Insights

Tax Time Misinformation: How to Avoid Bad Tax Advice

accounting@modoras.com (Modoras Accounting QLD) — Wed, 03 Jun 2026 03:37:35 GMT

ATO Warning — Tax Time 2026

Tax season brings out tax tips from everywhere.
Most of it is well-intentioned. Some of it is dangerously wrong.

The ATO is warning: Your tax return isn't the place for guesswork. One piece of bad advice can cost you thousands in penalties, interest and compliance action.

The sources

TikTok, Instagram, Reddit, AI platforms, friends, family

The promise

Bigger refunds, shortcuts, ways to pay less tax

The reality

Most of it is either wrong or incomplete

Payday Super starts 1 July 2026. Is your payroll ready?

accounting@modoras.com (Modoras Accounting QLD) — Wed, 03 Jun 2026 03:05:18 GMT

From 1 July 2026

Quarterly super payments are gone.
Super is paid every payday.

This change affects more than just payment timing. Your payroll systems, cash flow planning and compliance obligations all shift. If you're not prepared, penalties will follow quickly.

Change 1

Super paid every payday

Change 2

SBSCH closes 30 June 2026

Change 3

Payroll system must be ready

Change 4

Cash flow timing shifts

Holiday home rental deductions — What the ATO will and won't allow

accounting@modoras.com (Modoras Accounting QLD) — Wed, 03 Jun 2026 03:02:42 GMT

Holiday Home Tax Rules

The ATO's key test is simple.

Is the property primarily used to earn income, or primarily used for your own enjoyment?

Get it wrong

You'll lose deductions you thought were legitimate.

Get it right

You can claim a lot more than many owners realise.

SMSF year-end checklist: What to do before 30 June 2026

accounting@modoras.com (Modoras Accounting QLD) — Tue, 02 Jun 2026 03:32:33 GMT

SMSF Year-End Checklist

What to do before 30 June 2026

The financial year end is fast approaching. For SMSF members and trustees, a few critical checks now will protect valuable tax and contribution opportunities—and save you headaches later.

Priority 1

Contributions in by 30 June

Priority 2

Contribution strategies

Priority 3

Minimum pension payments

Priority 4

Transfer balance cap timing

Priority 5

Valuations & audit readiness

The EV tax break is changing

accounting@modoras.com (Modoras Accounting QLD) — Tue, 02 Jun 2026 03:30:04 GMT

Electric Vehicle FBT Exemption

The window for the full exemption
closes 31 March 2027.

The electric vehicle FBT exemption is being phased out over three years. If you or your employees are considering an EV via salary packaging or a novated lease, the window to lock in the current full exemption closes on 31 March 2027.

Phase 1

Full exemption

Now – 31 March 2027

Phase 2

Two-tier rules

1 April 2027 – 31 March 2029

Phase 3

Flat 25% discount

From 1 April 2029

Card surcharges are banned from October 2026.

accounting@modoras.com (Modoras Accounting QLD) — Tue, 02 Jun 2026 03:27:03 GMT

From 1 October 2026

Card surcharges are banned.
Here's what your business needs to do now.

You can no longer charge customers a surcharge for paying by card. This is one of the biggest changes to Australia's payments landscape in years—and it can directly affect your pricing, margins and operations.

The good news

Most businesses will see costs fall.

The catch

You need to act now to prepare.

Your window

Roughly four months to prepare.

How the 2026–27 Budget changes will reshape your property and business tax

accounting@modoras.com (Modoras Accounting QLD) — Tue, 02 Jun 2026 03:22:16 GMT

2026–27 Federal Budget

Three changes. One decision window.

The 2026–27 Federal Budget, released on 12 May 2026, has received more attention than most budgets in recent years.
With proposed changes to negative gearing, the CGT discount and the taxation of trusts, this is a budget that has the potential to materially impact on property investors, business owners and families using discretionary trusts.
However, it is important to remember that the proposed changes are not yet law and we might yet see further developments with some of these key proposals. For example, even though legislation has been introduced into Parliament in relation to some of the measures, there is no guarantee that the Bills will be passed in their current form.
While don’t yet have certainty on how this will all play out, we understand that the proposals are causing some confusion and concern and so we have set out below some comments on what we know so far.

Change 1

Negative gearing restricted

From 1 July 2027