Accurate Taxation Services

Happy Father's Day to all the dads, step-dads, grandads and father figures out there 💙 From our team at Accurate Taxation Services, we hope your day is filled with good company.

⏳ Most businesses have until 28 August to submit their Taxable Payments Annual Report — the same data now feeding contractor pre-fill. Reconciling that timing against your own records is exactly the kind of detail a registered tax agent tracks. Accurate Taxation Services works with contractors across these industries every Tax Time — reach out if you'd like an extra set of eyes on your return.
— General information only, not tax advice.

This year, the total amount of lost and ATO-held super has climbed to $21.2 billion, an increase of $2.3 billion since 2025.
Some of it may belong to you, pls contact us for help in locating or consolidating it.

📋 Good to know: ATO pre-fill only covers payments reported through the Taxable Payments Annual Report. Income from platforms, private invoices, or cash jobs outside that reporting isn't automatically captured — it still needs to be included in a return.
— General information only, not tax advice.

Big news for contractors and sole traders this Tax Time 👷 The ATO is rolling out expanded pre-fill for 2026 — around $21B in TPAR-reported payments will auto-populate eligible returns, covering approximately 700,000 sole traders across construction, freight, cleaning, IT and security. Less manual entry, fewer chances for error.
— General information only, not tax advice.

🔍 Must your NFP register for GST?
If your not-for-profit (NFP) organization runs an enterprise and your GST turnover reaches $150,000 or more, you must register within 21 days.

If your circumstances change and you no longer need to be registered, cancellation is possible. For non-NFPs, consult our GST registration guidelines.

💡 Consequences of not registering include mandatory registration, potential GST payments on past supplies, and possible penalties.

📍 GST responsibilities include:
- Paying GST on supplies and claiming GST credits
- Submitting business activity statements
- Issuing tax invoices within 28 days on request

🖋️ If not required to register but carrying on an enterprise, you may opt to register based on your needs.

Stay informed to ensure compliance and make the best decision for your organization! 💼

🚨 SMSF Property Borrowing Rules Are Changing – Effective 10 August 2026

If you're planning to purchase property through your Self-Managed Super Fund (SMSF) using a Limited Recourse Borrowing Arrangement (LRBA), this update is worth noting.

From 10 August 2026:
🏢 New LRBAs can only be used to acquire business real property.

“Small business can claim tax deductions for most business expenses.”
If you run a small business, understanding what you can and can’t claim matters. This content breaks down the essentials, including:
• The three golden rules for business tax deductions
• The three main groups of expenses
• Expenses you can deduct immediately
• Expenses you deduct over time
• Expenses you can never deduct
It also covers motor vehicle deductions and private use of business assets.

The ATO has officially moved from "education" to "enforcement" regarding under-reported income. Since July last year, 300 small businesses have faced audits, resulting in $$$ millions in penalties.