by Ariful | Oct 12, 2026 | Banking
TITLE: SME Banking Goes Global: New Multi-Currency Accounts, Instant Payments and What They Mean for Your Tax Records
SME banking is becoming more international and more automated. This week’s launches bring new options for holding foreign currency, making cross-border payments and keeping financial records up to date. The practical challenge is making sure faster money movement still produces complete, reliable records for tax and year-end reporting.
Get more choice for holding and moving money internationally
UK SMEs now have more ways to manage foreign-currency balances and overseas payments. Flagstone has expanded its cash platform to include USD and EUR business savings accounts, allowing eligible UK businesses to hold and earn interest on those balances without moving money offshore. Check the account provider, access terms and protection arrangements before depositing funds. Flagstone operates as a platform, so understand which partner institution holds each deposit and what protections apply.
OakNorth’s partnership with Wise Platform brings international payments into its business banking experience. The service is designed to support payments in more than 20 currencies, with local payment rails in relevant markets. Wise says 77% of payments are delivered in under 20 seconds, although speed can vary by destination, payment route and checks.
Other launches show the broad reach of this trend. Revolut Business introduced a startup-focused proposition covering 25-plus currencies across four pricing tiers. Yellow Card launched global business accounts for companies operating across borders in Africa, while Lumepay entered Kenya with multi-currency accounts and local settlement options. In Canada, Tangerine Business launched services for entrepreneurs. Ecobank also agreed to join China’s CIPS network for direct yuan settlement.
These services can reduce friction, but they are not interchangeable. A savings account, a payment account and a payment platform may have different access, protection, settlement and reporting terms. Compare the service against how your business actually receives, holds and spends money.
Prepare now for changing payment and reporting rules
Some developments are relevant now; others are signals to start planning.
India: New RBI trade rules took effect on 1 October. They include reporting requirements for service exports, but the RBI clarified that individuals providing services abroad for personal purposes are not required to be reported. For amounts up to ₹10 lakh per bill, a self-declaration can be used instead of an uploaded invoice. The exporter provides information to their authorised dealer or bank; the bank or intermediary handles portal reporting. Check the RBI’s October press conference transcript and confirm how the rules apply to your entity and transactions.
UK cryptoassets and stablecoins: The FCA’s application period for firms seeking authorisation, or a variation of existing permissions, opened on 30 September 2026 and closes on 28 February 2027. The new regime is scheduled to begin on 25 October 2027. Firms in scope should identify the relevant regulated activities and prepare well ahead of the deadline. See the FCA’s gateway guidance. Payments-specific stablecoin regulation is not expected before 2029, so do not treat the broader regime as a complete payments rulebook.
Open finance: The FCA’s October PRISM Taskforce report sets out a framework for assessing open-finance use cases, including the dependencies, evidence and risks involved. SME lending is a priority use case. A discussion paper on the first open-finance scheme is expected in early 2027. This is not a new reporting obligation for SMEs, but better permissioned financial data could shape future lending processes. Read the PRISM outcomes report.
EU and France: Under the EU’s VAT in the Digital Age package, digital reporting requirements for cross-border B2B transactions are due from 1 July 2030. France is moving sooner: businesses must be able to receive e-invoices from September 2026, while SME and micro-enterprise issuance is scheduled from 1 September 2027. National approaches may differ, so businesses trading across Europe should prepare their invoice data and systems rather than assume one country’s process applies everywhere. The European Commission’s ViDA overview sets out the EU timeline.
Canada and the US: Canada’s Real-Time Rail is scheduled to launch in Q4 2026 with a phased onboarding of participants. The initial transaction cap is expected to be C$100,000, though a bank or provider may set a lower customer limit. Follow Payments Canada’s launch updates. In the US, FedNow is already live, with a $10 million network transaction maximum. Federal Reserve work on possible cross-border arrangements remains under consideration; it does not mean FedNow cross-border payments are already available.
AI ledgers could speed up bookkeeping, but keep controls
Several product launches this week point to a shift from periodic bookkeeping towards more continuous finance operations.
