The Australian Parliament has enacted significant changes to the superannuation system, introducing new tax measures for high-balance accounts and increased support for low-income earners. These reforms represent one of the most substantial shifts in superannuation taxation in recent years and warrant careful consideration. Division 296 Tax: Targeting High Super Balances From 1 July 2026, a […]
Single Touch Payroll (STP) and superannuation reporting are now firmly embedded within Australia’s tax and superannuation framework. The Australian Taxation Office has recently provided clearer guidance on how administrative penalties may be applied where reporting obligations are not met—particularly in cases of late, incomplete, incorrect, or incorrectly formatted submissions. For employers, the key takeaway is […]
Recent changes to social security deeming rates may have a direct impact on your assessed income for Centrelink purposes—potentially affecting your entitlements even where your actual financial position remains unchanged. Effective 20 March 2026, deeming rates have increased, with the lower rate rising from 0.75% to 1.25% and the upper rate from 2.75% to 3.25%. […]
For many taxpayers, maintaining a logbook is a standard approach to substantiating work-related car expense claims. However, a common misconception is that once a logbook is completed, it can simply be relied upon for the full five-year period without review. In practice, this assumption can lead to inaccurate claims and potential compliance risks. While a […]
Artificial intelligence (AI) tools are increasingly being used to answer financial and tax-related questions. While these platforms can provide quick, accessible summaries and assist in building general knowledge, they should not be relied upon as a substitute for professional tax advice. In the Australian tax landscape—where legislation is complex and highly dependent on individual circumstances—accuracy […]
Establishing a self-managed super fund (SMSF) is a significant step toward taking direct control of your retirement savings. However, one of the most important decisions you will make at the outset is selecting the appropriate trustee structure. This choice affects how your fund operates, how easily it can adapt to change, and your ongoing compliance […]
The Federal Government has introduced legislation proposing significant reforms to Australia’s superannuation system. If passed, the changes would impact both ends of the income spectrum — increasing tax for individuals with very large super balances, while enhancing support for low-income earners. As with any proposed reform, it is important to understand both the technical detail […]
If your business currently uses the Small Business Superannuation Clearing House (SBSCH) to pay employee superannuation, it is critical that you begin planning for change. The service will permanently close on 1 July 2026. From that date: This change forms part of the Federal Government’s payday super reforms, designed to modernise the superannuation system and […]
Providing vehicles to employees is common across many industries — from trades and construction to professional services. However, the provision of work vehicles remains a significant focus area for the Australian Taxation Office (ATO), particularly in relation to fringe benefits tax (FBT). The ATO has identified that a substantial number of businesses are either underreporting […]
Owning an investment property can be a highly effective long-term wealth strategy, particularly from a tax perspective. However, it is also one of the most closely scrutinised areas of individual tax returns by the Australian Taxation Office (ATO). With increasingly sophisticated data-matching capabilities, the ATO is quick to identify inconsistencies or claims that fall outside […]