MaxMargin Accountants

Your Q1 BAS for this financial year is due 28 October. That is 81 days away. If you are self-employed, a sole trader, or running a small business, here is what you need to know right now.

The penalty unit just went up to $364 (indexed 1 July). A late BAS attracts one unit per 28 days, up to 5 units. That is $1,820 per overdue BAS. And GIC — the interest the ATO charges on outstanding amounts — is no longer tax-deductible.

The ATO's own advice: lodge on time even if you cannot pay. Then arrange a payment plan.

Need your BAS prepared and lodged properly? We are in Williams Landing. General information only — not personal tax advice. Come and talk to us about your situation.

Sources: ato.gov.au, Australian legislation

If you studied this year to maintain or improve your current job skills, the old $250 non-deductible threshold no longer exists. It was removed in July 2022, but plenty of taxpayers are still short-changing themselves because the old rule is still floating around online.

FEE-HELP = deductible at census date. HECS-HELP = never deductible. And if your course qualifies you for a brand new career rather than building your current one, it is not claimable.

General information only — sit down with us at Williams Landing and get the numbers right.

Sources: ato.gov.au (self-education expenses, updated June 2026), TR 2024/3

Happy Raksha Bandhan to everyone celebrating today. 🧡

A thread tied on the wrist, a promise to look out for each other, and a good excuse for the whole family to be in one room.

To all the brothers and sisters across Melbourne's west and beyond, we hope it is a lovely one.

From all of us at MaxMargin Accountants.

If you own a rental property, the ATO has your bond lodgment data. And your property manager's software data. And they are matching both against your tax return.

9 in 10 rental schedules contain errors, per the ATO's Random Enquiry Program. The most common ones: mixing repairs with improvements, getting loan-interest apportionment wrong, and claiming depreciation on second-hand assets that has not been available since 2017.

General information only. Come and talk to us at MaxMargin in Williams Landing if you want your rental deductions walked through properly.

Sources: ato.gov.au

Tax time is open, and the instinct is to lodge straight away and get it done. The ATO's own data says slow down.

In 2024-25 the ATO's data matching program adjusted more than 595,000 individual tax returns, and people who lodged before their pre-fill was ready were more than twice as likely to have their return amended (ATO, 22 June 2026). If you are a contractor or sole trader, most TPAR data only appears after 28 August, so lodging now can mean missing income you will have to fix later (ATO, 2 July 2026).

Waiting a few weeks is not procrastinating. It is accuracy.

Williams Landing, Point Cook, Tarneit, Werribee and Hoppers Crossing: if you would rather have it checked properly than done fast, we are here. General information only, not personal tax advice. Speak to us about your situation.

Sources: ato.gov.au

Big change for Melbourne-west business owners with staff: Payday Super has officially started.

From 1 July 2026, the ATO requires employers to pay superannuation guarantee on payday, not quarterly, and it needs to reach your team's super fund within 7 business days (Source: ato.gov.au). The Small Business Superannuation Clearing House has also closed, so if that was your go-to way of paying super, you'll need a new plan.

This is general information only, not personal advice, every business's cash flow looks different. Want to talk through what it means for yours? Reach out to the team at MaxMargin Accountants.

Most people think wealthy clients pay less tax because they cheat the system. The truth? They just plan earlier and smarter. 💡

At MaxMargin, we help everyday Australians and business owners think like the top 1% — legally and strategically.

👇 Drop "TAX PLAN" in the comments and we'll send you our free tax strategy checklist.

Book your free consultation at mmcpa.com.au