What's new for Small Business?

The ATO is reminding business taxpayers of recent changes they should keep in mind this Tax Time, including the following:

• From 1 July 2026, Payday Super applies. Employers will need to pay super to an employee's nominated super fund each payday, and it must reach the fund within 7 business days after payday (unless a longer timeframe applies, such as for new employees).

  Employers must also report both qualifying earnings and super liability through Single Touch Payroll ('STP') reporting.

  If super is not received by the fund, in full and on time, the super guarantee charge applies. 

• Businesses with an aggregated turnover of less than $10 million may be able to immediately deduct the business portion of eligible assets costing less than $20,000, where the asset was first used or installed ready for use between 1 July 2025 and 30 June 2026.

• Businesses cannot claim a deduction for general interest charge ('GIC') or shortfall interest charge ('SIC') incurred from the 2025/26 income year.

• From 1 April 2025 (i.e., from the 2026 FBT year), plug-in hybrid electric vehicles are no longer treated as zero or low emissions vehicles for the purposes of the FBT exemption.