Finance Services

Division 293 tax is an extra 15 per cent on super contributions once your income and concessional contributions pass $250,000. It is assessed separately from your return, so the notice lands later, once your fund has reported. The threshold has not moved since 2017-18, and the 60 days to elect a release from super is not an extension of the due date.

Treasury released the draft legislation for the 30 per cent minimum tax on discretionary trusts on 3 September 2026, and submissions close on 18 September. The rate and the 1 July 2028 start date were already known. What is new is a third option: a trust in existence at 1 July 2028 can elect to make fixed distributions to pre-nominated beneficiaries and avoid the minimum tax, with no restructure and no stamp duty expected. One condition cancels it, and revocation costs a year at the top marginal rate plus Medicare levy.

You lodged, you paid, and then a letter said you are now in PAYG instalments with the first payment due 28 October 2026. On 4 September the ATO set the October to December general interest charge at 11.51%, the highest since early 2012, and it has not been deductible since 1 July 2025. What that does to the 85% variation limit, why an instalment notice and an activity statement carry different due dates, and the entry and exit thresholds behind the letter.

If any prior year return was outstanding at 30 June 2026, your 2026 return is already due 31 October, not May, and no agent can move it back. 31 October 2026 falls on a Saturday and the ATO states overdue prior year returns cannot be lodged on the next business day. What the penalties are at the new $364 penalty unit, why refund years usually attract none, and the catch-up sequence most people get backwards.