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ATO AFCX data-matching program
The ATO will acquire relevant account and transaction data from the Australian Financial Crimes Exchange (‘AFCX’) for the 2025 to 2027 income years, including the following: Client identification details (names, addresses, phone numbers, dates of birth, identity verification document details, IP addresses, etc); and Bank account transaction details (bank account details, transaction date and amount, IP addresses, etc). The ATO
Small Business Superannuation Clearing House is closing
The Small Business Superannuation Clearing House (‘SBSCH’) will close on 1 July 2026. The SBSCH is a free online service provided by the Australian Government through the ATO. The SBSCH can be used by employers to pay superannuation for all their employees through a single payment. The SBSCH will then distribute the money to each employee’s superannuation fund according to
Getting the main residence exemption right
The ATO has the following tips for taxpayers in relation to the CGT main residence exemption. They should consider if they have bought or disposed of property in the past income year. If they have sold property, were they using it solely as their primary place of residence, earning income from it (rental or business), or was it vacant land?
ATO to include tax ‘debts on hold’ in taxpayer account balances
From August 2025, the ATO is progressively including ‘debts on hold’ in relevant taxpayer ATO account balances. A ‘debt on hold’ is an outstanding tax debt where the ATO has previously paused debt collection actions. Tax debts will generally be placed on hold where the ATO decides it is not cost effective to collect the debt at the time. The
Superannuation guarantee: due dates and considerations for employees and employers
On 1 July 2025 the superannuation guarantee rate increased to 12% which is the final stage of a series of previously legislated increases. Employers currently need to make superannuation guarantee (SG) contributions for their employees by 28 days after the end of each quarter (28 October, 28 January, 28 April and 28 July). There is an extra day’s allowance when
A win for those carrying student debt
In support of young Australians and in response to the rising cost of living, the Australian Government has passed legislation to reduce student loan debt by 20% and change the way that loan repayments are determined. This should help students significantly more than the advice from outside of Parliament – cut down on the smashed avo. 20% reduction in student
Finfluencers: bad tax advice could cost you
They’re advising from your insta and TikTok feeds, they’ve got huge followings, they speak with conviction – financial influencers or ‘finfluencers’. Please heed our caution, taking advice from unqualified sources can have serious consequences. We’re seeing examples of misleading claims, exaggerated deductions and outright misinformation. Relying on this advice could not only leave you out of pocket but also expose
Superannuation rates and thresholds updates
Super guarantee rate now 12%: what it means for employers From 1 July 2025, the superannuation guarantee (SG) rate officially rose to 12% of ordinary time earnings (OTE). This is the final step in the gradual increase legislated under previous reforms. What’s changed? Old rate: 11.5% (up to 30 June 2025) New rate: 12% (from 1 July 2025) This
Luxury cars: the impact of the modified tax rules
With the purchasing of luxury vehicles on the rise it’s important to be aware of some specific features of the tax system that can impact on the real cost of purchase. Often the tax rules provide taxpayers with a worse tax outcome if the car will be used for business or other income producing purposes compared with a non-luxury car,
Interest Deductions: risks and opportunities
This tax season, we’ve seen a surge in questions about whether interest on a loan can be claimed as a tax deduction. It’s a great question as the way interest expenses are treated can significantly affect your overall tax position. However, the rules aren’t always straightforward. Here’s what you need to know: The purpose of the loan The most