Tax practitioners + TASA reform in Australian Capital Territory

Pay ACT payroll tax when threshold met

ACT: 6.85% rate on Australian wages above the $2M tax-free threshold (FY26).

ACT payroll tax (≥$2M threshold, 6.85%)

ACT payroll tax on monthly + annual cycle.

Apply for a Director Identification Number (Director ID)

Every director needs a Director ID before appointment — apply via ABRS.

Maintain AHPRA registration and CPD

Registered health practitioners must hold current registration and meet annual CPD per their National Board standards.

Comply with the TASA Code of Professional Conduct

Tax practitioners must observe honesty, competence, confidentiality, PI insurance, and (from 2025) expanded breach reporting.

Maintain Financial Adviser registration + standards (s 921B)

Relevant providers must be on the Financial Advisers Register and meet education + CPD + Code of Ethics.

Apply for and maintain an Australian Business Number

Entities carrying on an enterprise in Australia must have an ABN to operate (or face PAYG withholding at 47%).

Lodge Business Activity Statements at assigned frequency

GST-registered entities must lodge a BAS monthly, quarterly or annually as the ATO assigns.

Make trustee resolutions for trust distributions by 30 June

Discretionary trust trustees must validly resolve to distribute trust income before the end of the FY.

Comply with Aged Care Code of Conduct

All providers + workers must comply with the federal Aged Care Code of Conduct.

Withhold PAYG from employee and contractor payments

Employers must withhold tax from wages, certain contractor payments + report via STP / BAS.

Pay company PAYG/GST/SG or face Director Penalty Notice (DPN)

Directors personally liable for unpaid company PAYG, GST + SG via DPN regime.

TASA Code Determinations from 1 August 2024

Tax practitioner code reformed via Code Determinations — false + misleading statements + supervision + breach reporting.

Apply for a Tax File Number for new entities and partnerships

Companies, trusts and partnerships need a TFN to file tax returns and claim TFN exemptions.

DGR annual self-review (from 1 July 2024)

ACNC-registered DGRs must complete annual self-review.

Thin capitalisation rules (Div 820 ITAA 1997)

Limits debt deductions for thinly-capitalised entities, reformed from 1 July 2023.

Register for GST when GST turnover meets the threshold

Register within 21 days when GST turnover reaches $75K (or $150K for NFPs, or any amount for ride-share/taxis).

Lodge an FBT return and pay FBT by 21 May

Employers who provided fringe benefits in the FBT year (1 April – 31 March) must lodge by 21 May.

Maintain TPB registration (tax/BAS agents)

Tax agents and BAS agents must be registered with the TPB and comply with the Code of Professional Conduct.

Wine Equalisation Tax (WET) for producers + wholesalers

WET at 29% on wine wholesale value; rebate scheme up to $350K per producer.

Register R&D activities for the R&D Tax Incentive

Companies must register R&D activities with AusIndustry within 10 months of the end of the income year.

Register as a responsible entity / direct interest holder under SOCI

Captured critical-infrastructure assets must be registered with Home Affairs.

Petroleum Resource Rent Tax (PRRT)

40% PRRT on offshore + onshore (Bass Strait only) petroleum project profits.

State mining royalties

Royalty payable on mining production per state Mining Acts.

Maintain transfer pricing documentation (Subdivision 815-D)

Multinational groups must keep contemporaneous transfer pricing documentation per Subdivision 815-D ITAA 1997.

Lodge Country-by-Country Report (CbC) for significant global entities

Multinationals with global income >EUR 750M must lodge CbC Report annually.

Electric Cars FBT Exemption (Cwlth)

Eligible zero/low-emission cars FBT-exempt under car limits (until 2025 for PHEVs).

Instant Asset Write-Off (annually re-set threshold)

SBE asset write-off threshold reset annually; $20,000 for FY25-26.

Comply with Managed Investment Trust (MIT) tax regime

Eligible MITs benefit from 15% withholding rate on non-resident distributions if elected + compliant.

Pay Luxury Car Tax (LCT) on vehicles above threshold

LCT at 33% on the GST-inclusive value of luxury cars above LCT threshold.

Claim Fuel Tax Credits (FTC) for eligible business fuel use

Eligible business activities can claim back fuel tax via FTC system.

Track eligibility for the electric car FBT exemption

Eligible electric vehicles under the LCT threshold provided to employees are FBT-exempt.