Attax Services

30/06/2026

🕵️‍♀️ The paperwork fairy has officially retired… 😂

Welcome to the world of AML/CTF Tranche 2.

From today, accountants have a whole new set of compliance obligations. That means you’ll probably notice us asking for a few more documents and a few more questions than we used to.

No… we haven’t suddenly become detectives. 🕵️
No… we don’t think you’re up to anything. 😄

We’re simply required by law to:
✔️ Verify identities
✔️ Sight trust deeds
✔️ Confirm company and ownership information
✔️ Keep client records up to date
✔️ Carry out ongoing monitoring

It’s all about protecting Australia’s financial system and keeping everyone compliant.

So, if we ask for another document you’ve already given us years ago… please don’t shoot the messenger! 😅

Thank you for your patience as we navigate these new requirements together. We appreciate your support and understanding.

ATTAX – Keeping you compliant, one document at a time. 💙

30/06/2026

📣 WAGE & SALARY TAX RETURNS – NOW TAKING BOOKINGS! 📣

Tax time is here! 🎉

If you’re an employee and need your 2026 tax return prepared, now is the perfect time to secure your appointment before our diary fills up.

Whether you have:
💰 Wages or salary
🏡 Investment properties
🚗 Work-related deductions
📚 Self-education expenses
❤️ Donations
💻 Working from home expenses
📈 Shares or investments

We’re here to make the process as easy and stress-free as possible.

Appointments are filling quickly, so don’t leave it until the last minute!

📞 Call us on 07 3408 9319
📧 Email [email protected]
📍 ATTAX – Bribie Island

We look forward to helping you maximise your refund and get your tax sorted this season! 🎉

30/06/2026

🎉 WE MADE IT! 🎉

Another financial year is officially done and dusted! 🥳

To all of our amazing clients – thank you for trusting ATTAX with your tax, bookkeeping, BAS, ASIC compliance and everything in between. We truly appreciate your support. 💙

Now… bring on the 2026–27 Tax Year! 📂✨

From tomorrow it’s all systems go:
✅ 2026 tax returns
✅ Business financials
✅ Company & trust returns

✅ BAS lodgements
✅ New AML/CTF compliance requirements
✅ And, of course… plenty of coffee! ☕😂

If you’ve been keeping your records organised, you’re already one step ahead. If not… don’t stress, we’ll help you get it sorted.

Here’s to another year of helping our clients grow, save tax where possible, and stay compliant.

Let’s make the 2026–27 financial year an awesome one! 🚀

📞 07 3408 9319
📧 [email protected]

ATTAX – We’re ready when you are! 💕

25/06/2026

SMSF borrowing changes draw mixed industry response
Super
Some professionals have warned that the changes will destroy trust in Australia's retirement system, while others say the effect on trustees will be minimal.

Some professionals have warned that the changes will destroy trust in Australia's retirement system, while others say the effect on trustees will be minimal.

25/06/2026

Controversial CGT changes clear both houses of parliament
Tax
Legislation to replace the 50 per cent CGT discount with cost base indexation and implement a 30 per cent minimum tax on capital gains has now passed both houses.

Legislation to replace the 50 per cent CGT discount with cost base indexation and implement a 30 per cent minimum tax on capital gains has now passed both houses.

25/06/2026

👋 HI FROM ANGELA & LIZ – NICE TO REINTRODUCE OURSELVES

We realised we’ve probably been “the names behind the emails” for a lot of you, so we thought we’d properly say hello 😊

I’m Angela – mum to a 20, 21 and 17 year old. I’ve lived on the island for over 20 years now, so life has pretty much been built around school runs, sport sidelines, weekend footy, and watching the kids grow up in this community I love.

And I’m Liz – mum to a 20, 15 and 10 year old. Like a lot of you, life is busy, messy, and full-on in the best way — juggling kids, work, and everything in between.

Between us, we understand the real-life side of finances — PAYG wage income, family tax returns, simple deductions, and just wanting things done properly without the stress or confusion.

If you’re anything like us, tax time is one of those jobs that sits on the “I’ll get to it later” list… until it suddenly isn’t 😅

That’s where we come in.

We’re here to make your wage and individual tax returns straightforward, accurate, and as stress-free as possible — with a local team who actually knows you and your situation.

If you’d like help this tax time, feel free to reach out anytime — we’re always happy to chat.

— Angela & Liz

25/06/2026

Negative Gearing

From 1 July 2027, negative gearing has been abolished for all ‘established’ residential properties purchased from 7:30pm on 12 May 2026. Impacted residential property investors will no longer be able to offset rental losses against other income (e.g. salary and wages).

Instead, residential rental losses can only be deducted from either:

Residential rental income (including those from other rental properties (i.e. where multiple rental properties are owned)); or
Capital gain arising from the sale of a rental property.
In the event the rental losses exceed the above income types, the excess losses can be carried forward to future years.

