Author: Element Accountants & Advisors

Following the recent release of the December 2025 quarter average weekly ordinary times earnings (AWOTE) the annual concessional contribution (CC) cap will increase from $30,000 to $32,500 from 1 July 2026. The annual non-concessional contribution (NCC) cap will also increase to $130,000. When considering contribution opportunities some individuals may have higher caps due to the […]

Read More… from Superannuation contribution caps to increase from 1 July 2026

As tax time approaches, so does the annual spike in scam calls pretending to be from the ATO. These calls are becoming increasingly convincing — and increasingly costly for those who get caught by them. The ATO has now launched a simple, powerful solution: the ‘verify call’ feature in the free ATO app. Rolled out […]

Read More… from New ATO ‘Verify Call’ Feature: Instant Protection Against Phone Scams

With global fuel supply chains still under strain from conflict in the Middle East, many Australian businesses are feeling the impact through higher operating costs, delayed deliveries and pressure on cash flow. To help stabilise affected sectors, Treasurer Jim Chalmers and the ATO have announced a package designed to give businesses immediate breathing room and […]

Read More… from Practical Help for Businesses Impacted by Fuel Disruptions

The ATO has announced a significant update that will affect anyone using electric vehicles (EVs) or plug-in hybrid electric vehicles (PHEVs) for work or fleet purposes and where the vehicle is charged at the relevant individual’s home. From 1 April 2026 (for FBT purposes) or from 1 July 2026 (for income tax purposes), the ATO’s […]

Read More… from ATO Updates EV Home Charging Rate: What It Means for You

The ATO is turning up the heat on employers who provide work vehicles for private use. Sophisticated data-matching means assumptions and shortcuts can quickly lead to audits, penalties, interest charges—and even reputational damage. You can see the latest ATO FBT audit warning here: Misreporting FBT on personal use of work vehicles | Australian Taxation Office […]

Read More… from The ATO Targets FBT on Work Vehicles: Don’t Let Assumptions Cost You

As Fringe Benefits Tax (FBT) lodgement season approaches, family businesses should carefully review the perks they provide to working directors and family members. A high-profile case involving luxury vehicles provided to three brothers who run a large business empire through a discretionary trust highlights the complexities — and potential risks — of informal arrangements. While […]

Read More… from A Wake-Up Call for Family Businesses on Fringe Benefits Tax

The Better Targeted Superannuation Concessions measure (known as the Division 296 tax) is now law and takes effect from 1 July 2026. For those with large super balances, it’s important to understand what the new tax does, why it’s been introduced, and the practical steps you and your financial adviser should consider. The Purpose of […]

Read More… from What the New Div 296 Tax Means for Individuals with Large Super Balances

Self-managed superannuation funds (SMSFs) can offer significant flexibility, allowing the members to make investments and enter arrangements that may not be available through retail or industry superannuation funds. However, being an SMSF trustee does come with important responsibilities to ensure that all dealings comply with superannuation law. Two critical areas to keep front of mind […]

Read More… from Keeping Your Self-Managed Super Fund Compliant

The ATO has issued a Draft Taxation Determination TD 2026/D1 which looks at how inherited family homes are treated for CGT purposes. Some industry commentators have dubbed it a “death tax by stealth”, but it is a bit more complex than this. The draft guidance focuses on a specific aspect of the rules around applying […]

Read More… from ATO Update on Inherited Homes: What it Means for Your Family’s Wealth

Running a business from home—whether as a sole trader, freelancer, or small operator—has many perks. But when it comes to selling your home and potentially saving on tax, recent guidance from the ATO serves as a reality check. The ATO has provided its views on how home-based businesses interact with the small business capital gains […]

Read More… from Navigating CGT on Your Home: New ATO Clarity for Home-Based Businesses

Running a successful business is hard work—and sometimes, despite best intentions, tax obligations slip. If the business is being operated through a company structure, then the ATO can potentially issue a Director Penalty Notice (DPN), holding company directors personally liable for unpaid taxes. In 2024–25, DPNs skyrocketed by 136%, reaching over 84,000 notices, affecting directors […]

Read More… from DPN Review: A Wake-Up Call for Business Owners on Personal Tax Risks

As a business owner or investor, time is always tight. So, it’s no surprise many people now turn to AI tools like ChatGPT for quick answers on tax deductions, super contributions or structuring ideas. The responses sound confident, arrive instantly and cost nothing. What could go wrong? Plenty. The Australian tax and super system is […]

Read More… from AI Tax Tips: Helpful Shortcut or Costly Trap?

Electric vehicles (EVs) are no longer a niche choice. By late 2025, they account for more than 8% of new car sales in Australia, driven in no small part by generous tax incentives. One of the most significant is the Federal Government’s Electric Car Discount, introduced in mid-2022. For many businesses and employees, it has […]

Read More… from Electric Car Discounts Under Review: What It Means for Your Business (and What You Should Do Now)

For many Australians, a holiday home does double duty. It’s a place to escape with family and friends, and during the rest of the year it’s listed on Airbnb or Stayz to help cover the costs. Until recently, many owners assumed they could claim most of the usual deductions for the property without much trouble, […]

Read More… from Holiday Homes Under the Microscope: What the ATO’s New Guidance Means for You

For years, businesses have been moving away from cash – and for good reason. Digital payments are quick, traceable, and cut down on the risk of theft or counting errors. The Tap-and-go world might soon have to make room again for notes and coins. The Government has released draft regulations that would require certain retailers […]

Read More… from Cash is Making a Comeback – Is Your Business Ready to Take It?

Running, or deciding to set up a self-managed super fund (SMSF) gives you control, but it also brings legal responsibilities. The Superannuation Industry (Supervision) Act 1993 (SISA) contains detailed rules on trustee duties, investments, borrowing, payments and recordkeeping. Simply put, you cannot identify or avoid breaches you don’t know exist. For trustees, this should mean education is not optional but rather, is essential for risk management. Why understanding SISA matters:  You can’t comply with what you don’t know: […]

Read More… from Know the Rules Before You Break Them: Why SMSF Education Matters More Than Ever

If you’ve invested in further study — an MBA, a leadership course, or a postgraduate qualification — you might be wondering: can this help at tax time? For many professionals, the answer is yes — but only if the right boxes are ticked. The ATO’s rules on self-education expenses are strict, and the line between […]

Read More… from Unlocking Tax Savings: Can Your MBA (or Other Studies) Pay Off at Tax Time?

If you run a business, you already know the juggling act that comes with managing the payroll process — paying staff on time, managing cash flow, and staying compliant. From 1 July 2026, there’s a major change coming that will reshape how you handle superannuation contributions for staff. It’s called Payday Super, and it became […]

Read More… from Super on Payday: Fundamental Changes for Employers

Cybersecurity is fast becoming a critical business strategy – and if it’s not, it should be. Many businesses hold critical data that poses significant risk to both businesses and their customers if the data they hold is not safeguarded from cybersecurity threats. The largest threats to businesses come from external entry points exposed by staff, […]

Read More… from Cyber In Accounting: Safeguarding Financial Data in a Digital Age

A new Bill before Parliament – the Treasury Laws Amendment (Strengthening Financial Systems and Other Measures) Bill 2025 – proposes several key changes that could affect small businesses, listed companies, and the not-for-profit sector. The headline measure is the proposed extension of the $20,000 instant asset write-off for another year, to 30 June 2026. Small […]

Read More… from Proposed Extension of the Instant Asset Write-Off and Other Tax Measures