News
Loss carry back is now law
October 23, 2026
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, or both, of the previous two income years, basically […]
$20,000 instant asset write-off made permanent
October 23, 2026
From 1 July 2026, the $20,000 instant asset write-off has been made permanent for small businesses. Businesses with an aggregated turnover of less than $10 million may be able to claim an immediate deduction for the business portion of an eligible depreciating asset costing less than $20,000 in the year the asset is first used […]
ATO busts common myths under the cents per kilometre method
October 23, 2026
The ATO has highlighted several misconceptions that commonly lead to incorrect claims under the cents per kilometre method for claiming deductions for car expenses. Common errors include: Claiming travel between home and work, which is generally private and non-deductible; Automatically claiming 5,000 kilometres without the appropriate records (for example, being unable to show how the […]
FBT changes for salary sacrificed work-related benefits
October 23, 2026
From 1 April 2027, employers will no longer be able to use the ‘otherwise deductible rule’ to reduce the taxable value of an expense payment fringe benefit provided to an employee where the expense is: work-related; covered by the new $1,000 standard deduction; and provided under a salary sacrifice arrangement. This includes where an employer […]
ATO focus on taxpayers who vary their PAYG instalments
October 23, 2026
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 ATO may impose GIC on the difference and, […]
$1,000 standard deduction for work expenses
September 21, 2026
The ATO has recently updated its Employees guide for work expenses to remind taxpayers that the new $1,000 standard deduction cannot be claimed for the 2026 income year. From 1 July 2026 (i.e., in respect of the 2027 income year and later years), employees may choose either the standard deduction for work-related expenses of up […]
Payday Super and independent contractors
September 21, 2026
The ATO is reminding businesses that Payday Super changes when super contributions must be paid, not who is entitled to receive them. Businesses generally need to pay super where they engage an independent contractor mainly for their labour, personal effort, skills or time. This can apply even if the contractor: has an ABN; invoices the […]
Tips for meeting the Payday Super timeframe
September 21, 2026
Under Payday Super, contributions must be received by an employee’s super fund within seven business days after payday. To keep on track, the ATO recommends that employers: use the new member verification request ('MVR') to verify that an employee’s super fund details are valid and that the fund can accept a contribution before it is […]
ATO motor vehicle registries data-matching program
September 21, 2026
The ATO is acquiring motor vehicle registries data from state and territory authorities from the 2026 to the 2030 income years. The information will be matched against ATO records to identify taxpayers who are not meeting their registration, lodgment, reporting, or payment obligations across a number of taxes (including GST, FBT, fuel tax credits and […]