Briefcase launched an AI-native general ledger on 5 October, with automated reconciliation, VAT and Making Tax Digital filing, and an MCP server for agentic workflows. Mercury has added a free AI-powered ledger to its banking product through the end of 2026. Hal launched an “AI finance co-founder” focused on real-time cash-basis financial health, while Monesize Books introduced automated transaction categorisation and an MCP interface for AI agents. Computis raised €2 million in pre-seed funding to develop SME accounting automation.
Automation can reduce repetitive work, but it does not remove the need for oversight. Before relying on any AI bookkeeping tool, check how it handles exceptions, approval rights, audit trails, data access and corrections. Make sure you can export records and retain evidence of VAT calculations and submitted returns.
Keep compliance attached to every new account
A multi-currency business account can simplify payments, but it also adds bookkeeping work. Each foreign-currency receipt, payment and closing balance needs a clear record. Exchange-rate movements may create realised or unrealised gains and losses, and the transaction’s VAT or GST treatment still depends on what was supplied and where the relevant tax rules apply.
Faster cross-border payments do not remove the need to reconcile every balance. Clean records support VAT compliance, year-end accounts and corporation tax calculations. That matters whether you are an ecommerce brand, a SaaS business, an agency or a growing SME. If you are looking for an ecommerce accountant UK businesses can rely on, strong ecommerce bookkeeping UK processes need to capture marketplace settlements and foreign-currency activity as well as bank transactions.
Before adding a multi-currency or instant-payment provider, check:
- Confirm the account structure. Identify the legal account provider, currency options, fees, protections and withdrawal terms. This helps you understand where funds are held and when you can access them.
- Map transaction data. Check that statements include the detail your bookkeeping and tax processes need, such as transaction dates, currencies, exchange rates and counterparties. Confirm how you will export and retain that data.
- Set reconciliation rules. Decide how foreign-currency balances will be tracked, how exchange-rate gains and losses will be recorded, and who reviews exceptions.
- Match tax treatment. Confirm the VAT or GST position for each transaction type and jurisdiction, and keep evidence that supports the treatment applied.
- Review access and controls. Limit who can move money, approve payments or change settings, and keep an audit trail of those actions.
- Test reporting early. Run a trial reconciliation and reporting cycle before your year-end so any gaps can be fixed in good time.
by Ariful | Oct 12, 2026 | E-Commerce
TITLE: Ecommerce Tax Deadlines and Q4 Margin Checks: What to Review Now
This week, prepare for VAT and tax filing deadlines, review your Q4 marketplace margins and get your cross-border records in order. The dates and rules below reflect information available on 12 October 2026. Where a date or measure in an earlier brief needs clarification, we’ve noted it.
1. UK VAT: Prepare your 30 September return
Your VAT return and payment for the quarter ending 30 September 2026 are due by 7 November 2026. Reconcile your sales and VAT before submission so you can correct missing or duplicated entries in time.
For your ecommerce bookkeeping in the UK, check:
- Amazon settlement reports against your bookkeeping records, including refunds, fees and adjustments.
- Shopify orders against payout reports. Payouts may combine several orders and deduct fees.
- Gross sales, discounts, refunds and marketplace fees separately. A payout is not the same as taxable turnover.
- Marketplace-collected VAT. Identify VAT accounted for by a marketplace to avoid counting it twice.
- Stock locations and FBA fulfilment countries. Inventory held overseas may affect your VAT obligations there.
- Foreign-currency settlements and exchange rates. Keep records of the original currency, conversion and settlement amounts.
The UK VAT registration threshold is £90,000 of taxable turnover. Monitor your rolling 12-month total and the separate forward-look test, which can apply if you expect to exceed the threshold in the next 30 days. The deregistration threshold is £88,000, subject to HMRC’s conditions. See HMRC’s VAT threshold guidance.
2. Making Tax Digital for Income Tax: Submit your second update
If you have qualifying self-employment and property income over £50,000, the second quarterly update is due 7 November 2026. It covers the period from 6 July to 5 October, with figures reported cumulatively from 6 April.
