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.
by Ariful | Oct 11, 2026 | US Updates
TITLE: IRS–HMRC Tax Evasion Enforcement: FBAR and Form 5472 Checks for US Entities
The IRS has highlighted its partnership with HMRC on cross-border tax evasion. If you operate through a US entity, the immediate priority is to check whether its overseas accounts trigger an FBAR filing by 15 October 2026.
The announcement is about enforcement, not a new filing rule
In its 7 October 2026 announcement, the IRS described its collaboration with HMRC’s Strengthened Reward Scheme, launched in November 2025. The agencies say they are working together to identify serious tax evasion and improve cross-border compliance.
The IRS listed examples of reportable concerns, including undeclared foreign accounts and missed FBARs, assets hidden through foreign trusts or anonymous entities, money laundering, and transfer pricing manipulation or illicit profit shifting. People do not need to be US or UK citizens or residents to qualify for an award, but an award is not guaranteed. The IRS says information may qualify when it leads to the collection of taxes or other proceeds. HMRC’s scheme guidance sets out its own eligibility conditions.
This announcement does not create a new FBAR obligation or mean ordinary international sellers are being accused of wrongdoing. It is a reminder to keep reporting complete and records in order, especially when your business uses accounts across multiple countries.
Check your foreign accounts before 15 October
A US person (including a US LLC, corporation, partnership, trust or estate) generally must file an FBAR if it has a financial interest in, or signature authority over, foreign financial accounts whose combined maximum value exceeded USD 10,000 at any time during 2025.
An account’s country and legal structure matter. Do not assume an account is foreign or domestic solely because it uses a familiar payment-service brand. Check which financial institution holds the account and where that account is maintained. Wise, Payoneer, Revolut or local bank accounts may warrant review, but the provider name alone does not determine the FBAR answer.
According to the IRS FBAR guidance, the report is filed electronically through FinCEN’s BSA E-Filing System, not with your federal income tax return. The ordinary due date is 15 April, with an automatic extension to 15 October and no extension request required. Keep the required account records for five years.
For 2026, the inflation adjustment to FBAR civil penalties was cancelled, so the 2025 levels remain in effect. The maximum for a non-willful violation is USD 16,536 per annual report, rather than per account, following Bittner v. United States. For a willful violation, the maximum is generally the greater of USD 165,353 or 50% of the relevant account balance, subject to the applicable rules. These are maximums, not automatic assessments; consequences depend on the facts.
Use this filing checklist
Before the deadline, work through these steps:
- List every account held outside the US. Include bank and brokerage accounts and review accounts used to receive or hold business funds. Confirm the account holder and financial institution.
- Check signature authority. You may have a filing obligation even if you do not own the money, for example if you can control transactions on a company account abroad.
- Calculate the combined maximum value. Convert account values to US dollars and check whether the aggregate exceeded USD 10,000 at any point during 2025.
- File the FBAR separately. Submit FinCEN Report 114 electronically by 15 October 2026. It is not an attachment to your federal tax return.
- Retain the records. Keep account names, numbers, institution details, account types and maximum values, along with supporting statements, for five years.
- Check related-party reporting separately. A foreign-owned US disregarded entity may also need Form 5472 attached to a pro forma Form 1120. Its deadline depends on its tax year and any valid extension; the FBAR deadline does not replace it.
Don’t assume a missed filing has no route to correction
The IRS currently directs taxpayers filing late FBARs to FinCEN’s late-filing instructions, including an explanation for the delay. If you are correcting earlier non-compliance, do not select a route based on a headline or an assumption that a procedure has disappeared. The IRS continues to list Streamlined Filing Compliance Procedures and other options for undisclosed foreign assets. The right route depends on your circumstances and may require specialist legal or tax support.
Understand Form 5472 and its separate penalty risk
A foreign-owned US single-member LLC treated as a disregarded entity may have a Form 5472 filing obligation when it has reportable transactions with its foreign owner or other related parties. The form is attached to a pro forma Form 1120. Reportable activity can include contributions to or distributions from the entity. Check the current Form 5472 instructions against your entity’s actual transactions.
For foreign-owned US disregarded entities, the IRS instructions say the filing cannot be e-filed: it must be faxed or mailed to the specified IRS destination. The general penalty for failing to file a required Form 5472 or maintain required records is USD 25,000 per form, per year. If the failure continues for more than 90 days after IRS notification, further USD 25,000 penalties may apply for each 30-day period, or part of a period, until corrected. This is why form 5472 penalties deserve attention even where an entity has little activity.
IRS Chief Counsel Advice 202617012 discusses reasonable-cause relief for qualifying small corporations with USD 20 million or less in worldwide gross receipts. It is not a blanket waiver or binding precedent. Do not rely on it as a substitute for filing on time and keeping records.
Two examples for international sellers
A UK-run US LLC with a UK business bank account: If the LLC has a financial interest in a UK account and the total value of its foreign accounts exceeded USD 10,000 at any point in 2025, it may need an FBAR by 15 October 2026. A UK owner’s involvement does not automatically remove the US entity’s filing requirement. Separately check whether transactions between the foreign owner and the LLC trigger Form 5472 reporting.
