Tax Tree

07/04/2026

ATO FUEL RESPONSE
The Australian Government has just rolled out the National Fuel Security Plan, and the ATO has introduced temporary relief measures starting 1 April 2026.
Here is a breakdown of the new support available:
1. Immediate Savings at the Pump
To offer immediate, short-term relief, the government has announced two major reductions running for the next three months:
• Fuel Excise Halved: A reduction of 26.3 cents per litre on the fuel excise.
• Heavy Vehicle Support: The heavy vehicle road user charge has been reduced to zero.

While this helps lower day-to-day expenses, the ATO recognizes that many businesses are already dealing with accumulated financial strain. That’s where the newly announced payment support comes in.

2. The ATO Fuel Response Payment Plan: [Your Tax Debt]
If high operating costs have made it difficult to service your existing tax debt—or if you've accrued a new tax debt recently—the ATO has introduced a highly favourable Fuel Response Payment Plan. This is a tailored, temporary lifeline designed to keep businesses afloat, offering:

• Zero Upfront Payments: You can initiate the plan without needing a lump sum upfront.

• Extended Terms: Spread your debt across 3 years (36 equal monthly instalments).

• Interest Relief (GIC Remission): If you stick to the plan and keep your lodgments up to date for the first three months, the ATO will look favorably on remitting the General Interest Charge (GIC) accrued during that period.

3. Are You Eligible?
You don’t need to be in the freight or transport industry to qualify! You may be eligible if you meet the following criteria:
• You hold an ABN.

• Your costs have increased: This applies whether your costs increased directly (paying for fuel) or indirectly (increased transport, logistics, or supply chain costs passed onto you).

• Reduced capacity to pay: You can demonstrate that if it weren't for these high fuel-related costs, you would have been able to meet your tax obligations.

• Up-to-date lodgments: Your tax lodgments must be current (or brought up to date within 3 months of starting the plan).

Time is limited: The ATO Fuel Response Payment Plan is only available by application until 30 June 2026.

Contact Tax Tree on 9794 7203 for assistance or further information

30/03/2026

The Expansion of AML/CTF to Accountants: Tranche 2

The Australian government is broadening its AML/CTF framework to include all accountants through the introduction of Tranche 2. These reforms aim to align Australia with global standards set by the Financial Action Task Force (FATF).

A significant milestone in these reforms was the passage of the Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2024 (Cth), which became law on 10 December 2024.
This legislative change designates certain services offered by professionals, including accountants, as regulated under the AML/CTF regime. As a result, accountants must now adhere to these enhanced regulations to ensure compliance and contribute to the integrity of the financial system.

Under the forthcoming Tranche 2 of the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Act, accountants will be designated as 'financial gatekeepers' and must adhere to eight core responsibilities.
These obligations, effective from 1 July 2026, include but not limited to
1.Customer Due Diligence (CDD)
Often referred to as Know Your Customer (KYC), this process involves collecting and verifying information to establish the true identity of your clients. This extends beyond the individual or company you are dealing with directly to include identifying the ultimate beneficial owners. Enhanced due diligence may be required for higher-risk clients.

2. Sanctions and Politically Exposed Persons (PEPs) Screening
Accountants are to screen clients against relevant Australian and international sanctions lists.
Additionally, you must identify if a client, or their beneficial owner, is a Politically Exposed Person (PEP), as they may present a higher risk of corruption or bribery.

3. Suspicious Matter Reporting (SMR)
If you form a suspicion on reasonable grounds that a client or transaction is related to a criminal offence, tax evasion, or terrorism financing, you have a legal obligation to submit a Suspicious Matter Report (SMR) to AUSTRAC.

What This Means for Taxpayers
[ Individuals, Partnerships, Companies Trust, Incorporated Organisations…Charities and benevolent organisations]

While the direct compliance obligations of the Tranche 2 reforms fall on professionals like accountants and lawyers, the effects will be directly experienced by their clients (taxpayers).

Taxpayers should anticipate the following changes in their interactions with these newly regulated service providers:

1. Enhanced Due Diligence: Professionals will be required to conduct more thorough customer due diligence.

2. Taxpayers will likely be asked to provide more detailed information and documentation to verify their identity, source of funds, and source of wealth.

3. Scrutiny of Structures: When setting up or managing companies, trusts, or other complex structures, taxpayers can expect their advisors to ask more detailed questions to understand the ultimate beneficial ownership and the commercial rationale for the structure.

4. Transaction Monitoring: Advisors will have a formal obligation to monitor client transactions. This means that transactions that appear unusual or lack a clear economic purpose may be subject to further inquiry.

5. Reporting to AUSTRAC: Professionals will be required to report suspicious matters, threshold transactions, and international funds transfer instructions to the Australian Transaction Reports and Analysis Centre (AUSTRAC).

Essentially, taxpayers will face a higher level of scrutiny from their professional advisors, who will be legally obligated to assess the risk their clients may pose and take steps to mitigate it.

This is intended to increase transparency and combat financial crimes, including tax evasion.

Contact Tax Tree on 97947203 for further clarification

16/12/2025

Wishing you all a Merry and Safe Christmas...the staff of Tax Tree would like to thank you for the patronage during the year and look forward to serving you in the years ahead.
Festive Season Office Hours:
Closed from Monday 22 December
Opens Monday 6 January 2026

12/11/2025

Investment property values and land tax...

Emmaly and David Gridley were shocked to learn their rural property had been mistakenly valued at $2.3 million, leaving them with a heavily inflated land tax bill.

07/10/2025

POSITION VACANT – ASSISTANT ACCOUNTANT - PART TIME...

TAX TREE a Public Accounting Practice located in Dandenong CBD, has a vacancy for an Assistant Accountant to assist in the preparation of Business Activity Statements [BAS], Tax returns, financial statement and general accounting.

Confidentiality, excellent organisational skills, attention to detail with a high level of accuracy are important qualifications for this position, as well the ability to communicate clearly.

The ideal candidate for this position is a skilled multitasker, reliable, punctual and committed to consistently meeting deadlines. Has working knowledge of Quickbooks, Xero, MYOB and Excel.

The applicant MUST have acquired a Degree in Accounting or associated discipline from an Australian University.

Mature aged applicants are welcome to apply for this position. Some training will be provided.

Award rates and consideration for experience shall apply . Secured carpark may also be one of the many privileges of this position.

Email applications and resume to [email protected]

03/03/2025

Its good to revisit the pledge of Allegiance we took

13/01/2025

You don't own it, you're just an investor or director

If I own a company, I can use the company money any way I like.

A company is a separate legal entity. It's separate to you, even if you are a shareholder or a director or both. This means the company’s money is not your money, and there will be consequences every time you take money or access other benefits from your private company.

You can access private company money in the form of salary and wages, directors fees or dividends. All of these amounts will be included in your personal Tax Return as assessable income. Private companies may also provide fringe benefits to its employees, including directors.