The ATO is writing to taxpayers who have varied their PAYG instalments to nil over multiple years, reminding them that the general interest charge (‘GIC’) may apply where their instalments have been significantly understated. Where varied instalments are less than 85% of the total tax payable,...
The re-introduced ‘loss carry back’ measure has also now become law, applying to income years starting on or after 1 July 2026. Where eligible, companies will broadly be able to carry back a tax loss (revenue in nature) and apply it against tax paid in either,...
The ATO has added an extra verification step for super transfer and consolidation requests made through the ATO's online services. This step is the latest ATO app security feature that helps protect against fraudulent activity. If a taxpayer has registered their device using the ATO app, they...
The Government has recently legislated several of the tax reform measures announced in the 2026 Federal Budget (and in later media releases). These include, among other things: - Replacing the CGT discount with cost base indexation and a 30% minimum tax on gains accruing from 1...
The Federal Government handed down the Federal Budget on 12 May 2026, with some of the biggest changes to the tax system in years. Some of the main proposed changes include: Delivering a new Working Australians Tax Offset ('WATO') to provide a permanent annual $250...
The ATO has released updated guidance to clarify how it assesses rental property income and expenses, to reflect changes in the way investors rent out their properties. This is particularly important for clients whose rental property also doubles as a holiday home. If a rental property that...
Key BAS, tax & super deadlines — all in one simple guide A new year always brings good intentions — more balance, less stress, and feeling a little more in control. But when it comes to tax, BAS, super and payroll, it’s easy for deadlines to creep...
The car limit for the 2026 income year is $69,674.This is the highest value that a taxpayer can use to calculate depreciation on a car where they use the car for work or business purposes and they first use or lease the car in the...
The Tax Practitioners Board ('TPB') warns that the number of 'finfluencers' is on the rise. These are influencers who offer financial advice, including tax advice, on various social media platforms such as Instagram and TikTok. Unfortunately, they do not always have the necessary qualifications to give...
The ATO is currently focusing on the following 'specific risk areas', where it is concerned "small businesses are getting it wrong": - Contractors omitting income — with a focus on data matching to ensure all income is reported. -Quarterly to monthly BAS reporting for GST purposes —...