Now that we are in the final quarter of 2026, there are several important tax and superannuation developments worth reviewing.
Travel Records Under the ATO Spotlight
The ATO has expanded its passenger movement data-matching program, allowing it to compare international travel information with tax records to identify potential residency, lodgement and reporting issues. This is particularly relevant for Australians who spend extended periods overseas, move countries, or regularly travel for work.
Why This Matters
Your Australian tax residency status can affect:
- Whether you are taxed on worldwide income
- Access to the tax-free threshold
- Medicare levy obligations
- Capital gains tax outcomes
The ATO will have access to arrival and departure information from government travel records, making accurate reporting more important than ever.
What Should You Do?
- Keep records of all overseas travel dates
- Retain flight itineraries and passport records where possible
- Let us know if you have moved overseas or are considering doing so
- Review your residency position before lodging your tax return
Key takeaway Spending time overseas does not automatically make you a foreign tax resident. Your overall circumstances determine the outcome. |
$21 Billion in Lost Super Could Be Waiting for You
According to the ATO, more than $21 billion in lost and unclaimed superannuation is currently being held across Australia. The average lost account contains approximately $41,000.
Lost super commonly occurs when people:
- Change jobs
- Move house
- Change their name
- Lose track of old accounts
How to Check
You can search for lost super through myGov in just a few minutes:
- Log into myGov
- Open ATO Online Services
- Select Super and then Fund Details
View the ATO lost super information
Before Consolidating Accounts
Many super funds include valuable insurance cover such as life, total and permanent disability, or income protection insurance. Before rolling balances together, ensure you understand what insurance may be lost when an account is closed.
Key takeaway A quick check could uncover forgotten retirement savings and reduce ongoing account fees. |
Property Owners Receive Important Tax Clarity
The Government has passed amendments to address unintended consequences arising from the recently announced negative gearing reforms that commence from 1 July 2027. These changes provide certainty for taxpayers in several common situations.
What Has Changed?
The amendments help protect taxpayers where:
- An ownership interest passes upon the death of a spouse
- Property interests are transferred following relationship breakdown
- A former main residence is rented out for the first time after 12 May 2026
Without the amendments, some taxpayers risked losing access to existing negative gearing protections.
What Property Owners Should Do
It may be worthwhile reviewing your position before making decisions if you:
- Own a jointly held investment property
- Have inherited property interests
- Are considering renting out your former family home
Key takeaway The amendments provide welcome clarity, but the interaction between negative gearing and capital gains tax rules can still be complex. |
ATO Delays Credit Card Payment Ban
The ATO has delayed the planned restriction on using credit cards for certain payments until 30 June 2027. Existing card payment options remain available for now while further implementation details are confirmed.
The delay relates to the payment method only. It does not change the amount payable or extend any tax, activity statement or superannuation payment deadlines.
What This Means for You
- Credit card payments can continue to be used where they are currently accepted
- Card provider fees, interest and payment surcharges may still apply
- Payment arrangements should be organised before the relevant due date
- ATO payment options should be checked when arranging a significant payment
Before Making a Payment
- Confirm the payment reference number and account details
- Check applicable fees and card limits
- Allow sufficient processing time before the due date
- Contact us early if you may need a payment plan
- We will continue to monitor the position and update clients when the ATO confirms the revised commencement details.
Key takeaway The delay changes the proposed payment method restriction, but it does not defer existing payment obligations or due dates. |
How Seed Accounting Can Help
If any of these issues apply to you, we encourage you to get in touch before making major decisions or lodging your next tax return.
Whether you are reviewing tax residency, searching for lost super, considering property decisions or arranging an ATO payment, we can help you understand the implications and avoid costly mistakes.
Seed Accounting Pty Ltd
(03) 9826 3933 | [email protected]
