3 November 2025 to 7 November 2025
Weekly Bulletin Contents
TAX
Monday 3 November 2025
2025 Australian Financial Industry Award winners announced
A full house at The Fullerton Sydney last Friday as we crowned the 2025 Australian Financial Industry Award winners. Hundreds of practitioners, partners and media joined us to celebrate excellence across tax, accounting, superannuation and financial advice.
Headline winners
- Australian Financial Professional of the Year: Michael Driessen, GDA Financial Services
- Australian Financial Practice of the Year: TAG Financial Services
- Financial Adviser of the Year: William Johns, Health & Finance Integrated
- Accountant of the Year: Krishan Sharma, KNS Accountants
- Bookkeeper of the Year: Kathi Tait
- SMSF Auditor of the Year: Ben Lacey
View the full list of winners and finalists here
Thank you to our partners
- Premier Partner: moneyGPS
- Partners: AuditSave, Scientiam, Harvey Norman, The Auditors Institute, Listed, Bennelong, Entry Counts, Lifestyle Asset Management, Tech Femme Fusion, and Digital Chameleon.
ART has no power to issue summons for ATO inspection of premises
The ART has refused the Commissioner’s application under s 74 of the Administrative Review Tribunal Act 2024 to issue a summons to the taxpayer for permission to access its premises for the purpose of viewing certain facilities. The ART concluded that it did not have power to issue a summons on those terms as the purpose of a summons issued under s 74 was to allow a party to obtain, or have access to, evidence either through the production of a document or thing, or by requiring a person to appear before the Tribunal to give evidence – but it did not permit the Commissioner to access private premises. The ART likewise dismissed the Commissioner’s application under s79 of the Act for the same reasons. (DefendTex Pty Ltd and FCT [2025] ARTA 2287, 29 October 2025).
GST attribution rules: Draft legislative instruments
Draft legislative instruments have been made to continue GST attribution rules for certain supplies in respect of prior instruments that are due to sunset on 1 April 2026, as follows:
- Draft LI 2025/D19 applies to the supply of motor vehicles made by motor dealers who receive an incentive payment from a motor vehicle manufacturer, distributor etc so the GST payable is attributable to the tax period in which: (a) the dealer receives a motor vehicle incentive payment, or issues an invoice for an incentive payment; (b) the total consideration for the supply in the earlier tax period is not known, and (c) title of the supply will only occur at the end of the earlier tax period.
- Draft LI 2025/D20 applies to certain telecommunication supplies made by a telecommunications provider so that the GST payable in relation to those supplies is attributable to the earlier of the tax period in which (a) the invoice is issued or an invoice would have been issued had the prepayment not been made; and (b) the supplier does not account on a cash basis.
- Draft LI 2025/D21 applies to certain supplies of electricity distribution where the supplier does not account on a cash basis and the billing agent issues an invoice for the supply, so that the GST payable in relation to those supplies are attributable to the tax period in which the supplier can work out the total consideration on those supplies (including any adjustments).
PAYG withholding variation for insurance and compensation payments
The ATO has issued Draft LI 2025/D18 Taxation Administration (PAYG Withholding Variation for Certain Insurance and Compensation Payments When an ABN is not Quoted) Legislative Instrument 2026. It varies to nil the PAYG amount the amount an insurance payer must withhold from various insurance and compensation payments where the payee has not quoted the ABN where the payments that are made by (a) an insurer in settlement of a claim under a policy; (b) an entity operating a statutory compensation scheme in settlement of a claim; or (c) an entity operating a compulsory third party scheme in settlement of a claim. Comments due: 28 November 2025.
Wednesday 5 November 2025
Same payday super Bill passes Parliament
The Treasury Laws Amendment (Payday Superannuation) Bill 2025 has passed Parliament and awaits Royal Assent. The Bill amends the Superannuation Guarantee (Administration) Act 1992 to require employers to make superannuation contributions for their employees at the same time as they pay their salary or wages. See also Treasurer’s media release, here.
Draft instrument: GST and frequency of fund-raising events
The ATO has released Draft LI 2025/D22 Draft A New Tax System (Goods and Services Tax) (Frequency of Fund-raising Events) Determination 2026v. It allows an endorsed charity, a gift-deductible entity or a government school to treat all supplies it makes in relation to a fund-raising event as being input taxed where it holds 15 or fewer like or similar fund-fundraising events in a prescribed accounting year. Comments due: 28 November 2025.
Draft GST Ruling: Supplies of infant formula products
The ATO has released Draft GSTD 2025/D1Goods and services tax: supplies of formula products. It explains the ATO’s view on when the supply of a formula product is GST-free under s 38-2 of the GST Act. It provides formula products will be GST-free as beverages or ingredients for beverages of a kind marketed principally as food for infants.
TPB’s 2024–25 Annual Report
The Tax Practitioners Board (TPB) has released its 2024–25 Annual Report. The TPB said the key highlights of the year were: implementing reforms following the 2019 review into the TPB and the Tax Agent Services Act 2009; and, dealing with the Governments response to the PwC tax leaks scandal, and accompanying recommendations.
Thursday 6 November 2025
Draft update to GST ruling – commercial residential premises
The ATO has released a draft update to GSTR 2012/6 Goods and services tax: commercial residential premises. It proposes amendments to clarify how the GST law applies to modern build-to-rent developments. The proposed changes build on existing principles to provide taxpayers with greater certainty around the practical application of the law and the ATO’s view in this context. In particular, the draft update will assist taxpayers in determining whether their premises should be classified as ‘residential premises’ or ‘commercial residential premises’ for GST purposes. The issues addressed in this update are relevant to those involved in build-to-rent developments, including builders, developers, investors, and suppliers of residential premises. Comments due: 19 December 2025.
