News

SMSF and property – preparing for a smooth audit

For many SMSF trustees, property is one of the most significant assets held by their SMSF. Unlike personally owned assets, there is a legal requirement that all SMSF assets are valued each 30 June. This can be a simple process for assets that have a ready market like listed shares, however the process for other assets like property can be more onerous.

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Discretionary trusts and the proposed 30% minimum tax

Discretionary trusts (family trusts), are widely used by Australian families and businesses for business operations, investments and succession planning. Due to their flexibility, asset protection and estate planning benefits, they remain a popular structure. The 2026–27 Federal Budget proposed that, from 1 July 2028, trustees of discretionary trusts would generally be required to pay a minimum 30% tax on the trust's taxable income.

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New reasonable travel and overtime meal rates

The ATO has released its updated reasonable travel and overtime meal allowance rates for the 2026–27 income year in Taxation Determination TD 2026/4. The overtime meal allowance has increased to $40.00, while the reasonable amounts for domestic and overseas travel have also been updated based on salary levels and travel destinations.

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Penalty units increase from 1 July 2026

From 1 July 2026, the value of a Commonwealth penalty unit increased from $330 to $364. While this may sound like a minor administrative change, it has a direct impact on many ATO penalties, increasing the cost of a range of compliance failures.

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Don’t Let Sharing Economy Income Catch You Off Guard This Tax Time

The sharing economy has created new opportunities for Australians to earn additional income. Whether it's driving for a ride-sharing service, renting out a holiday property, completing freelance work, hiring out equipment, or creating digital content, many people are supplementing their regular income through online platforms.

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Navigating the 2026–27 Car Thresholds

If you're thinking about purchasing or leasing a vehicle for your business in the new financial year, it's worth understanding the updated car thresholds that apply from 1 July 2026.

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Changes to Self Managed Super Fund (SMSF) borrowing rules

To ensure passage of the negative gearing and CGT discount changes that were announced in the May 2026 Federal Budget the Government agreed to make amendments to the SMSF borrowing rules.

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High Court Brings Greater Clarity on Trust Distributions

The High Court has recently handed down an important decision that will impact many private business groups using discretionary trusts and corporate beneficiaries.

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ATO Cracks Down on Personal Services Income Arrangements: Is Your Business at Risk?

The ATO is sharpening its focus on how taxpayers generating income from personal services deal with that income for tax purposes. In a recent Spotlight bulletin, Small Business Assistant Commissioner Tony Poulakis highlighted the release of Practical Compliance Guideline PCG 2025/5. This guideline clari

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Tax Ombudsman Sees 127% Surge in Complaints: What It Means for You

The Tax Ombudsman has reported a dramatic 127% increase in complaints about the ATO this financial year (to 30 April 2026), with nearly 3,000 complaints received in the first ten months. Debt collection, penalties, and tax debt interest charges have dominated the issues raised.

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Get Ready for 2026–27: Practical Steps SMSF Trustees Must Take Now

With the start of the 2026–27 financial year, SMSF trustees should take a proactive approach to ensure funds remain compliant and well positioned. View our checklist of the key legislative changes, compliance deadlines and practical steps trustees should prioritise.

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Updates to Budget Measures and New Developments

Since the Federal Treasurer handed down the 2026-27 Federal Budget on 12 May 2026 there has been a significant amount of commentary on some of the more controversial proposals, including the decision to replace the CGT discount with an indexation system and impose a 30% minimum tax rate on discretionary trusts.

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