MTD for Income Tax extends to qualifying income over £30,000 from 6 April 2027, then over £20,000 from April 2028. HMRC is not applying penalty points for late quarterly updates in 2026–27. That does not remove the requirement to submit updates, or the separate rules for late tax returns and payments. Check HMRC’s MTD guidance.
Limited companies are outside MTD for Income Tax. If you are a director with separate sole-trader selling activity, keep those records separate from your company’s books. Clear separation makes reporting easier and reduces the risk of mixing personal and company transactions.
3. Self Assessment: Fix a missed registration deadline
The 5 October 2026 registration deadline has passed for people who needed to file for the first time for 2025/26, including those with more than £1,000 of gross self-employment income.
If you missed it, register with HMRC as soon as possible. HMRC may issue a filing deadline based on when it contacts you, so follow the date in its notice. The usual online filing deadline for 2025/26 returns is 31 January 2027, and tax due is generally payable by then. Late filing, late-payment penalties and interest can apply. Starting now gives you more time to get your records together. See HMRC’s Self Assessment deadlines.
4. Q4 Amazon margins: Reforecast every unit
Amazon UK’s festive peak fulfilment fees apply to selected orders from 15 October 2026 to 14 January 2027. The announced average additions are around £0.12 per small or standard parcel item and £0.07 per large or extra-large envelope item. Oversize, Low-Price FBA and items delivered to buyers in other EU countries are excluded.
Amazon’s separate 1.5% fuel and logistics surcharge also applies to fulfilment fees. It is calculated on those fees, not on your selling price. Peak storage rates can increase for many categories; check the current rate card for your products rather than relying on a blanket estimate.
Amazon’s published Black Friday Week Prime-badge inbound dates were 21 October for European facilities and 28 October for UK facilities. Confirm product and account-specific requirements in Seller Central.
For Amazon FBA accounting in the UK, model each item’s referral fee, fulfilment and peak fees, fuel surcharge, storage, removals, promotions, VAT and settlement timing. A product can show a healthy sales forecast while cash margin shrinks after fees, promotions and delayed settlements.
5. Pricing and fee data: Reconcile on a fixed schedule
Seasonal deals and promotions can change the amount you actually receive per sale. Schedule a monthly fee reconciliation and compare expected charges with Amazon’s transaction, settlement and fee reports.
Investigate unexpected fulfilment, storage, removal or promotion charges in Seller Central. Where you identify eligible overcharges or lost inventory, submit the relevant claim and record any reimbursement or inventory adjustment in your books. A regular reconciliation helps prevent small discrepancies from accumulating through peak season.
6. US filings and imports: Check your records now
Foreign-owned US LLCs treated as disregarded entities, and certain foreign corporations with reportable transactions, may need to file Form 5472 with a pro forma Form 1120. For a calendar-year 2025 filer with a valid extension, 15 October 2026 is the final extended deadline. This is not a universal Form 5472 deadline; it depends on the filing entity and its return deadline.
A foreign-owned US disregarded entity cannot e-file Form 5472. IRS instructions permit fax or post for this filing. The IRS lists fax 855-887-7737 or mail to: Internal Revenue Service, 1973 Rulon White Blvd, M/S 6112, Attn: PIN Unit, Ogden, UT 84201. Missing or incomplete filings can trigger a $25,000 penalty per form, with further $25,000 penalties for each 30-day period the failure continues after IRS notice. If filing late, submit promptly and include a signed reasonable-cause statement explaining the circumstances and corrective steps. Review the IRS Form 5472 instructions.
For US importers of record, keep your physical address, email, telephone and EIN, SSN or CBP number accurate. Incomplete or inaccurate Form 5106 information can put your importer record at risk. Your customs broker’s Power of Attorney must be executed directly between you and the broker. See CBP’s Form 5106 guidance.
7. US sales tax and FIRPTA: Separate the obligations
Q4 order growth can push you over a state’s economic nexus threshold. Marketplace collection does not automatically remove your own registration, return or record-keeping obligations. FBA inventory in a state can also create physical nexus, depending on state rules.
