WD Nicholls Chartered Accountants

25/06/2026

21/06/2026

There’s only 2 weeks until the SBSCH closes permanently on 1 July 2026.

You will have no access to the SBSCH after 11:59 PM AEST 30 June 2026, this includes being able make payments and to view and download your records.

Don’t wait until the last minute, take action now to:

✔download your records – this includes employee details and payment transactions
✔ transition to an alternative provider for payments – you can check with your payroll software provide, tax professional or bookkeeper for suitable options, or find approved alternatives on the Super Product register.

Leaving your transition to the last minute can result in issues meeting your Payday Super obligations, including payment errors and rejections.

Continuing to use the SBSCH can also impact your:

✔ last quarterly payment, due 28 July 2026 – the SBSCH can't be used to make this payment after 30 June 2026
✔ tax deductions for the 2025–26 financial year – if an employee’s super fund receives a payment after 30 June 2026, you may not be able to claim it.

Don't wait, follow the ATO's step by step guide (PDF, 768KB)This link will download a file to transitioning from the SBSCH at ato.gov.au/paydayresources.

Source and credit: ATO.gov.au

14/06/2026

Income tax
The car limit threshold for 2026–27 is $69,883. This is the maximum value you can use to calculate depreciation on a vehicle where you:

➡ use the vehicle for business purposes
➡ first use or lease the vehicle in the 2026–27 income year.

As a business owner, you can claim a tax deduction for motor vehicle expenses you incur for business purposes.

If you use a vehicle for both business and private use, you can only claim the business portion. You must be able to show the percentage you claim as business use and have records to support your claim.

Goods and services tax (GST)
If you buy a vehicle for more than the car limit, the maximum GST credit you can generally claim is one-eleventh of the car limit (subject to certain exceptions). For 2026–27, the most GST credit you can claim is $6,353 (that is, 1/11 × $69,883).

You need to claim GST credits on your BAS within the 4-year time limit.

You can't claim a credit for any luxury car tax you’ve paid when you buy a luxury vehicle, even if you use it for business purposes.

Luxury car tax (LCT)
The LCT threshold for both fuel-efficient vehicles and other vehicles will increase in line with the motor vehicles consumer price index (CPI).

The LCT threshold for 2026–27 is:

➡ $91,661 for fuel-efficient vehicles
➡ $80,809 for all other luxury vehicles.

If you’re a motor vehicle dealer buying luxury vehicles under quote, you need to quote correctly to meet your LCT obligations. For more information, visit Get your LCT right.

Source and credit: ATO.gov.au

13/06/2026

Tax time made easier: toolkit now available

The Tax Time toolkit for small business is now available to help you prepare, lodge and stay on track this tax time.

The toolkit is a practical, easy-to-use resource designed to keep informed and organised – not just at tax time, but throughout the year. Whether you're a sole trader or running a growing business, it makes it easier to find the information you need to stay on top of your tax obligations.

Inside, you’ll find a directory of links to essential information, tools, calculators and learning resources, helping you save time and make informed decisions.

The toolkit covers key topics such as:

➡ home-based business expenses
➡ motor vehicle expenses
➡ travel expenses
➡ digital product expenses
➡ using business money and assets
➡ pausing or permanently closing your business.

It also links to What’s new for small business, highlighting updates and changes relevant for the 2026 income year. This helps you quickly understand what’s changed, what to look out for, and how new or updated rules may affect your tax and super obligations.

Packed with practical guides and information, this is your go-to resource to help you lodge with confidence this tax time.

Explore the toolkit or download and share it with your networks at: www.ato.gov.au/SBTaxTimeToolkit.

Source and credit: ATO.gov.au

12/06/2026

The ATO is preparing employers for the transition away from the Small Business Superannuation Clearing House (SBSCH) as part of the move to Payday Super.

If your business currently uses SBSCH, now is the time to start planning. The ATO has released guidance and a step-by-step process to help employers review their current arrangements, speak with their payroll software provider, and ensure they are ready for the changes ahead.

Being prepared now can help make the transition smoother and keep your business compliant with future superannuation obligations.

Need help understanding what these changes mean for your business? Contact the team at WD Nicholls.

For more information visit: https://www.ato.gov.au/businesses-and-organisations/super-for-employers/payday-super/payday-super-resources/how-to-transition-from-the-small-business-superannuation-clearing-house?utm_campaign=transitionfromsbsch&utm_source=articles&utm_medium=email

Source and credit: ATO.gov.au

07/06/2026

Money you earn through digital platforms or apps, is sharing economy income and you need to report it in your tax return.

This income can include payments you receive for:

➡ ride-sourcing, taxi, limousine or delivery services
➡ short-term accommodation or property sharing
➡ renting or hiring out assets (for example, vehicles, equipment or parking)
➡ creating or selling digital content, goods or online entertainment
➡ task-based, freelance or on-demand services arranged online.

What you need to do
To correctly report all your income, ensure you manually include sharing economy income when you lodge your tax return.

Sharing economy platforms provide the ATO with information about your income earned through their services. This information does not automatically pre-fill on your tax return. The ATO use this data to check you’ve reported everything correctly.

How to report your income
How you report sharing economy income depends on how you earn it:

➡Individuals without an ABN: Include the income in the 'Other income' section of your individual tax return.
➡ Individuals with an ABN (sole traders): Include the income as business income in the 'Business and professional items' section of your individual tax return.
➡ Companies: Include the income as assessable income in the company tax return.
➡ Review your income and make sure everything from digital platforms and apps are included before you lodge.

Source and credit: ATO.gov.au

06/06/2026

After your last pay run for the financial year, there's one important step left to complete - finalising your Single Touch Payroll (STP) data.

When you finalise your STP data, you're confirming that the payroll information you've reported throughout the year is complete and correct.

You'll need to make your finalisation declaration by 14 July (later for closely held payees). Finalising on time ensures your employees have the correct information to lodge their tax returns and help you avoid follow-up reminders.

Quick checks before you finalise
Before submitting your final declaration, take a moment to ensure the information is correct. Ask yourself:

➡ are all year-to-date amounts correct?
➡ have I included all employees, including those who haven't been paid for a while such as casual workers and former employees?
➡ am I finalising for the current 2025-26 financial year?
➡ have I reported under the right Australian Business Number (ABN) in STP?

If you've changed payroll software or employees Payroll IDs during the year, check the ATO's instructions on what you need to do to ensure your STP data is correct.

How to finalise your STP data
Finalising your STP data is a simple process, and you do it through your payroll software.

➡ If you've provided fringe benefits to your employees during the last fringe benefits tax (FBT) year (1 April 2025 - 31 March 2026), you may also need to report each employee's reportable fringe benefits amount through STP as part of the finalisation process.

After you finalise
Once you've finalised your STP data:

➡ Let your employees know they can access their income statement through myGov. ➡ Employees should wait until their income statement is marked 'Tax ready' before lodging their tax return.
➡ Fix any mistakes promptly by making an amendment as soon as possible. Let your employees know if you make a correction so they're aware that their income statement will be updated. If they've already lodged their tax return, they may need to submit an amendment.

Source and credit: ATO.gov.au

05/06/2026

Long Weekend Notice: King’s Birthday Closure

Please note that our office will be closed on Monday, 8 June for the King’s Birthday public holiday.

We will reopen and look forward to welcoming you back at 8:30 AM on Tuesday, 9 June.

Wishing everyone a safe and relaxing long weekend!