Importantly, properties that are currently held as at 7:30pm on 12 May 2026 (including those ‘under contract’ awaiting settlement) can continue to be negatively geared until they are sold. This provides protection for investors who have made decisions based on the current legislation. For properties purchased after this date, negative gearing will only apply until 30 June 2027.

Eligible ‘new build’ residential properties remain exempt from these changes. For these properties, both negative gearing and the existing capital gains tax discount of 50% will still be available. Furthermore, properties in widely held trusts and superannuation funds will be exempt from these changes, in addition to targeted exemptions for ‘build-to-rent’ developments and private investors supporting Government Housing programs.

⚠️ KEY TAKEAWAY
Existing investors are protected, but new investment property purchases (after the cut-off date) will have significantly reduced tax benefits.

If you own property or are planning to invest, now is the time to review your structure and strategy.

25/06/2026

Changes to the Capital Gains Tax Discount

One of the most significant measures in the Budget is the replacement of the 50% CGT discount with cost base indexation for capital gains arising on or after 1 July 2027, combined with a new 30% minimum tax on net capital gains. This applies to all CGT assets — including shares, investment properties, and business assets — held by individuals, trusts, and partnerships.

The 50% CGT discount continues to apply to all gains arising before 1 July 2027. If you sell an asset before that date, the existing rules apply in full. For gains arising on or after 1 July 2027, the new indexation method applies — your original cost base is indexed for CPI to reduce the taxable gain.

Investors in new residential properties will be able to choose between the 50% CGT discount or cost base indexation with the minimum tax — whichever produces the better outcome. Income support and Age Pension recipients will be exempt from the minimum tax.

For businesses built from scratch — where goodwill has a zero cost base — the impact is particularly significant. Indexation can only adjust a cost base that exists; a zero cost base produces no reduction. Every dollar of goodwill gain accruing after 1 July 2027 will be fully taxable at the owner's marginal rate, subject to the 30% minimum tax.

The Budget confirms expanded rollover relief for three years from 1 July 2027 to support businesses wishing to restructure out of discretionary trusts into a company or fixed trust — without triggering a CGT liability at the time of transfer. This is a genuine and time-limited opportunity.

25/06/2026

The 2026–27 Federal Budget, delivered by Treasurer Jim Chalmers on the evening of 12 May 2026, is one of the most significant overhauls of the Australian tax system in nearly three decades. Changes cover capital gains tax, negative gearing, trust distributions, superannuation, electric vehicles, R&D, and cost-of-living measures. Almost every client will be affected in some way.

The centrepiece of the Budget is the replacement of the 50% capital gains tax (CGT) discount with cost base indexation for gains arising from 1 July 2027, combined with a new 30% minimum tax on net capital gains. This is effectively a return to the approach that applied in Australia from 1985 to 1999. The change has wide-reaching consequences for property investors, business owners, and anyone who holds assets that have grown in value.

What makes this Budget particularly complex is that many of these changes interact with each other. The impact of the CGT changes, for example, is magnified when combined with the negative gearing changes and the new trust distribution rules. For many clients, the combined effect is considerably larger than any single measure considered on its own.

Many of these changes are still subject to draft legislation and a number of details are not yet fully confirmed.

1. The $1,000 Instant Tax Deduction
From 1 July 2026, eligible Australian taxpayers who earn income from work will be able to claim a flat $1,000 deduction for work-related expenses — without needing to keep receipts or itemise individual costs. This is a choice, not an automatic change, and you will still need to decide whether the flat deduction or your actual expenses gives you the better result.

$250 Working Australians Tax Offset
The Budget introduces a permanent Working Australians Tax Offset of up to $250 for Australians who earn income from work — including wages, salaries, and the business income of sole traders. This offset does not take effect until the 2027–28 financial year, meaning most clients will first see the benefit when their 2027–28 tax return is lodged and processed.

3. Changes to the Fringe Benefits Tax Exemption for Electric Vehicles
Since 2022, battery electric vehicles provided through novated lease or salary packaging arrangements have been fully exempt from Fringe Benefits Tax (FBT). The 2026–27 Budget announces a phased wind-back of that exemption.

25/06/2026

📢 TAX TIME 2026 – DON'T RUSH TO LODGE! 📢

While the ATO opens tax return lodgements from 1 July 2026, we recommend waiting until late July before lodging your return.

Why? 🤔

Many employers, banks, health funds, share registries and government agencies are still providing information to the ATO during July. Lodging too early can result in:
❌ Missing income
❌ Missing deductions
❌ Incorrect refund estimates
❌ The need to amend your return later

The ATO advises taxpayers to wait until their information has been pre-filled and income statements are marked "Tax Ready".

📅 General guide:
✔ 1 July – Tax return lodgements open
✔ Mid July – Most employer income statements become Tax Ready
✔ Late July – Most pre-fill information becomes available
✔ August – Managed funds, trust distributions and some investment information continue to be updated

If you're a salary and wage earner, waiting a few extra weeks can help ensure your return is accurate and reduce the risk of delays.

If you'd like us to prepare your 2026 tax return, contact our office on 34089319 and we'll let you know when your information is ready for lodgement.