September Tax & Business Updates: What You Need to Know

The ATO and government have been busy rolling out updates that could impact business owners, investors, and not-for-profits. Here’s a round-up of the key changes and reminders for September 2025

From the Government

Critical Minerals Tax Incentive: The government is refining rules for its new Critical Minerals Production Tax Incentive. It’s a refundable tax offset for companies processing certain minerals (like high-purity alumina and graphite). Consultation is open until 10 October 2025.

Support for Alcohol Manufacturers: Good news for wineries, distilleries, and breweries – proposed changes would increase rebates and remissions available each year, lifting the cap from $350,000 to $400,000.

From the ATO

Areas of Focus for 2025–26: The ATO has highlighted what it will be watching closely this year for privately owned and wealthy groups. Key hot spots include:

• Trust distributions – especially if income is paid outside the “family group,” which could trigger a hefty family trust tax.

• Franking credits – bucket companies that didn’t exist when a dividend was paid may not be able to claim credits.

• Restructures – the ATO is looking for businesses rearranging structures purely to access concessions.

• Lifestyle assets – think boats, luxury cars, and properties funded in ways that don’t match reported income.

Superannuation Reporting

• SMSFs must lodge quarterly transfer balance account reports (TBARs). The October quarter deadline is 28 October 2025.

• Super funds also need to report member account balances by 31 October 2025.

Fringe Benefits Tax (FBT) and Work Cars: Personal use of company cars is back in the spotlight. Even things like school runs or weekend trips can count as private use – which means FBT may apply. Keep good records and check whether exemptions are available.

Deadlines for Tax Agents and Practices

• Lodge any overdue prior year returns by 31 October 2025.

• Add new clients before the deadline to secure extended lodgment due dates.

Not-for-Profits (NFPs)

• If your NFP is closing, make sure you wrap up obligations properly – from cancelling your ABN to finalising employee super.

• Community, cultural, and sporting NFPs need to lodge the 2024–25 self-review return by 31 October 2025.

GST and Vouchers: The ATO has refreshed its guidance:

• Face value vouchers (e.g., gift cards) – GST applies when redeemed, not at sale.

• Non-face value vouchers (specific goods/services) – GST applies upfront.

Rulings & Guidance

• Bitcoin is not a foreign currency – clarified again.

• Supermarkets & convenience stores – simplified GST accounting methods continue.

• Employee Share Schemes (start-ups) – new approved valuation methods for shares offered to staff.

• Franking credits & capital raising – the ATO is cracking down on arrangements designed purely to unlock credits.

Recent Cases

• GST credits time limit – The Tribunal confirmed claims must be made within four years of the original BAS due date. No exceptions.

• Medical expenses not deductible – Even if linked to a disability pension, medical costs remain private expenses, not tax-deductible.

Proposed New Laws

• Instant Asset Write-off – extension of the $20,000 threshold for small businesses through to 30 June 2026.

• ART Act Amendments – tweaks to tribunal procedures to allow some decisions without a full hearing.

Key Takeaways

• Trusts and wealthy groups: extra scrutiny ahead – review your distributions and structures.

• Employers: double-check FBT on work vehicles.

• NFPs: watch your reporting and winding-up obligations.

• Small businesses: potential extension of the $20k instant asset write-off could be a welcome boost.

  
  

Note: The material and contents provided in this publication are informative in nature only.  It is not intended to be advice and you should not act specifically on the basis of this information alone. 

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