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Penalty Units Increase from 1 July 2026
By WSC Group | Created on October 26, 2026
The Commonwealth penalty unit rose from $330 to $364 on 1 July 2026, lifting many ATO penalties — including late lodgement, false or misleading statements and SMSF breaches. Here's where the increase is likely to be felt.
Reviewing Your Fund's Investment Strategy
By WSC Group | Created on October 26, 2026
SMSF trustees must formulate and regularly review an investment strategy — in practice, at least annually. Here's what to consider and document, and why the drawdown phase changes everything.
Discretionary Trusts and the Proposed 30% Minimum Tax
By WSC Group | Created on October 26, 2026
From 1 July 2028, trustees of discretionary trusts would generally pay a minimum 30% tax on the trust's taxable income under a proposal announced in the 2026–27 Federal Budget. Here's how it is expected to work, which trusts are excluded, and what family groups should consider now.
Travel Records Under the Microscope
By WSC Group | Created on October 26, 2026
The ATO's latest passenger movements data-matching program covers around 115,000 individuals a year from 2026–27. Accurate travel records are increasingly valuable for supporting your tax residency position.
SMSF and Property – Preparing for a Smooth Audit
By WSC Group | Created on October 26, 2026
SMSF assets must be valued at 30 June every year, and property is often the hardest to support. Here's the evidence your auditor will expect, including for related-party leases and business real property.
New Reasonable Travel and Overtime Meal Rates
By WSC Group | Created on October 26, 2026
The ATO has released its 2026–27 reasonable travel and overtime meal allowance rates in TD 2026/4, with the overtime meal allowance now $40.00. The rates are not an automatic deduction — here's how the rules actually work.
“Widow Tax” Fixed
By WSC Group | Created on October 26, 2026
Parliament has closed the 'widow tax' loophole in the 2026 negative gearing reforms, protecting surviving spouses and former partners who inherit a rental property interest. A related fix also covers former main residences first rented out.
$21 Billion in Lost Super Is Waiting
By WSC Group | Created on October 26, 2026
More than $21 billion in lost and unclaimed super is sitting with funds and the ATO, with the average lost account holding around $41,000. Here's how to check in five minutes — and what to watch before you consolidate.
High Court Brings Greater Clarity on Trust Distributions
By WSC Group | Created on August 13, 2026
In Commissioner of Taxation v Bendel [2026] HCA 18, the High Court rejected the ATO's long-standing view that an unpaid distribution owed by a trust to a corporate beneficiary automatically constitutes a loan under Division 7A.
Changes to Self Managed Super Fund (SMSF) borrowing rules
By WSC Group | Created on August 13, 2026
From 26 June 2026, where an SMSF borrows under a limited recourse borrowing arrangement to purchase property, that property must meet the business real property definition. A 45 day transitional period finishes on 10 August 2026.
