Bookkeeping Gold Coast

The Government has released exposure draft legislation for the 30% minimum tax on discretionary trusts, with consultation closing 18 September 2026. This piece breaks down how the minimum tax will work, the choice between restructuring and making a fixed distribution election, and what the drafts leave unresolved.

The Tax Ombudsman has reported a sharp rise in complaints tied to ATO debt collection, with Director Penalty Notices flagged as a recurring concern. This piece breaks down what a director penalty notice actually means, the difference between lockdown and non-lockdown notices, and what directors need to do if one arrives.

The Government has confirmed the testamentary discretionary trust budget changes: testamentary trusts established for genuine purposes will be exempt from the new 30% minimum tax. The concession only applies to income from assets of the deceased estate, with added conditions for trusts set up after 1 July 2028.

From 1 July 2026, Australia's anti-money laundering laws will extend to accountants for the first time. Clients requesting certain services, including entity setup, restructuring, or assistance with property transactions, will need to complete identity and due diligence checks before work can proceed. Firms that cannot verify a client's identity are legally prohibited from providing those services.

Division 296 is now law. From the 2026–27 income year, individuals with a total superannuation balance above $3 million will pay an additional tax on earnings above that threshold and SMSF trustees need to act before 30 June 2026 to take advantage of a cost base reset election that could significantly reduce future exposure.

The 2026–27 Federal Budget, handed down on 12 May 2026, introduces some of the most significant tax changes in recent years, affecting property investors, small business owners, family trusts, and everyday workers alike.

From new restrictions on negative gearing for established residential properties, to a 30% minimum tax on discretionary trusts and permanent small business incentives, there's a lot to unpack. We've broken down the key changes, who they affect, and what action you need to take.

Read on for a full summary, or download the PDFs below to keep for reference.

The ATO is increasing scrutiny on property development arrangements that defer income and exploit tax losses. Developers using related-party structures face heightened audit risk, with potential penalties, reassessments, and compliance action if arrangements lack a genuine commercial purpose.

From 1 July 2026, employers must pay super at the same time as wages instead of quarterly. This “Payday Super” reform will significantly impact cash flow, payroll systems, and compliance, requiring businesses to adapt to more frequent payments and tighter deadlines.

From 1 July 2026, superannuation must be paid with every pay run not quarterly. The ATO will assess employer compliance using a three-tier risk zone framework, meaning how quickly you identify and correct any shortfalls matters just as much as paying on time. Here's what you need to know.

Australia’s new payment regulations from January 2026 will require certain businesses to accept cash for in-person transactions. The rules apply to fuel and grocery retailers with turnover above $10 million and cover payments under $500. Businesses should review systems, reintroduce cash processes, and prepare for compliance.

Wondering if you can claim self-education expenses on your tax return? Learn how the ATO treats education deductions, the nexus test, and what you can and cannot claim, including FEE-HELP, HECS-HELP, and employer study allowances. Get practical tips to ensure your claim is successful.

Find out why medical bills aren’t tax deductible in Australia, even when you receive a TPD pension. Learn how the ATO treats medical expenses and what you can claim.