The ATO is intensifying its focus on fringe benefits tax (FBT), with increased reviews, data matching, and crackdowns on non-lodgers signalling that FBT can no longer be treated as a low-priority compliance area.
From 1 July 2026, Payday Super will fundamentally change how businesses manage cash flow.
Many businesses operate through multiple entities, with each entity holding different parts of the business, such as intellectual property, premises, or other assets. In businesses structured this way, it is common for one entity to charge another a fee for the use of these assets.
Discussion around tax reform is increasing ahead of the 2026/27 Federal Budget. Attention has already been on tax reform however, current economic conditions are expected to intensify pressure for more comprehensive changes.
Last week, the Federal Government passed legislation introducing a new tax on very large superannuation balances. Division 296 tax or the $3 Million Super Tax as it is known by the media, will apply from 1 July 2026 and targets individuals whose total super balance exceeds $3 million.
In family trusts, a beneficiary can be “presently entitled” to trust income. This means the trust has allocated income to the beneficiary but it has not been paid. This is called an unpaid present entitlement (UPE). In simple terms, this means the trust owes money to the beneficiary.
From July 2026, Australia will introduce significant updates to its AntiMoney Laundering and CounterTerrorism Financing (AML/CTF) laws.
Income splitting has historically been used by professionals and small business owners as a way to manage their tax.