Tax Insights

Key dates at a glance

Mark these in your calendar. If you lodge through a registered tax or BAS agent, you may get extra time – ask us about your due dates.

• 28 Oct Quarter 1 BAS (July–September) due
• 31 Oct Lodge your own tax return, or be on a registered tax agent’s books by this date to access a later due date
• 28 Feb Quarter 2 BAS (October–December) due
• 28 Apr Quarter 3 BAS (January–March) due
• 28 Jul Quarter 4 BAS (April–June) due

Source: ATO – Due dates for lodging and paying your BAS

Claiming work-related deductions

The ATO’s three golden rules for any work-related expense:

• You must have spent the money yourself and not been reimbursed.
• The expense must directly relate to earning your income.
• You must have a record to prove it – usually a receipt.

Avoid copying last year’s claims – your work and your expenses can change from year to year.

Source: ATO – Claiming deductions

Keeping good records

Keep most tax records for 5 years – generally from when you prepared or obtained the record, or completed the transaction, whichever is later. Companies must keep records for 7 years under ASIC rules.

Digital copies are fine. A simple folder for receipts, invoices and statements makes tax time much easier.

Source: ATO – Record-keeping rules for business

Personal tax cuts

The tax rate on taxable income between $18,201 and $45,000 fell from 16% to 15% on 1 July 2026. It is legislated to fall again to 14% from 1 July 2027.

Small business: instant asset write-off

Small businesses with an aggregated turnover under $10 million can immediately deduct eligible assets costing less than $20,000. This threshold is now permanent from 1 July 2026.

Source: ATO – $20,000 instant asset write-off

Employers: Payday Super

From 1 July 2026, employers must pay super at the same time as wages. Contributions must reach the employee’s fund within 7 business days of payday (20 business days for a new employee’s first contribution). The super guarantee rate is 12%.

Source: Fair Work Ombudsman – Payday Super

Choosing a tax agent

If you pay someone to prepare your tax return, make sure they are registered with the Tax Practitioners Board (TPB). You can check any practitioner on the TPB public register. Fair Taxation & Accounting is a registered tax and BAS agent.

Source: Tax Practitioners Board – Public register