October 2026 Newsletter
Contents:
- Prepare your business for card surcharge changes
- Top 10 things you need to know about the CGT changes
- Potential tax traps with running a businesses at home
- New workplace protection orders to help protect frontline workers
- Does my SMSF deed need updating given ongoing changes?
- What the new obligations surrounding automated decision-making mean
- Announcements
Prepare your business for card surcharge changes
From 1 October 2026, businesses will not be able to charge customers a surcharge for prepaid, debit or credit card payments made through eftpos, Mastercard, Visa or American Express. Until 30 September 2026, businesses must continue to follow the current card surcharge rules.
Top 10 things you need to know about the CGT changes
The most significant reforms to the taxation of capital gains in more than 25 years commence on 1 July 2027. The first tranche was enacted on 26 June 2026, in the Treasury Laws Amendment (Tax Reform No. 1) Act 2026 (Cth) (Tax Reform No. 1 Act). The second tranche exposure draft materials were released on 4 August 2026, with consultation closing on 21 August 2026.
Potential tax traps with running a businesses at home
Running a business from home can come with added complexities, including claims for the main residence exemption and determining how deductible expenses apply, cautions a tax partner.
Does my SMSF deed need updating given ongoing changes?
Failing to keep your SMSF deed up to date can lead to the SMSF failing to optimise tax and contribution concessions, unnecessarily restricting investment opportunities, and can result in funds being unable to function appropriately if a member loses capacity or dies.
New obligations surrounding automated decision-making
There are obligations regarding the use of automated decision making coming into force in December 2026. In this insight, these new obligations are broken down and discussed in practical terms to help businesses understand how to comply come December.
Announcements:
This month we wish a very happy birthday to Tony & Grant!|
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Important ATO Dates
| Lodgement Program | Date |
| September monthly activity statements | 21/10/2026 |
| PAYG instalment activity statement (Quarter 1) | 21/10/2026 |
| GST & PAYG instalment notices | 28/10/2026 |
| Annual TFN withholding activity statement for closely held trusts where the trustee withheld from beneficiary payments in 2025–26 | 28/10/2026 |
| NFP self-review return for non-charitable NFPs with an active ABN that self-assess as income tax exempt | 31/10/2026 |
Passing the Farm to the Next Generation Without a Tax Headache
If you’ve farmed in the Wimmera for any length of time, you’ve probably had the conversation — maybe over a cup of tea at the kitchen table, maybe in the ute on the way back from checking stock. Someone asks: “So what happens to the place when you’re ready to step back?”
It’s one of the biggest financial and emotional decisions a farming family makes, and it’s also one that too many families leave too late. We wanted to walk through what succession planning actually involves, why it matters more than most people realise, and what you can do now to make sure the farm passes on smoothly — without handing the next generation a tax bill that makes them regret saying yes.
Read more …
Other News
Director IDs: what’s changing from 1 July 2027
Since the director ID regime began, anyone becoming a company director has needed a director ID, but there has been no requirement to provide it to the companies they are a director of, or to ASIC. That is about to change. From 1 July 2027, ASIC will begin linking director IDs to the specific companies each person is a director of. The aim is to make the regime work as intended, because without that link, the benefits in tackling illegal phoenix activity couldn’t be realised. This applies to all companies, including corporate trustees of self-managed super funds.
In practical terms, new companies will need to provide director IDs to ASIC as part of registration from 1 July 2027. For existing companies, director IDs will need to be provided when a new director is appointed, when a director’s personal details are updated, or when someone stops being a director. Most importantly for existing companies, if a director’s ID hasn’t already been linked, they will have two weeks from the company’s annual review date to provide it to ASIC.
We recommend all directors locate their director ID now, or apply for one if they don’t yet have it, so there are no delays when your annual review comes around. If you’re unsure of your director ID or need help, please contact our office.