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The Latest News
At Michael Faulkner & Associates, we believe in sharing valuable knowledge and insights with our clients. Our latest news articles cover important accounting topics and trends, providing you with the information you need to make informed decisions. Don't miss out; stay connected by reading our recent publications.
AKey ATO and tax updates for businesses and individuals, including the new Payday Super rules starting 1 July 2026, GST turnover thresholds of $10 million and $20 million, temporary fuel cost support measures, and the ATO’s new scam call verification feature that confirms genuine calls within 30 seconds.
The April 2026 Practice Update outlines several important tax reminders. Car logbooks remain valid for five years, but a new one is required if a taxpayer’s travel patterns or work circumstances change. Employers must ensure March‑quarter super contributions are paid by 28 April 2026, with the Superannuation Guarantee now at 12%. Plug‑in hybrid vehicles lost FBT exemption from 1 April 2025, and businesses using contractors must lodge their TPAR by 28 August each year. The update also highlights a tribunal ruling where a pilot’s medical expenses were denied as deductions because they were incurred “too soon” to be considered income‑producing.
A snapshot of key 2026 tax and regulatory updates, including mandatory cash acceptance for small retail purchases, expanded ATO child‑support data‑matching, strict four‑year limits on GST and fuel tax credit claims, a tribunal ruling recognising dog‑breeding as a GST enterprise, updated employer super guarantee obligations, and the ATO’s increased use of travel bans for taxpayers with significant unpaid debts.
This update reminds employers about the 1 July 2026 closure of the SBSCH, the 28 January 2026 super deadline , confirms dental and grooming costs are not deductible, notes rising tax‑evasion tip‑offs, outlines the ATO’s tougher stance on holiday home deductions, and warns against barter‑credit donation schemes.
This Practice Update covers key ATO developments for November 2025, including clarification on FBT rules for dual cab utes, reminders about what business expenses can and cannot be claimed, and the ATO’s current compliance focus on small businesses in construction, professional services, and related industries. It also outlines new data‑matching programs targeting rental income and offshore merchants, highlights rising SMSF non‑compliance with release authorities, and reports on a recent tribunal decision confirming GST applies to certain subdivided land sales.
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