Check state registration status, filing frequency and nexus tracking regularly. FIRPTA withholding relates to certain US real-property disposals by foreign persons; it is separate from sales tax and income tax reporting and should be handled under its own rules and timelines.
by Ariful | Oct 12, 2026 | Australia Updates
TITLE: ATO Credit Card Payments Extended to 2027, 5% PAYG Instalment Factor Confirmed
ATO credit card payments continue until 30 June 2027
The ATO will continue accepting direct credit card payments for tax liabilities until 30 June 2027, extending the previously planned 30 November 2026 cut-off. The federal government has funded the transition period. The ATO had estimated that continuing the service could cost close to $200 million a year, while business groups are still seeking clarity on merchant fee relief. Read the ATO payment options and the extension announcement.
For quarterly BAS lodgers, the 28 April 2027 quarterly BAS is the last one due within the extended direct-card payment window. The June 2027 quarter BAS is due on 28 July, after direct ATO credit card payments end. After 30 June 2027, credit card payments will only be available through third-party payment providers, subject to their terms and fees.
Keep the payment change separate from the card surcharge rules. The surcharge ban took effect on 1 October 2026 and remains in force. It restricts businesses from passing covered card-payment costs on to customers; it does not itself end the ATO’s temporary acceptance of credit card payments. The timing and business impact were reported by Nine and the Australian Financial Review.
What to do: Review your business’s BAS payment process now. If you rely on card payments to manage cash flow, plan an alternative before the extension ends and check any processing fees before paying.
Check whether the 5% PAYG instalment factor applies to you
The ATO has confirmed a 5% GDP adjustment factor for relevant 2026–27 PAYG and GST instalments, up from 4%. It applies to eligible taxpayers using the instalment amount method who pay quarterly or twice yearly, for income years starting on or after 1 April 2026. It is not a blanket increase for every taxpayer or every tax liability. See the ATO’s 2026–27 GDP adjustment factor and PAYG instalment information.
If you have a substituted accounting period that began on 1 January, 1 February or 1 March 2026, the 4% factor continues to apply. The change also does not affect taxpayers using the rate method or paying annually.
If your actual business or investment income has fallen, you may be able to vary an instalment. Estimate your full-year tax position carefully before doing so. Varying too low can lead to an instalment penalty and general interest charge on a shortfall. The ATO explains how to vary PAYG instalments. Longer term, the ATO is also working on dynamic PAYG instalments as a potential simplification measure.
What to do: Compare your latest sales, expenses and profit forecast with the assumptions behind your instalment. Keep the working papers so you can explain a variation if required.
Keep reported income consistent as bank checks are explored
The ATO has confirmed it is exploring potential taxpayer-data sharing with banks as part of a wider response to AI-enabled financial fraud. Banks have been seeking ways to verify income on loan applications using ATO-held data. This remains at the discussion and scoping stage; no new business reporting obligation has been legislated. See The Mandarin’s report.
For business owners and sole traders, the practical step is straightforward: make sure the income and turnover figures you report to the ATO align with the figures you provide to lenders, insurers and platforms. Differences can have legitimate explanations, but clear records help you reconcile them.
Watch for an ATO ruling on whether an activity is a business
The ATO’s advice-under-development program lists a draft ruling, “Are you carrying on a business?”, for release in October 2026. The consultation timetable may change, so treat it as forthcoming guidance rather than a final ruling. Check the ATO’s advice-under-development list.
The distinction may matter if you earn income from online selling, a side hustle, gig work or content creation. Whether an activity is a business or a hobby can affect how income is treated and whether ABN, GST registration or BAS reporting obligations apply to you.
Keep records that show how you operate. A useful checklist includes:
- A business plan or records of your commercial goals.
- Relevant licences or registrations.
- A separate business bank account.
- Marketing activity and evidence of efforts to attract customers.
- Repetitive or regular sales and transactions.
- Consistent income, expense and BAS reporting where applicable.
Good records help you explain the business character of your activity and support accurate reporting.
