From fortisap.com.au: The Australian Government has extended the instant asset write-off threshold to $20,000 for small businesses for the 2024-25 year and introduced “Payday Super” rules requiring employers to pay superannuation within seven days of payday starting July 2026.

Key tax updates for Managed Investment Trusts include maintaining concessional tax rates for legitimate investors while preventing misuse, and the ATO is focusing on tax compliance in various sectors, including legal professionals and small businesses.

The upcoming Taxable Payments Annual Report deadline is August 28, 2025, and various guidelines aim to help taxpayers navigate recent changes and compliance requirements.