Gavin Ma & Co Accountants

For the 2026–27 income year, the ATO’s reasonable overtime meal allowance is: $40 per overtime meal. https://www.gavinmaandco.com.au/reasonable-travel-and-overtime-meal-allowance-rates-for-2026-27/

ASIC’s improved companies register search service (Public Beta) makes it easier to search for companies and access key information through a clearer company profile view

service.asic.gov.au

A new SMS Sender ID Register is coming from 1 July 2026. If your business uses branded SMS, make sure you’re set up through your telco or messaging provider to stay compliant.

The $20,000 Instant asset write-off will be permanent from 1 July 2026. Small businesses with turnover up to $10 million will be able to immediately deduct eligible assets costing less than $20,000.

Loss carry back is returning from 1 July 2026. Eligible companies can offset losses against earlier profits and claim a tax refund, giving a much-needed cash flow boost during challenging periods.

National Minimum Wage increaseThe National Minimum Wage is increasing by 4.75%, bringing the new rate to $26.44 per hour, or $1,005 per week. Make sure you’re ready to apply the updated pay rates from your first full pay period in July.

The cents per kilometre rate for work-related car expense deductions is 91 cents per kilometre for the 2026–27 income year.

Home office rent and expense not deductible – ATO wins appeal

The ATO has successfully appealed to the Full Federal Court against a decision allowing a taxpayer who was required to work partly from home because of Covid restrictions deductions for a portion of his rent and car expenses:

Rent - the Court concluded that the essential character of the rent was an outgoing paid to "secure and maintain residential premises as a home".

Car expenses - the Court said the taxpayer ceased income producing activities when he stopped performing work at home and commenced different income producing activities upon starting work at the Southbank Studios. Similarly, the return journey was travelling home after income producing activities had ceased. Accordingly, the taxpayer was not performing either his digital role or his live role, or any aspect of his employment, while driving. (FCT v Hall [2026] FCAFC 43, Full Fed Ct, Thawley, McElwaine and Wheatley JJ.)

Treasury has released the draft legislation and explanatory materials to introduce the $1,000 instant tax deduction for Australian tax residents who earn income from work, starting 1 July 2026 for consultation.

The Treasurer has advised that the governments of Australia and Canada will prioritise the modernisation of the two countries DTA to support investment, including for Australia's super and pension funds.