October 2026 Australian tax and super checklist
Mark these dates whether your business operates in Sydney, Melbourne, Brisbane, Perth, Adelaide or regional Australia. Confirm your own obligations and any later due date with the ATO or registered tax agent.
- 21 October: Lodge and pay your September 2026 monthly BAS.
- 28 October: Standard due date for the July–September 2026 quarterly BAS. Eligible electronic lodgers and registered-agent clients may have later lodgment dates, so confirm the date that applies to you.
- Payday Super: The July–September quarter is a useful first full-quarter reconciliation point since Payday Super began on 1 July 2026. This is not a single quarterly deadline for the new regime: super contributions must reach each employee’s fund within seven business days of payday. Check the ATO’s Payday Super payment deadlines.
- 31 October: Lodge the 2026 income tax return for all entities if you are not using a registered tax agent. If you use a registered tax agent, you may have a later lodgment date — confirm it with your agent. This is also the due date for lodging and paying the Superannuation Guarantee Charge (SGC) statement for the July–September 2026 quarter if you have missed any super obligations.
Keep your business compliant through the transition
These changes land at different times and affect different taxpayers, so it helps to treat them separately rather than as one combined adjustment. Credit card payment acceptance runs to 30 June 2027, the 5% GDP factor applies from 1 April 2026 for eligible instalment method taxpayers, and any bank data-sharing arrangement is still at the scoping stage.
If you operate a growing SME, an online store or a side business, check your payment methods, review your PAYG instalment position, and keep clear records that back up the numbers you report. Speak with a registered tax agent if you are unsure how any of these apply to your situation.
by Ariful | Oct 12, 2026 | US Updates
The 15 October 2026 deadline is days away for calendar-year foreign-owned US single-member LLCs that timely filed Form 7004. If your LLC’s Form 5472 package is not ready, act now: a late or substantially incomplete filing can trigger a $25,000 penalty.
Check whether you must file by 15 October
This deadline generally applies to you if:
- You own a US domestic single-member LLC as a foreign person, and the LLC is treated as a disregarded entity for US tax purposes.
- The LLC had reportable transactions with you or another related party during its tax year.
- Its calendar-year Form 5472 filing was extended by a timely Form 7004.
The IRS Form 5472 instructions require a foreign-owned US disregarded entity to attach Form 5472 to a pro forma Form 1120. A timely Form 7004 can extend the filing deadline. For an eligible calendar-year filer with an extension, 15 October 2026 is the final extended deadline. No further extension is available.
The IRS’s fourth-quarter tax calendar also lists 15 October for calendar-year corporations that timely requested an extension.
There is a separate individual filing deadline: a nonresident individual who received US wages subject to withholding and timely filed Form 4868 generally must file Form 1040-NR by 15 October. If you received no US wages subject to withholding and timely filed Form 4868, the deadline is generally 15 December 2026. Check which rule applies to you.
Assemble the complete filing package
For a foreign-owned US LLC, the package includes:
- Form 5472, completed accurately for reportable transactions with the foreign owner or other related party.
- A pro forma Form 1120 attached to Form 5472. The IRS instructions specify which limited Form 1120 fields to complete for a foreign-owned disregarded entity.
- Supporting transaction records, including amounts, dates, descriptions and relevant exchange-rate calculations.
Foreign-owned US disregarded entities cannot e-file this package. The IRS directs filers to submit it by fax or mail to the dedicated Ogden PIN Unit address in the Form 5472 instructions. Use the current IRS instructions to verify the filing method and address before sending.
See what this means for an international seller
Imagine a UK or Australian seller operating a Wyoming or Delaware single-member LLC. The seller runs an Amazon FBA business and a Shopify store, holds inventory in several US states, and sells to US customers.
For the LLC’s Form 5472, review transactions between the LLC and its foreign owner or other related parties. Relevant items may include:
- Capital contributions made by the owner.
- Distributions or owner draws.
- Reimbursements between the owner and LLC.
- Loans to or from the owner, including balances and interest where relevant.
