10 November 2025 to 14 November 2025
Weekly Bulletin Contents
TAX
Monday 17 November 2025
Update of ruling re Commissioner’s discretion to retain a refund
The ATO has updated PS LA 2011/22 Commissioner’s discretion to retain a refund to reflect the extended period within which the Commissioner must notify a taxpayer of a decision to retain an RBA surplus that arises under the BAS provisions, as enacted in Treasury Laws Amendment (Tax Incentives and Integrity) Act 2025. Also, Example 9 has been updated to reflect the reduced producer rebate cap of $350,000.
ATO: Statistics re downsizer contributions
The ATO has released downsizer contribution scheme data. Since it was introduced in July 2018 it has generated $25.3bn in contributions and some 15,800 downsizers have contributed $4.165bn to superannuation in 2024-25. The ATO also reminded homeowners that if you are 55 years or older at the time of making the contribution, you may be able to contribute up to $300,000 from the proceeds of the sale (or part sale) of your home into your super fund.
ABS: Personal income statistics for 2022-23 year
The Australian Bureau of Statistics (ABS) has released statistics on personal income for the 2022-23 year. Key statistics included: total personal income was $1.3 trillion; median personal income was $58,216, up 5.7% on 2021-22; employee income comprised 83.1% of total personal income; for most people (79.9%), employee income was the main source of income, down slightly from 80.1% in 2021-22; only 1.2% of people received superannuation income as their main source of income, down slightly from 1.3% in 2021-22; more people (11.8%) had investment income as the main source of income, compared with 11.3% in 2021-22; and less people (6.5%) had own business income as the main source of income (6.7% in 2021-22).
Tuesday 18 November 2025
Taxpayer Alert: deductions for donations of ‘barter credits’ transactions
The ATO has released Taxpayer Alert TA 2025/3 Arrangements to improperly access deductions for donations of ‘barter credits’. It explains the nature of such arrangements and says the ATO is actively reviewing these arrangements and are engaging with relevant taxpayers, barter exchanges and DGRs to ensure that all parties have correctly met their income tax obligations. The ATO also said that it is developing its technical position on the arrangements and will publish further guidance in due course.
Vic land tax: Land tax trust notification requirements
The ATO has released ruling Draft TAA-008v2 which explains the operation of the land tax trust notification requirements amended by the State Taxation Acts Amendment Act 2025 and the notification obligations under ss 33 and 34 of the Commercial and Industrial Property Tax Reform Act 2024 (CIPT Act). The amended notification requirements apply to trustees acquiring or disposing of trust land on or after 1 January 2026, while the notification obligations under the CIPT Act commenced on 1 July 2024. Comments due: 11 December 2025.
APRA: Changes to approval for owning or controlling an RSE licensee
APRA has released for consultation a draft instrument to exempt a specified class of persons from the change of ownership and control provisions of the Superannuation Industry (Supervision) Act 1993. The proposed exemption would remove the requirement for management employees and company secretaries with a direct controlling interest in an RSE licensee of less than 2% to apply to APRA before acquiring a controlling stake.
Wednesday 19 November 2025
Taxpayer Alert: deductions for donations of ‘barter credits’ transactions
The ATO has released Taxpayer Alert TA 2025/3 Arrangements to improperly access deductions for donations of ‘barter credits’. It explains the nature of such arrangements and says the ATO is actively reviewing these arrangements and are engaging with relevant taxpayers, barter exchanges and DGRs to ensure that all parties have correctly met their income tax obligations. The ATO also said that it is developing its technical position on the arrangements and will publish further guidance in due course.
Vic land tax: Land tax trust notification requirements
The ATO has released ruling Draft TAA-008v2 which explains the operation of the land tax trust notification requirements amended by the State Taxation Acts Amendment Act 2025 and the notification obligations under ss 33 and 34 of the Commercial and Industrial Property Tax Reform Act 2024 (CIPT Act). The amended notification requirements apply to trustees acquiring or disposing of trust land on or after 1 January 2026, while the notification obligations under the CIPT Act commenced on 1 July 2024. Comments due: 11 December 2025.
APRA: Changes to approval for owning or controlling an RSE licensee
APRA has released for consultation a draft instrument to exempt a specified class of persons from the change of ownership and control provisions of the Superannuation Industry (Supervision) Act 1993. The proposed exemption would remove the requirement for management employees and company secretaries with a direct controlling interest in an RSE licensee of less than 2% to apply to APRA before acquiring a controlling stake.
Thursday 20 November 2025
Senate committee recommends instant asset write-off Bill be passed
The Senate Economics Legislation Committee has recommended that the Treasury Laws Amendment (Strengthening Financial Systems and Other Measures) Bill 2025 be passed. Among other things, the Bill proposes to extend the $20,000 instant asset write‑off by 12 months until 30 June 2026. It will allow small businesses (with an aggregated annual turnover of less than $10m) to immediately deduct the full cost of eligible depreciating assets costing less than $20,000 that are first used or installed ready for use on or before 30 June 2026.
Addenda to GST-related Law Companion Rulings
The ATO has issued an Addenda to the following GST-related Law Companion Rulings (for various minor technical matters):
- LCR 2016/1A3 – Addendum – GST and carrying on an enterprise in the indirect tax zone (Australia)
- LCR 2018/1A1 – Addendum – GST on low value imported goods
- LCR 2018/2A1 – Addendum – GST on supplies made through electronic distribution platforms
LCR 2018/3A1 – Addendum – When is a redeliverer responsible for GST on a supply of low value imported goods?
