August 2026 Newsletter
Contents:
- Small business tax deductions you can (and can’t) claim in 2026
- Payroll Tax Victoria: Rates and Due Dates
- ATO rule change to see ‘demise’ of popular tax break in months
- ‘Inexcusable’ worker’s death sparks record sentencing
- Announcements
Small business tax deductions you can (and can’t) claim in 2026
The tax changes that could save your business money? They’re often the ones you don’t have time to keep up with. For the 2025-26 financial year, there are a few shifts worth knowing about, from new compliance obligations to the instant asset write-off changes.
Payroll Tax Victoria: Rates and Due Dates
Understanding and correctly applying payroll tax in Victoria can be confusing, especially for time-poor business owners. But it’s one of the most important parts of your operations if you want to stay compliant and avoid penalties. Payroll tax is levied on Australian wages and varies between states and territories, making it even more essential to stay informed about the specific Victorian rules, thresholds, and filing requirements.
ATO rule change to see ‘demise’ of popular tax break in months
Aussie workers are being urged to consider upgrading their phones and laptops before a popular tax break disappears. The government has announced a range of changes to fringe benefits tax (FBT), and some experts say it may lead to the “demise” of salary packaging for work-related expenses.
‘Inexcusable’ worker’s death sparks record sentencing
Safety deficiencies identified within a Melbourne garlic bread manufacturer have led to a manslaughter conviction and the largest-ever fine under Victorian safety laws. Risham Nominees, the parent company of Centenary Bakehouse, was sentenced with a $3.4 million fine after earlier pleading guilty to a single charge of engaging in negligent conduct that led to the death of a worker who fell while conducting ceiling upgrades.
Announcements:
This month we wish a very happy birthday to Jenna, Phoebe & Paul!We also congratulate Paul (20), Jo (15) & Jenna (1) on reaching a significant work milestones this month!
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Important ATO Dates
| Lodgement Program | Date |
| STP Finalisation Report | 31/07/2026 |
| PAYG withholding payment summary annual report | 14/08/2026 |
| July monthly activity statements | 21/08/2026 |
| Final date for eligible monthly GST reporters to elect to report GST annually. | 21/08/2026 |
| TPAR – Taxable payments annual report (Building & Construction services; Cleaning services; Courier or Road freight; Information Technology; Security, Investigation or Surveillance services) | 28/08/2026 |
Other News
Keeping Up with Compliance: Australia’s New AML “Tranche 2” Laws
Recently Australia implemented major updates to its anti-financial crime laws. From 1 July 2026, the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) framework was expanded. Often referred to as “Tranche 2,” these new rules bring corporate service providers, lawyers, accountants, and real estate professionals into line with international standards already followed by banks and financial institutions. What does this mean? Under the new laws, providing specific corporate services, such as acting as a registered office or formal business address, is now classified as a “designated service.” This means firms like ours are legally required to perform enhanced Customer Due Diligence (CDD) and maintain updated documentation for all entities we support in this capacity. Designated Services Where Watts Price Accountants acts on your behalf in:- Buying, selling or transferring a company, trust or other legal arrangement.
- Forming a new company, trust or entity, or restructuring an existing one.
- Firm or nominee acts in a formal role (director, trustee, secretary or power of attorney) on behalf of the client.
- Client uses the firm’s address for their entity.
Small Business Super Clearing House has closed!
As the Small Business Superannuation Clearing House (SBSCH) prepares to permanently close on 30 June 2026, it is critical to ensure your business has a new superannuation clearing house solution in place to avoid payment disruptions. Transitioning to an alternative platform requires careful setup to maintain compliance with SuperStream and upcoming legislation. If you need guidance on selecting a suitable alternative for your business, please contact our team!Taxable Payments Annual Report (TPAR)
The Taxable payments reporting system applies to businesses that make payments to contractors for the following services:- building and construction
- cleaning
- courier or road freight
- information technology (IT)
- security, investigation or surveillance.
Xero Price Increase
From 1 July 2026, subscription prices for Xero plans are increasing in Australia.Business plan prices from 1 July 2026:
- Ignite plan increases to $37 per month
- Grow plan increases to $78 per month
- Comprehensive plan increases to $107 per month
- Ultimate 10 plan increases to $143 per month
- Ultimate 20 plan increases to $180 per month