Amazon and Shopify sales to unrelated customers are not, simply because they are platform sales, transactions with the foreign owner. Do not confuse platform revenue with related-party reporting. Keep marketplace statements and sales records for the LLC’s broader accounting, and identify owner-related transactions separately.
A late or substantially incomplete Form 5472 can carry a $25,000 initial penalty. The IRS international information reporting penalties page says that if the IRS sends a notice and the failure continues beyond 90 days, a further $25,000 may apply for each 30-day period or part of a period. There is no maximum continuation penalty.
Understand the reasonable-cause route
If you have already missed a deadline, relief may be possible, but it is not automatic. IRS Chief Counsel Advice CCA 202617012, released on 24 April 2026, discusses liberal application of reasonable-cause relief for qualifying small corporations under Treasury Regulation § 1.6038A-4(b)(2)(ii).
The four prerequisites are:
- Overall gross receipts of $20 million or less for the tax year.
- No knowledge of the Section 6038A requirements.
- Limited presence in and contact with the United States.
- Prompt and full compliance with IRS requests to file Form 5472 and provide relevant books, records and materials.
You must establish the facts in a written statement signed under penalties of perjury. The CCA is not precedent, and meeting the four conditions does not erase the filing obligation. It addresses possible penalty relief, not permission to leave the return unfiled.
If you missed the date or receive a CP215 notice, act promptly
If the deadline has passed, do not wait for a notice. Prepare and send the complete Form 5472 and pro forma Form 1120 package to the Ogden PIN Unit using the current IRS filing instructions. Keep proof of submission and copies of everything filed.
If you receive a CP215 penalty notice, read it carefully and follow its response instructions and deadlines. CP215 is commonly used when the IRS assesses the Form 5472 penalty. Correcting the filing and responding to the notice are separate steps: send the missing package, then submit a supported reasonable-cause statement if the facts justify a request for relief. For account questions, the IRS International Taxpayer Service Call Center handles international tax account enquiries.
Take the nonfiler enforcement restart seriously
The 15 October filing cliff comes as the IRS is moving stalled nonfiler cases forward. TIGTA’s report 2026308047fr, released in September 2026, found that as of 30 June 2025, 38,824 high-priority cases involving 33,653 taxpayers remained in first-notice status. Those cases represented about $15.7 billion in potential tax assessments. The IRS advanced the cases in March 2026 after TIGTA raised the issue. The Journal of Accountancy’s 15 September 2026 report summarises the findings.
This report concerns high-income nonfilers and does not mean every Form 5472 filer will automatically receive a notice. It does show why you should not assume that an IRS backlog will protect you from follow-up.
For individuals, the IRS describes a separate process in FS-2024-06 on nonfiler compliance alerts. A CP59 may prompt a taxpayer to file a signed return, respond using Form 15103 where included, or explain why no return is required. If the taxpayer does not respond, the IRS may prepare a substitute return and issue a CP3219N notice, which generally gives 90 days to file or petition the Tax Court. These individual procedures are not the same as the Form 5472 process, but both underline the value of prompt, complete responses.
by Ariful | Oct 11, 2026 | Australia Updates
TITLE: Australian Tax Update: ATO Visa Data-Matching, Trust Minimum Tax, Scam Alerts and October Deadlines
Check your records as ATO visa data-matching expands
The ATO will receive visa and migration data from the Department of Home Affairs for the 2026–27 to 2028–29 financial years. The program is expected to cover about 9 million individual records per financial year.
The data may include visa applicants’ and sponsors’ address and contact history, visa grants and status, international arrivals and departures, sponsor and migration agent details, visa subclasses, and education provider details for student visa holders.
The ATO can match this information against its own records to check tax and superannuation obligations, identify compliance risks or potential fraud, check ABN eligibility and support compliance with foreign investment rules. The program extends earlier visa data-matching that covered 2023–24 to 2025–26.
Importantly, the Gazette notice does not create a new visa condition or tax obligation. It extends an existing data-matching program. You can read the Federal Register notice and a summary of the ATO announcement.
Keep your details and business reporting consistent
If you are a visa holder, sponsor or Australian business, make sure your records agree across relevant agencies and business systems. Check that:
- Your Home Affairs address and contact details are current.
