Happy New Financial Year!

Well, here we are again - the start of a new financial year with lots of regulation changes and new processes and systems to deal with them.

National minimum wage increases, same-day Super, a lower tax rate for some taxpayers and the rigorous checking of individuals and their companies or trusts under the new Anti- Money and Counter Terrorism Financing (AML/CTF) rules for certain ‘designated services’.

Whilst many of these new changes will have been implemented for you by our Team already, the AML/CTF rules will mean we will need to conduct this screening process before we can commence providing those designated services, and this will delay the speed in which we can deliver those to you.

So, on behalf of our Team, in advance, we appreciate your patience!

Hopefully, by now, you have your plans for 2026 implemented and are working hard to achieve them. If you are still struggling to get started, please give us a call or check out January's edition of Taking Care of Your Business to see how we do it to get some ideas.

Government's tax reform package

The Government has recently legislated several of the tax reform measures announced in the 2026 Federal Budget (and in later media releases). These include, among other things:

• Replacing the CGT discount with cost base indexation and a 30% minimum tax on gains accruing from 1 July 2027 (including gains on pre-CGT assets);

• Increasing the small business turnover threshold for the 50% active asset reduction from $2 million to $10 million;

• Limiting negative gearing for residential property to new residential dwellings from 1 July 2027 (subject to transitional rules); and

• Introducing the Working Australians Tax Offset from 1 July 2027, and the $1,000 instant tax deduction for work-related expenses from 1 July 2026.

After a round of consultation, the Government has also announced further proposed measures, broadly including (among others):

• A new targeted CGT discount for investors in innovative start-ups;

• Barring SMSFs from utilising future limited recourse borrowing arrangements ('LRBAs') to acquire residential property; and

• Exempting income of discretionary testamentary trusts from the minimum tax proposed for trusts.

Changes to car thresholds from 1 July 2026

The car limit for the 2027 income year is $69,883.

This is the highest value that a taxpayer can use to calculate depreciation on a car where they use the car for work or business purposes (and they first use or lease the car in the 2027 income year).

The maximum GST credit that can generally be claimed for the creditable acquisition of a car above the limit is $6,353 (i.e., one-eleventh of $69,883).

The luxury car tax ('LCT') threshold for the 2027 income year is $91,661 for fuel-efficient vehicles, and $80,809 for all other luxury vehicles

What's new for Small Business?

The ATO is reminding business taxpayers of recent changes they should keep in mind this Tax Time, including the following:

• From 1 July 2026, Payday Super applies. Employers will need to pay super to an employee's nominated super fund each payday, and it must reach the fund within 7 business days after payday (unless a longer timeframe applies, such as for new employees). Employers must also report both qualifying earnings and super liability through Single Touch Payroll ('STP') reporting.
  
  WARNING - If super is not received by the fund, in full and on time, the super guarantee charge applies.

• Businesses with an aggregated turnover of less than $10 million may be able to immediately deduct the business portion of eligible assets costing less than $20,000, where the asset was first used or installed ready for use between 1 July 2025 and 30 June 2026.

• Businesses cannot claim a deduction for general interest charge ('GIC') or shortfall interest charge ('SIC') incurred from the 2025/26 income year.

• From 1 April 2025 (i.e., from the 2026 FBT year), plug-in hybrid electric vehicles are no longer treated as zero or low emissions vehicles for the purposes of the FBT exemption.

Do you need some accountability, extra motivation and guidance in 2026?

If so, reach out, and we can make you part of our new monthly Accountability Group of like-minded business owners who want to succeed and excel. We can also show you how our business coaching program - Chasers Getting Results^TM - works if you really want to take your business to the next level!.

Looking to start a business?
Get a copy of our latest book before you do to fast-track your success.

Or looking to grow your business in these tougher economic times?

Both books are for any aspiring entrepreneur who wants to grow their business and to understand what to look out for and avoid when they start their business, too!

The next Chasers Mastermind for 2026 commences on Friday 9th of October for those business owners who want to build a better business and be held accountable for the critical tasks that they want to implement to move forward and closer to achieving greater success.

Learn all of the essential components that make a successful business really take off!

Your investment in this program will be $100 plus GST per week. You will be able to focus on specific areas for your business that need attention, collaborate on ideas and strategies in a group learning environment and share what’s working.

If you have not yet left a review for us on our Google Reviews, then now is the chance to do this and get 12 chances of winning a luxury 3-night holiday in Tropical Mackay in North Queensland. That’s right! By simply scanning this QR Code and following the instructions we will enter you in the monthly draw to win.

The winners so far in 2025/26 were:

• Jul - Brent Moir

• Aug - Michael Welch

• Sep - Maria Scott

• Oct - Renee Lane

• Nov - Gemma Wylie

• Dec - Sara & Dale McDonnell

• Jan - Jeffrey McLean

• Feb- Linton Dumesny

• Mar- Paola Karamallis

• Apr- Adriano Fariselli

• May- Jodie Brock
  

June's winner was:

If you are not successful in previous months, you will be automatically re-entered for the following month giving you up to 12 possible chances of winning this awesome holiday. As soon as you leave a review our Team will be notified and will enter your name in the draw. - Good luck!

The latest edition of our National Award-Winning Magazine – No. 24 - is now published and available for you to read. It features heaps of educational tips and ideas on how to create highly productive teams by delegating, an inspiring story about our featured Chaser’s new entrepreneurs - Sara & Dale McDonnell from Warrnambool Motorcycles & Gardening Products, and an informative article from our very own CEO and Founder, Chris Beks, explain the new Anti Money Laundering (AML/CTF) requirements for certain business services – ‘designated services’ – that will apply to you from the 1^st July 2026.

Don’t forget to check out our latest podcast episodes on The Chasers Channel. The most recent episode 109 features a discussion about Your Company Work Ute is Not Exempt from Fringe Benefits Tax!

We release a new episode every Sunday, so make sure you follow our podcast to get the latest news, tips and strategies for bringing you closer to achieving the dreams you are chasing.

Key Dates in July 2026

• Individual income tax returns open.

• Payday Super rules take effect, meaning employers must pay super contributions at the same time as employee wages.

• New individual income tax rates apply, with the lowest tax bracket (income between $18,201 and $45,000) dropping from 16% to 15%. 

• Deadline to finalise Single Touch Payroll (STP) data so employees have the information to lodge their returns.

• Lodge and pay monthly Activity Statements (BAS/IAS) for June.

• Lodge and pay Quarterly Activity Statements (quarter 4, April–June) for paper lodgers.

• Super Guarantee (SG) contributions for the April to June quarter must be deposited into the super fund.

• Due date for FATCA and Common Reporting Standard (CRS) reports.

ATO Warns Of Tax Time Misinformation And Focus Areas

The ATO is warning the community to be wary of incorrect or misleading information this Tax Time, particularly claims promising greater refunds, shortcuts or hacks.

The ATO is seeing a rise in tax-related content and ‘tips’ being shared — especially online — and is urging taxpayers to treat unverified advice with caution.

Australians should think twice before acting on information from third-party sources such as artificial intelligence ('AI') platforms, ‘finfluencers’, or advice from family or friends. Although the ATO acknowledges that AI can be helpful, it can lead to inaccurate advice: "Your tax return isn’t the place for guesswork."

The ATO also revealed that, this Tax Time, it will be focusing on areas where taxpayers are likely to make errors, including work-related deductions and expenses (and properly apportioning such expenses), and omitted income (including from 'side-hustles', cash jobs, and rental income).