31 August 2026 to 4 September 2026
Weekly Bulletin Contents
TAX
MONDAY 31 august 2026
Full Court: No grounds for further remission of GIC
The Full Federal Court has unanimously dismissed the taxpayer’s appeal from the decision in EMH IV Pty Ltd as trustee for the EMH IV Family Trust v FCT [2025] FCA 1429. In that case the Court dismissed the taxpayer’s appeal against the ATO’s decision to refuse to further remit GIC that accrued in relation to the one-month late lodgment of its 2015 return, and the resulting failure to pay the tax liability on time. (The Commissioner had already remitted the GIC by $4.4m.) On appeal to the Full Court, the taxpayer raised a number of grounds, including that the Commissioner had misconstrued the operation of the relevant Tax-agent Lodgment Program in relation to what day the taxpayer was required to lodge its 2015 Return and that the tax agent was eligible for the relevant lodgment concession. However, the Full court found none of the grounds were made out and therefore upheld the decision at first instance. (EMH IV Pty Ltd as trustee for the EMH IV Family Trust v FCT [2026] FCAFC 112, 28 August 2026)
ATO: Super for sportspeople, performers, film makers and related activities
The ATO has issued a reminder that if you pay a sportsperson, performer, musician, film maker, or an individual involved in similar or related activities, you may need to pay them super. The ATO also issued information on the following matters: super obligations for certain payments; when you don’t have to pay super; performers; required support services for the performance; filming or broadcasting; engaging performers or service providers directly; calculating the portion of a performer or support service provider’s payment; engaging performers or service providers through an intermediary; performers sharing revenue; and how to pay super.
APRA releases 2026 super performance test results
APRA has released the results of the 2026 superannuation performance test. The annual test, which has been administered by APRA since 2021, assesses the long-term performance of superannuation products to improve member outcomes and enhance transparency. The performance test continues to identify underperforming products and drive accountability within the sector. APRA evaluated 547 products across the superannuation sector and, among other things, found that out of 50 MySuper products tested, 1 product offered failed the test.
tuesday 1 september 2026
ATO: Share transactions data-matching program amended
The ATO has advised that its “Share transactions data-matching program” has been amended from the original version published in 2018 to align with existing business practices, including detailing the impact the revocation of GDA 24 has on the ATO’s ability to retain the data beyond the stated retention periods, where a business need exists. The ATO said it is not continuing to acquire details of share transactions under this program (in which data was acquired for the period 20 September 1985 to 30 June 2018 from ASIC and Australian share registries).
Tax Ombudsman 2027-30 Corporate Plan
The Tax Ombudsman has published its 2027–30 Corporate Plan. Its plan will focus on 3 key strategic objectives: improving the customer experience – by making its service to complainants more visible, accessible, easy to use and efficient; enhancing its impact and influence – by expanding how it examines and reports on systemic issues or failings in the system, and sharpening the accountability of the agencies we scrutinise; and pursuing organisational excellence – by simplifying, codifying and continuously improving its internal processes and systems and by investing in new technology to drive innovation and efficiency.
APRA Quarterly Superannuation Performance publication
APRA has released its Quarterly Superannuation Performance publication report for the June 2026 quarter. Total superannuation assets increased by 6.6% over the quarter to $4.8 trillion as at June 2026, of which $3.4 trillion was in APRA-regulated funds. Total contributions increased by 12.8% to $236.3 billion in the year ending in June 2026. Employer contributions increased by 9.5% over the year to $164.4 billion. Member contributions increased by 21% over the year to $71.9 billion.
wednesday 2 september 2026
Tax Ombudsman review of administration of Director Penalty Notices
The Tax Ombudsman has announced that it is a conducting a review into the ATO’s administration of Director Penalty Notices (DPN). The review will assess whether the ATO’s administration of DPNs is fair, effective and has appropriate safeguards. This includes being responsive to the circumstances of affected directors when administering the director penalty regime. The Ombudsman will also have a particular focus on how the ATO identifies and responds to vulnerability-related issues such as coerced directorships. Specifically, the review will examine whether before, during and after issuing a DPN the ATO’s communications to current and former directors provides adequate and timely information about their obligations, the director penalty, underlying tax debt and actions that they may take. Submissions due by 29 September 2026.
Tax Ombudsman review of “tax pain points”
The Tax Ombudsman is calling for community feedback on the tax and super administration issues they most want to put under the microscope over the next 12 months. The Tax Ombudsman’s draft work plan sets out 10 possible tax administration issues for systemic review. These include: ATO’s administration of release from tax debts; the Tax Practitioners Board management of complaints and alleged breaches of the Tax Agent Services Act 2009; the ATO’s consultation arrangements; the ATO’s administration of early release of superannuation on compassionate grounds; ATO’s management of deceased estates; and the ATO’s administration of the first home super saver scheme. Comments due by 29 September 2026.
Board of Taxation’s 2025–26 annual report
The Board of Taxation has released its 2025–26 annual report. Among other things, the report refers to the Board’s activities during the year including: the redesign of the Voluntary Tax Transparency Code; its report on Red Tape Reduction Review; and its “important role as a trusted advisor to Government, Treasury and the ATO, contributing informed perspectives across its work program”.
Super determination withdrawn
The ATO has withdrawn SGD 96/2: Superannuation guarantee: how can an employer work out the value of the labour component of a contract that is wholly or principally for a person’s labour under subsection 12(3) of the Superannuation Guarantee (Administration) Act 1992? It has been withdrawn as it incorporates revisions made since original publication.
thusday 3 september 2026
ATO: Reinforcing PAYG instalment obligations
The ATO has advised that it is contacting taxpayers who have varied their PAYG instalments to nil for multiple years, with information about their obligations – and also to remind them the general interest charge (GIC) may apply, where PAYG instalments have been significantly understated. The ATO also said that when varying instalments for clients, ensure estimates are based on information that is reasonable, current and can be substantiated. Where circumstances change, they should review and update variations as needed.