ATO Wealth Program: serious consequence for false claims
The ATO has issued a warning that investigations by its Wealth Program and the Tax Practitioners Board (TPB) have demonstrated how tax adviser misconduct – even in their own affairs – can result in exposure to financial and reputational risk. For example, it said it welcomed recent action taken by the TPB to terminate a tax agent’s registration after uncovering serious misconduct. The deregistration followed an ATO Wealth Program examination and subsequent TPB investigation. This uncovered an altered receipt for falsely claiming a personal tax deduction, false rental claims and failure to submit tax returns and business activity statements. The ATO said the Wealth Program examines privately owned and wealthy groups, and their advisers, who are deliberately and persistently avoiding tax obligations.
Draft Legislative instrument – wine tax rebate for NZ producers
The ATO has made draft Legislative Instrument LI 2025/D23. It provides that eligible New Zealand participants (ie wine producers) may make a claim under s 17-10(2A) of the A New Tax System (Wine Equalisation Tax) Act 1999 for a wine tax credit for rebatable wine at any time within 4 years after the time when the wine tax credit arises – but only if the participant was entitled to a producer rebate for the wine under s 19-5(2) of the Act. It will make it easier for New Zealand wine producers that are not registered for Australian GST to claim their wine tax credits. Note: It replaces the Wine Equalisation Tax New Zealand Producer Rebate Claim Lodgment Determination (No. 34) 2016 which sunsets on 1 April 2026.
Friday 7 November 2025
ASIC: Poor financial advice puts savings at risk
ASIC has warned that poor financial advice related to the establishment of SMSFs could be putting some Australians’ retirement savings at risk. ASIC’s risk-based review of 100 financial advice files relating to the establishment of SMSFs has identified concerns that 62 files failed to demonstrate compliance with the “best interests duty”, with over a quarter raising significant concerns about client detriment relating to recommendations to set up an SMSF. Only a third of advice files demonstrated compliance with the longstanding obligation for advisers to act in clients’ best interests. ASIC said people often set up an SMSF because they think it will give them more control over their retirement savings, but they aren’t suitable for everyone and SMSF trustees should be aware of the associated costs and risks.
ATO: AGMs for NFPs – a good time to check tax and super affairs
The ATO has advised that if you are preparing to hold your not-for-profit’s (NFP) AGM before the end of the year, it’s a good time to review your NFP’s activities and make plans if something is amiss. This includes checking if all your NFP’s tax and super affairs are in order, and all your contact details and permissions are current. The ATO also said that the NFP tax, super and registry responsibilities checklist is available to help all NFPs prepare for their next AGM.
SUPER & FINANCIAL SERVICES
Payday super now law
Payday Super reforms has received Royal Assent and is now law. The new legislation will change the superannuation guarantee (SG) payment frequency from quarterly to payday-based contributions from 1 July 2026.
Employers will need to pay SG in line with each pay run, with contributions required to be received by the member’s fund within 7 business days (extended to 20 business days in limited cases). The package also replaces SG statements with voluntary disclosure statements and introduces a new late-payment administrative penalty of 25% (50% for certain repeat cases).
Employers urged to prepare for SBSCH closure
The ATO has reminded employers that the Small Business Superannuation Clearing House (SBSCH) will close permanently on 1 July 2026 and is urging users to start planning now for alternative arrangements. Businesses currently using the SBSCH to process employee super payments should act early to transition to another provider to avoid disruption and the risk of late SG payments. Employers are urged to check if their existing payroll or accounting software already includes super payment functionality, otherwise they should look for options from super funds or digital service providers offering payroll services, software or commercial clearing houses. Early action will help businesses manage cash flow, meet SG obligations on time, and avoid compliance issues once the SBSCH closes.
ASIC suggests cooling-off period to curb super-switching scandals
ASIC has suggested a short “cooling‑off” period before switching super. ASIC chair Joe Longo told the National Press Club that a delay could blunt the “industrialised” sales tactics relating to super‑switching scandals.
Institute of Financial Professionals Australia (IFPA) comment
Moving into an SMSF is already slow. This is in part due to the identity checks, registration reviews and compliance steps built into existing rules. Adding a blanket cooling‑off period would, in many cases, slow what’s already slow, while creating fresh tensions with standards designed to move legitimate rollovers promptly.
ASIC: Poor financial advice puts savings at risk
ASIC has warned that poor financial advice related to the establishment of SMSFs could be putting some Australians’ retirement savings at risk. ASIC’s risk-based review of 100 financial advice files relating to the establishment of SMSFs has identified concerns that 62 files failed to demonstrate compliance with the “best interests duty”, with over a quarter raising significant concerns about client detriment relating to recommendations to set up an SMSF. Only a third of advice files demonstrated compliance with the longstanding obligation for advisers to act in clients’ best interests. ASIC said people often set up an SMSF because they think it will give them more control over their retirement savings, but they aren’t suitable for everyone and SMSF trustees should be aware of the associated costs and risks.
Bill to allow couples to share super balances
The Superannuation Legislation Amendment (Tackling the Gender Super Gap) Bill 2025 is being debated in the Senate. The Bill proposes to let couples voluntarily even out their super balances. If enacted the legislation would allow higher-balance partners to roll over amounts to their spouse up to a new “spousal redistribution limit”, ensuring the receiving partner’s balance does not exceed the general transfer balance cap. If passed, the amendments commence the day after receiving Royal Assent.
IFPA comment
Giving members the option to share their super with their spouse would be a practical measure to help address the gender superannuation gap. However, as an opposition private senator’s bill, such bills rarely pass without government backing. The Government hasn’t endorsed it and is focused on its own super agenda.