RWG News - September Edition

This month we look at several important developments and practical compliance issues affecting individuals, businesses, trusts and SMSF trustees.

The Government’s proposed 30% minimum tax on discretionary trusts could have significant implications for some family groups, particularly where trusts distribute income to companies, although the rules remain subject to consultation and aren’t final yet.

We also clear up some common misconceptions regarding deductions for travel expenses and overtime meal expenses in light of the ATO’s new 2026–27 travel and overtime meal allowance rates.

With the Commonwealth penalty unit increasing from 1 July 2026, we highlight how this change could increase the cost of late lodgements and other compliance mistakes.

Finally, we look at SMSF property valuations and related-party leases, and the importance of having appropriate evidence ready to support market values and arm’s-length rental arrangements during the annual audit.

For further reading, please review your own copy via our secure link here.

And as always, if there is anything we can assist with, please don’t hesitate to contact our friendly staff in the office on 07-5531-1288.

Thank you for your continued trust and support.