each with different tax requirements.

COVID-19 Disaster Payments, for instance, are non-taxable support payments and don’t need to be included in your tax return. Pandemic Leave Disaster Payments, however, are taxable and must be reported as income in your tax return.

COVID-19 work-related expenses and working from home expenses may change what deductions can be claimed in your tax return. Eligible deductions may include:

• electricity expenses for heating, cooling or lighting
• the decline in value of office furniture and items used for work
• internet and phone expenses
• COVID-19 tests (if purchased for work related purposes)
• personal protective equipment (PPE) if required for work and not provided by your employer.

For more information visit:

• Support for individuals and employees
• Home office expenses calculator
• Government grants, payments and stimulus during COVID-19 – tax implications
• COVID-19 vaccination incentives and rewards for employees
• Working from home expenses
• Protective items, equipment and products
• ATO podcast in your language