An Amazon FBA seller using a US LLC: A US marketplace account alone does not establish an FBAR obligation. Review the actual bank, payment and financial accounts held by the LLC, where each is maintained, and whether the LLC or a person with signature authority can control them. As one of the US importers of record, you may also have other tax and recordkeeping responsibilities; keep marketplace settlements and account records reconciled so each filing obligation can be identified and supported.
by Ariful | Oct 10, 2026 | Australia Updates
TITLE: Australia’s Key Tax and Compliance Dates for October
Australia’s key tax and compliance dates for October
Australian businesses face several practical compliance deadlines this month. For employers, the immediate priorities are Payday Super and the July–September Business Activity Statement (BAS). Other developments affect ATO payment options, trust reporting, property-loss rules, foreign resident capital gains tax (CGT) and privacy policies.
Whether your business operates in Sydney, Melbourne, Brisbane, Perth, Adelaide or regional Australia, use this update to identify what needs attention now, and what to monitor.
ATO credit card payments continue until 30 June 2027
The Australian Taxation Office (ATO) will continue accepting credit card payments for tax liabilities until 30 June 2027. The government funded a transition period after small business groups and crossbench MPs raised concerns about cash flow. The delay moves the change from its previously planned 1 December 2026 start.
The decision follows the Reserve Bank of Australia’s credit card surcharge ban, which took effect on 1 October 2026. The ATO had planned to stop accepting card payments rather than absorb the processing costs. The delay gives businesses more time to prepare; it does not guarantee that card payments will remain available after June 2027. Read the reports from Nine and the Housing Industry Association.
What to do: Review how you will pay ATO liabilities from 1 July 2027. Check the ATO’s current payment arrangements and plan ahead rather than relying on credit card access or a last-minute solution. That will help you protect working capital and avoid missed payment deadlines.
ATO explores taxpayer data-sharing with banks
The ATO has confirmed it is scoping a proposal, funded in the 2026–27 federal budget, that could let banks verify selected taxpayer-held information when assessing loan applications. The reported proposal would extend institutional access through the Consumer Data Right (CDR) and is intended to help address AI-enabled fraud.
This is work in progress, not a new requirement for businesses to share tax records with banks. The proposal’s design and safeguards are still being explored. The ATO confirmation reported by The Mandarin provides further context.
No immediate action is needed. Still, keep your ATO and accounting records accurate. Reliable income and business information can help prevent mismatches as data verification expands.
Payday Super: treat 28 October as a risk checkpoint
Payday Super began on 1 July 2026. Employers generally must now ensure super contributions reach an employee’s fund within seven business days of each payday. The timing requirement applies throughout the quarter; 28 October is not permission to hold contributions until a quarterly deadline.
The date matters for another reason. Under the ATO’s Payday Super compliance approach, employers with unresolved July–September super guarantee shortfalls after 28 October may be rated high risk and prioritised for investigation. Employers still paying quarterly rather than transitioning to payday payments are generally rated medium risk. Check the ATO’s Payday Super guidance and PCG 2026/1.
Employer checklist:
- Reconcile payroll, super contributions and fund receipt records for July to September.
- Identify unpaid, underpaid or misallocated contributions.
- Correct any shortfall promptly, and work to have first-quarter shortfalls cleared by 28 October.
- Check that your payroll process supports the seven-business-day payment window going forward.
The ATO also has a process for exceptional-circumstances determinations. In qualifying events, such as a natural disaster or widespread technology outage, an employer may be allowed 20 business days under the relevant determination. This is an event-specific process, not a routine extension. Do not assume it applies without checking the ATO’s compliance guidance.
Quarter 1 BAS is due on 28 October
The July–September 2026 BAS is the first quarterly BAS period since Payday Super began. The standard due date is 28 October 2026. Eligible businesses lodging electronically may receive a two-week concession, to 11 November. Eligible clients lodging through a registered agent may have a 25 November date under the agent lodgment program.
These concessions have eligibility conditions, so check the due date on your activity statement or with your agent. The ATO lists the relevant dates on its October 2026 due-date page.
Start gathering sales, expenses, GST and PAYG information now. A timely reconciliation helps you lodge accurately and reduces the risk of late payment.
Closely held trusts: update beneficiary TFN reporting
From 1 July 2026, trustees of closely held trusts no longer lodge quarterly TFN reports for beneficiaries. Instead, beneficiary TFNs must be reported in the statement of distribution, with additional labels in the trust tax return from 2027. The change alters the reporting process; it does not remove TFN withholding obligations. If a beneficiary has not quoted a TFN, withholding at the top marginal rate may still apply.
Review your beneficiary records and distribution reporting before preparing the next trust return. See the ATO’s guidance on closely held trust TFN reporting and trustee obligations.
Negative gearing amendments include targeted transfer exceptions
Schedule 4 to the Treasury Laws Amendment (Tax Reform No 2) Bill 2026 sets out exceptions to the new residential loss-quarantining rules. The rules apply to relevant net rental losses from 2027–28 onwards where an ownership interest was acquired on or after 7:30 pm on 12 May 2026.
The specified exceptions include interests acquired from a deceased spouse, as a surviving joint tenant or estate beneficiary in qualifying circumstances, and from a spouse following a relationship break
