Elevare Accountants

09/08/2026

Build confidence in managing your small business obligations with the ATO's interactive masterclasses. Designed to complement their free online courses, these sessions give you direct access to experienced ATO staff who can help clarify your responsibilities, walk through real-world scenarios, and provide practical guidance.

Masterclasses cover topics such as:

✔starting a small business
✔cash flow for business success
✔goods and services tax (GST)
✔eInvoicing
✔super guarantee employer obligations
✔claiming home-based business tax deductions
✔claiming small business tax deductions
✔tax-time essentials – how to successfully report, pay and lodge correctly

They're a practical way to strengthen your understanding of day-to-day business operations, helping you build good habits early and avoid common pitfalls that can affect your small business.

To register visit the link below:https://ato.webex.com/webappng/sites/ato/meeting/register/9fd84a46cf0f4ba49c31aa393cdaa677?ticket=4832534b00000009c8330c0beb8d024711dec9471f3ccbe283aa46e5d5a4a21de97df1408f9c35c6×tamp=1786274609531&RGID=r57de40470872e39d8364dcf3c43cf9b6&isAutoPopRegisterForm=false

Source and credit: ATO.gov.au

08/08/2026

Super changes when super must be paid, not who is eligible to receive it. This includes independent contractors.

If your business engages independent contractors, now is a good time to check your arrangements.

You’ll generally need to pay super where you’re paying an independent contractor, mainly for their labour, personal effort, skills or time. This can apply even if they:

✔ have an ABN
✔ invoice you for their work
✔ are described as a contractor in a written agreement.

Where an independent contractor is entitled to super, the contribution must:

✔ be paid for each payday
✔ reach their super fund within 7 business days after payday.

It’s not mandatory to report payments made to independent contractors through Single Touch Payroll (STP). However, if you choose to voluntarily report these in STP, you'll need to meet the STP reporting requirements, including reporting qualifying earnings and super liability.

Source and credit: ATO.gov.au

07/08/2026

02/08/2026

The law has changed how trustees of closely held trusts report beneficiaries' tax file numbers (TFNs), if they're entitled to a distribution.

From 1 July 2026, trustees of closely held trusts must now report beneficiary TFNs in the statement of distribution when completing the annual trust tax return.

➡ TFN reporting up to 30 June 2026
Beneficiaries of closely held trusts are required to quote their TFN to the trustee before they receive a payment or are entitled to trust income. Where a TFN is not quoted, there is a requirement on the trustee to withhold at the top tax rate.

Trustees were required to lodge a quarterly TFN report for beneficiaries that had quoted their TFN by the last day of the month following each quarter in which the TFN was quoted. The final TFN report for the April–June 2026 period is due by 31 July 2026.

➡ Changes from 1 July 2026
From 1 July 2026, trustees of closely held trusts are no longer required to lodge a quarterly TFN report for periods after 30 June 2026.

Trustees must now report beneficiary TFNs in the statement of distribution when completing the Trust tax return. Additional labels will be included on the Trust tax return from 2027 to support circumstances where a TFN has not been provided.

There's no change to existing TFN withholding and reporting obligations of trustees where a beneficiary has not quoted their TFN before receiving a payment from the trust or entitlement to trust income.

Source and credit: ATO.gov.au

31/07/2026

If you run your small business from home, tax time is a good opportunity to make sure you’re claiming the deductions you’re entitled to.

Depending on your circumstances, you may be able to claim the decline in value of depreciating business assets (such as laptops, desks and office furniture) or running expenses associated with operating your business from home. This includes:

✔electricity for heating, cooling and lighting
✔phone and internet expenses
✔office cleaning costs.

➡Work out your expenses
Many home-based business owners use the fixed rate method to calculate their work-from-home running expenses. This method allows you to claim a set rate per hour worked from home and can simplify record keeping. Keep in mind that some expenses are already covered by the fixed rate and can’t be claimed separately.

If you have a dedicated area in your home that is used as a genuine place of business, you may also be able to claim occupancy expenses. This may include rent, mortgage interest, council rates, land taxes or home insurance. Eligibility depends on your individual circumstances.

Whatever method you use, remember you can only claim the business portion of your expenses, and you’ll need records to support your claims.

➡Keep good records
Good record keeping throughout the year can make it easier to prepare and lodge your tax return. You need to keep most records for 5 years, so you should store them in a safe place. They should also be written in English or easily converted to English.