- Your ABN details and declared business activities reflect what you actually do.
- Income, tax and superannuation records are complete and consistent.
- Your payroll records support the superannuation amounts and dates reported.
This matters whether you operate in Sydney, Melbourne, Brisbane, Perth, Adelaide or regional Australia. Accurate records make it easier to respond if information is queried and help reduce avoidable compliance issues.
Review trust structures before the proposed 30% minimum tax
Treasury’s exposure draft for a 30% minimum tax on discretionary trusts was in circulation in the week ending 9 October 2026. The proposal would apply to relevant income years commencing on or after 1 July 2028. It is a draft, not law.
The proposal is aimed at discretionary trusts. Fixed trusts, deceased estates, special disability trusts and complying superannuation entities are among the stated exclusions. Some income is also proposed to be excluded, including primary production income, qualifying testamentary trust income, certain withholding payments distributed to non-residents and some charity distributions.
The draft would amend the fixed trust definition in Schedule 2F of the Income Tax Assessment Act 1936. That definition could apply across income tax law, including trust loss and franking credit rules and non-resident CGT provisions. Standard unit trust deeds may not meet the proposed requirement for there to be no material discretionary elements affecting beneficiaries’ entitlements.
For details, see the Tax Institute’s TaxVine report and Treasury’s exposure draft announcement.
Start your trust review early
If your business or family group uses a trust, don’t wait until the proposal is finalised to organise your records. Start by:
- Locating the current trust deed and amendments. You need the complete documents to understand the trust’s powers and beneficiaries’ entitlements.
- Reviewing distribution processes. Keep clear records of decisions and distributions, so you can see how the trust operates in practice.
- Identifying any exposure. Ask your legal and tax professionals to review how the draft’s proposed definitions and exclusions may apply to your structure.
- Allowing time for decisions. Any changes to a structure or distribution process may take time to assess and implement.
The draft may change before becoming law. Treat this as a preparation point, not a settled tax outcome.
Stop ATO impersonation emails before they compromise your business
The ATO is warning Australian businesses and tax professionals about impersonation emails, including messages about a “payment update” or “income statement review.” Links in these emails may install remote-access software, allowing scammers to control the recipient’s device.
The ATO says it will never send unsolicited emails containing hyperlinks or attachments, or ask you to log in to myGov through an email link. Read its scam alerts and online safety guidance.
Verify messages safely
If you receive a suspicious email:
- Don’t click links, open attachments or enter your login details.
- Go directly to ato.gov.au or my.gov.au by typing the address into your browser.
- If you clicked a link or installed software, disconnect the device from the network and contact your IT support team.
- Call the ATO’s scam hotline on 1800 008 540 if you need to check a suspected ATO communication.
- Forward suspicious emails to ReportScams@ato.gov.au.
A quick verification can protect your business systems, tax records and customer data.
Put these October BAS and super dates in your calendar
The coming weeks include monthly and quarterly BAS deadlines, plus a tax agent lodgment-program date. Check the ATO’s October 2026 due-date guidance and confirm any applicable concessions with your registered agent.
Your checklist
- 21 October 2026: Lodge and pay the September 2026 monthly BAS.
- 28 October 2026: Standard due date to lodge and pay the July–September 2026 quarterly BAS. Eligible electronic lodgers and registered-agent clients may have later dates. Confirm your own due date rather than assuming an extension applies.
- 31 October 2026: Final date for tax professionals to add new clients to the lodgment program and lodge outstanding prior-year returns.
The October quarterly BAS is also a useful compliance checkpoint for the first quarter since Payday Super began on 1 July 2026. Employers must ensure super contributions reach each employee’s fund within seven business days of payday. Review payroll and fund-payment records now, and investigate any rejected, delayed or missing payments. Resolving a potential shortfall early gives you more time to address it.
Credit card payments: check your payment route and fees
The government has funded a transition period for businesses moving away from surcharging on credit card payments. Review how your business accepts card payments, what fees you pass on to customers, and whether your arrangements comply with the current rules.