Friday 21 November 2025
Update to Ruling re Electric vehicle home charging rate
The ATO has issued an update to PCG 2024/2 Electric vehicle home charging rate – calculating electricity costs when a vehicle is charged at an employee’s or individual’s home. The update includes a methodology in the Guideline to calculate the cost of electricity when a plug-in hybrid electric vehicle is charged at an employee’s or an individual’s home, expanding its application from applying to only electric vehicles. Taxpayers may choose to use the methodology outlined in the update to the Guideline on a year-by-year basis.
ATO reminder: No FBT if you provide private use of an electric car
The ATO has issued a reminder that employers do not pay FBT if they provide private use of an electric car that meets all the following conditions: the car is a zero or low emissions vehicle; the first time the car is both held and used is on or after 1 July 2022; the car is used by a current employee or their associates (such as family members); and Luxury car tax (LCT) has never been payable on the importation or sale of the car. Note that benefits provided under a salary packaging arrangement are included in the exemption. The ATO also said that the government will complete a review into this exemption by mid-2027 to consider electric car take-up.
APRA’s assessment of risks facing financial system
APRA has launched a new report on its assessment of risks and vulnerabilities facing the Australian financial system. Key insights from this first publication include: Risks to the Australian financial system from overseas are heightened, and the geopolitical environment is expected to remain volatile for some time. APRA said that while the system is well-placed to absorb potential shocks from overseas, this resilience could be eroded if institutions are not prepared for a wide range of scenarios.
SUPER & FINANCIAL SERVICES
Mulino outlines priorities for advice sector reform
At a recent conference, Minister for Financial Services Daniel Mulino stressed the importance of accessible, affordable and high quality financial advice amid falling adviser numbers and growing retirement complexity. He highlighted government work on education standards, Delivering Better Financial Outcomes reforms, responses to the Shield and First Guardian collapses, and pressures on the Compensation Scheme of Last Resort (CSLR).
CSLR initial levy estimate for FY2027
The CSLR has published its Initial Levy Estimate for FY2027. It has been calculated at $137.5m. These funds will facilitate the CSLR processing of 912 claims as outlined in the FY2027 initial estimate. As the expected amount for the personal financial advice sub-sector will exceed the $20m sub-sector cap, a revised estimate will be completed in June 2026. This revised estimate will allow for the CSLR to request a Special Levy for the FY2027 period after 1 July 2026. CSLR CEO, David Berry said that the rate and scale of firm failures aren’t slowing and that the number of impacted consumers continues to rise.
Conaghan attacks CSLR costs and regulatory failures
Shadow Minister for Financial Services Pat Conaghan told attendees at a recent conference that the CSLR is “fundamentally broken”, with the estimated levy in FY2027 placing unsustainable cost pressure on advice businesses while still failing many victims. He argued advisers are being unfairly blamed for collapses such as First Guardian and Shield, pointing instead to multiple parties in the product chain and to ASIC, which he says was warned about First Guardian in 2019 but acted too slowly. Conaghan questioned the value of more legislation, saying ASIC already has the tools it needs and should refocus on effective supervision and enforcement to better protect super investors.
Bad super options could cost retirees up to $205,000
New research from Super Consumers Australia warns that members invested in underperforming retirement-phase super options may lose between $57,000 and $205,000 in income over retirement. The analysis found that all options failing this year’s Government super performance test are also offered to retirees, yet the test does not currently apply to retirement products.
The report highlights several major funds are consistently offering underperforming retirement products, and notes that 74% of Australians support extending the performance test to retirement products, with 84% wanting greater transparency to compare performance. Advisers may wish to review clients’ retirement income products in light of this research and monitor potential regulatory changes to the performance regime.
Coalition warns against weakening super safeguards
Ted O’Brien, Shadow Treasurer, has warned the Government against loosening key safeguards in the superannuation system in response to concerns that funds may be missing high growth opportunities. He argues that the Your Future, Your Super performance test and fee disclosure rules have lifted standards, exposed chronic underperformance and improved member returns, and should not be wound back, even as funds pursue higher growth or start up investments.
The Coalition has signalled it will oppose any changes that could lower standards or weaken protections for members.
ATO: Statistics re downsizer contributions
The ATO has released downsizer contribution scheme data. Since it was introduced in July 2018 it has generated $25.3bn in contributions and some 15,800 downsizers have contributed $4.165bn to superannuation in 2024-25. The ATO also reminded homeowners that if you are 55 years or older at the time of making the contribution, you may be able to contribute up to $300,000 from the proceeds of the sale (or part sale) of your home into your super fund.
ATO reminds auditors to keep documentation up to standard
The ATO has reminded SMSF auditors to strengthen their audit documentation to meet the requirements of Auditing Standard ASA 230, warning that inadequate file notes remain one of the most common reasons auditors are referred to ASIC. ASA 230 requires sufficient detail for an experienced auditor with no prior involvement to understand the nature, timing and extent of procedures performed, the evidence obtained, significant matters identified and the conclusions and professional judgments reached.
Recent ATO reviews continue to uncover shortcomings including unexplained conclusions, tick-only checklists, vague comments such as “market value ok,” notes that misrepresent fund circumstances, and standardised wording repeated across multiple audits. The ATO stresses that auditors must meet these documentation standards to maintain registration under section 128F of the SIS Act, and directs practitioners to its guidance on providing SMSF audit documentation for examples of the evidence required.