Our Recent Blogs
Division 7A benchmark interest rate
The ATO has published a Division 7A benchmark interest rate of 8.77% for the income year ending 30 June 2027, up from 8.37% for the previous income year.
ATO warning on property manager reports
The ATO is warning rental property owners that expenses shown in property manager reports may not always be classified correctly for income tax purposes.
Government to re-introduce loss carry back for companies
The Government has also recently introduced legislation to re-introduce the 'loss carry back' measure for companies from 1 July 2026.
ATO warning on home occupancy expense claims
The ATO has identified that some taxpayers are incorrectly claiming rent, mortgage interest and other occupancy expenses as part of their work-from-home expenses.
Changes to car thresholds from 1 July 2026
The car limit for the 2027 income year is $69,883.
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 2027 income year).
Changes to SMSF limited recourse borrowing arrangements for property
The Australian Taxation Office (ATO) has announced significant changes to the rules governing Limited Recourse Borrowing Arrangements (LRBAs) for Self-Managed Super Funds (SMSFs). These changes take effect from 10 August 2026 and may impact SMSFs looking to purchase property using borrowed funds.
ASIC Payment Alert
If you receive a letter, email or notice about your company annual review or business name renewal, please take a moment to check it carefully before making payment.
Fuel Tax Credit Rates Increased 3 August 2026
Changes to Fuel tax credit rates as of 3 August 2026. Remember to use the new rates when completing your next BAS!
Government to permanently extend $20,000 instant asset write-off
The Government has recently introduced legislation that would make the $20,000 instant asset write-off permanent for small businesses (as announced in the 2026 Federal Budget).
Hybrid vehicles and FBT changes
Employers that provide plug-in hybrid electric vehicles ('PHEVs') to employees (or associates) for personal use should remember the following.
Expenses incurred to obtain employment were non-deductible
The Administrative Review Tribunal ('ART') recently held that medical expenses incurred by a taxpayer to obtain (or regain) employment were not deductible as they were not incurred in gaining or producing his assessable income.
Taxable payments annual report lodgment reminder
Businesses that pay contractors for 'Taxable payments reporting system services' may need to lodge a 'Taxable payments annual report' ('TPAR') by 28 August each year.
Work-related expense claims rejected by ART
The Administrative Review Tribunal ('ART') recently disallowed a taxpayer's claims for many different types of work-related expenses.
Check GST credit claims before lodging BASs
Taxpayers who are registered for GST can claim GST credits (or 'input tax credits') for the GST included in the price of goods and services they buy for their business.
Contractors omitting income
Through data matching, the ATO is seeing some contractors incorrectly reporting or omitting contractor income. Contractors need to report all their income in their tax return, including payments made by businesses for their contracting work.
New ATO guidance for rental property owners
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.
ATO says: "Don't delay: act now to transition from the SBSCH"!
The Small Business Superannuation Clearing House ('SBSCH') will permanently close on 1 July 2026. Therefore, employers still using it have less than a month to transition to an alternative service provider, test their new arrangements and resolve any issues before Payday Super begins.
Payday Super: How to manage super during the changeover
The ATO is providing information that employers need to know to manage the changeover from quarterly super to Payday Super from 1 July 2026 (i.e., when employers will begin paying super with each payday under the Payday Super changes).
Late payment offset will no longer be available
Currently, employers who make a late super guarantee (SG) payment, can lodge a super guarantee charge (SGC) statement and use the LPO to reduce their SGC liability by amounts paid late to a fund.
When a hobby becomes a business
Taxpayers may not think they are running a business from their hobby or 'side hustle' activities. However, if they start to earn money from doing these activities regularly, they may be carrying on a business without realising it.