➡Check if CGT applies
It’s important to remember, when running your business from home, you may be liable for capital gains tax (CGT) when selling your home. If eligible, you may be able to reduce your CGT by applying the small business CGT concessions.d

Source and credit: ATO.gov.au

26/07/2026

Your superannuation investment grows through:

✔your employer's compulsory super guarantee contributions (concessional contributions)
✔any voluntary contributions out of your pre-tax income, such as salary sacrifice and personal contributions you're allowed as an income tax deduction (concessional contributions)
✔any government super contributions you're eligible for
✔any voluntary contributions you or your spouse make out of after-tax income sources (non-concessional contributions).

Your pre-tax income contributions (other than super guarantee) are your reportable super contributions, which:

✔appear on your online income statement or payment summary at the end of the income year
✔are not included in your assessable income, but are considered in income tests for some benefits, concessions and obligations administered by the ATO and Centrelink.

Caps apply to the amounts that can be contributed to your super each financial year. If you go over these caps, you may have to pay extra tax.

While there are restrictions on contributions, and your total super balance affects how the super rules apply to you, there is no limit on the total amount you can hold in accumulation phase in one or more super funds.

The main categories of super contributions are:

➡concessional contributions, which include employer super guarantee, other compulsory employer contributions for example, under an industrial award, salary sacrifice and other employer contributions you influence and personal tax-deductable and third-party (exc. spouse) contributions
➡reportable contributions, which include salary sacrifice and other employer contributions you influence and personal tax-deductable and third-party (exc. spouse) contributions
➡voluntary contributions, which include salary sacrifice and other employer contributions you influence, personal tax-deductable and third-party (exc. spouse) contributions and non-concessional contributions
➡non-concessional contributions.

Use ATO online services to find out how much super you have based on what super funds report to the ATO.

Source and credit: ATO.gov.au

25/07/2026

Tax time can come around quickly when you’re busy running a growing business, but a little preparation now can make a big difference later.

Whether you lodge your own tax return or use a registered tax professional, there are things you can do now to get ready and avoid last-minute mistakes.

➡Set yourself up online
Online services for business is your central hub for managing tax and super online.

If you haven’t already, set up your access. You'll need to:

✔download and set up your myID, the Australian Government’s Digital ID app
✔link your myID to your ABN in Relationship Authorisation Manager (RAM).

Tip: Sole traders can engage through ATO online services through myGov or the ATO app. Signing in with myID gives you more secure and flexible access.

➡Declare all business income
Missed income is a common issue at tax time. Make sure you declare all your business income, including cash payments and non-monetary benefits like goods or services you receive for your work.

➡Know your losses
Knowing whether your losses are business losses or non-commercial losses can change how you report and carry them forward at tax time.

➡Separate business from personal expenses
If you’ve used business money for personal expenses, keep good records. Separating business and personal spending now can help prevent issues later.

➡Nominate your tax professional
If you’re using a tax professional, nominate them in Online services for business so they can access your information and act on your behalf without delays. Contact one of our team on (02) 6684 2502 for assistance.

For more visit the link below: https://www.ato.gov.au/businesses-and-organisations/small-business-newsroom/tax-time-tips-for-small-business-success

Source and credit: ATO.gov.au

18/07/2026

During July 2026, you’ll have multiple super payments due in the changeover to Payday Super. This includes final quarterly contributions as well as contributions due for each payday.

⏰ Final quarterly payment

Super for the quarter ending 30 June is due by 28 July.

Any payments made between 1 and 28 July will be allocated to outstanding quarterly amounts first, before being applied to payday periods.

If you miss the 28 July deadline you:
➡ must lodge a super guarantee (SG) statement by 28 August and pay the SGC for the June quarter
➡ can't claim late payment offset (LPO) to transfer these amounts to the quarterly super obligation.

⏰ Pay super for each payday

From 29 July 2026, super payments will only be allocated towards Payday Super amounts, even if you intended these to be made for outstanding quarterly amounts.

If you make a:
➡ payment in excess, it will be carried forward to the next payday
➡ late payment, it will automatically be applied to the earliest outstanding Payday Super amount.

To help you get it right, see How to manage super during the changeover https://www.ato.gov.au/businesses-and-organisations/super-for-employers/payday-super-how-to-manage-super-during-the-changeover

Source and credit: ATO.gov.au