Application for extension of time to appeal dismissed
A taxpayer’s application to extend the time for applying for leave to appeal has been unsuccessful. The substantive matter related to deductions for amounts of capital works under Div 43 associated with construction of a commercial building. In dismissing the application, the Court said that the absence of any substantial injustice if leave were refused and/or the lack of merit in any of the proposed grounds of appeal means that an application for leave to appeal had no realistic prospects of success. (Skycorp Investments Pty Ltd v FCT [2026] FCA 1285, 2 September 2026)
APRA and ASIC commence consultation on FAR streamlining
Both APRA and ASIC have advised that they have commenced consultation on proposed changes to streamline aspects of the Financial Accountability Regime (FAR). The proposals include removing key functions requirements from the FAR regulator rules and no longer requiring information on accountable persons’ direct reports in accountability maps. These changes are intended to reduce regulatory burden for entities, while ensuring regulators have the information they require to oversee the regime. APRA and ASIC estimate the changes will reduce reporting for all accountable entities and approximately 4500 accountable people.
friday 4 september 2026
Draft legislation released for min 30% tax on discretionary trusts
The Government has released draft legislation to implement the core components of the minimum tax on discretionary trusts announced in the 2026-27 Budget. The Government said that the draft legislation builds on the consultation paper released in July and includes expanded options to limit or eliminate restructuring costs for small businesses and others using discretionary trusts. This includes a new option for discretionary trusts to be exempt from the minimum tax if they elect to make fixed distributions to pre-nominated beneficiaries, as an alternative to roll-over relief. The election would not require a restructure and is not expected to result in state and territory stamp duties.
Specifically, the Government is seeking feedback on the following matters: how the minimum tax will work; excluded types of trusts and income; the definition of fixed trust; how income tax-exempt entities will be treated; roll-over relief; the new electable regime for exclusion from the minimum tax; and, treatment of excess franking credits.
Submissions due by 18 September 2026. See Treasurer’s accompanying media release, here.
Draft ruling: Payday super guidance – meaning of “qualifying earnings”
The ATO has released Draft Superannuation Guarantee Determination SGD 2026/D1 Superannuation guarantee: working out the payments in respect of a person’s labour under a contract referred to in subsection 12(3) of the Superannuation Guarantee (Administration) Act 1992. It sets out the ATO’s view, for the purposes of paragraph 10A(1)(d) of the Superannuation Guarantee (Administration) Act 1992, the meaning of “qualifying earnings”. Broadly, it provides the phrase “all payments under a contract” and the phrase “in respect of the person’s labour under the contract” take on their ordinary meaning. Comments due 2 October 2026.
GST rulings updates – retirement villages
The ATO has updated the following GST Rulings:
- addendum to GSTR 2007/1 Goods and services tax: when retirement village premises include communal facilities for use by the residents of the premises. It gives effect to changes introduced by the Aged Care and Other Legislation Amendment Act 2025, which commenced on 1 November 2025. For these purposes, the addendum updates the definition of ‘retirement village’ and its date of effect (from 1 November 2025). The addendum also omits industry views on the meaning of ‘communal facility’.
a draft Consolidation of GSTR 2012/3: Goods and services tax: GST treatment of care services and accommodation in retirement villages and privately funded nursing homes and hostels. It explains when care services and accommodation provided to residents in privately funded nursing homes, aged care hostels or serviced apartments in retirement villages are GST-free under ss38-25(3), 38-25(4) and 38-25(4A) of the GST Act 1999. Comments due by 16 October 2026.
SUPER & FINANCIAL SERVICES
ASIC issues professional year FAQs
New entrants training to become financial advisers must complete a professional year before they can give personal advice on their own. ASIC published Information Sheet 297 FAQs: Professional Year on 24 August 2026, written for candidates, supervisors and responsible licensees. It answers 29 questions covering:
- the professional year plan
- work activities and structured training in each quarter
- completion certificates
- acceleration through the first two quarters
record keeping
Centrelink rates updated from 20 September 2026
Social security rates and thresholds have been indexed from 20 September 2026. The update covers Pensions (including the Age Pension), JobSeeker, Parenting Payment, Youth Allowance, ABSTUDY, rent assistance, and the income and assets test limits.
Age Pension maximum rates are set out below.
Component | Previous | 20 Sep 2026 | Increase |
Single (resident) | |||
Basic rate | $1,100.30 | $1,135.40 | $35.10 |
Pension Supplement | $86.50 | $88.20 | $1.70 |
Energy Supplement | $14.10 | $14.10 | Nil |
Total | $1,200.90 | $1,237.70 | $36.80 |
Partnered, each (resident) | |||
Basic rate | $829.40 | $855.90 | $26.50 |
Pension Supplement | $65.20 | $66.50 | $1.30 |
Energy Supplement | $10.60 | $10.60 | Nil |
Total | $905.20 | $933.00 | $27.80 |
Twelve products fail APRA’s 2026 performance test
APRA has released the results of the 2026 superannuation performance test. The annual test, which has been administered by APRA since 2021, assesses the long-term performance of superannuation products to improve member outcomes and enhance transparency. The performance test continues to identify underperforming products and drive accountability within the sector. Twelve of the 547 products assessed failed. Platform trustee directed products accounted for 11 of the failures out of 141 assessed. Out of 50 MySuper products tested, 1 product offered failed the test.