GCM Group Insights and Updates

The ATO has holiday homeowners in its sights

Wed, 26 Aug 2026 04:07:22 GMT

The ATO is toughening its approach to deductions related to properties used for both personal and rental purposes, such as holiday homes.

Click here to see an extract of the CPA Australia website

Anti-Money Laundering & Counter-Terrorism Financing Reforms

Wed, 26 Aug 2026 04:05:24 GMT

New legislation from 1 July 2026

There is new Australian legislation that requires accountants to do more stringent identity verification of our clients as part of the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) reforms.

To help explain these changes, we have provided an information poster developed by AUSTRAC, Australia's financial intelligence agency and AML/CTF regulator. The poster outlines why businesses may request identification from their clients and what you can expect as these new requirements are introduced. Read more.

Transition to Payday Super & Updated Superannuation Process

Wed, 26 Aug 2026 04:04:42 GMT

Whether you already have employees on payroll or are planning to grow your business and employ staff in the future, we want to make you aware of the government’s Payday Super changes that came into effect from 1 July 2026 .

From this date, employers must ensure superannuation, including salary sacrifice contributions are paid and received by employees’ funds within 7 business days of each payday , rather than quarterly.

In addition, the ATO’s Small Business Superannuation Clearing House (SBSCH) has closed from 1 July 2026 . To ensure you remain compliant, we recommend clients transition to Xero or Myob Auto Super , which automates super payments directly from payroll and ensures contributions are processed on time.

What This Means for You

Super must be paid within 7 days every payday from 1 July 2026
Quarterly payments will no longer meet ATO requirements.
Penalties may apply for late payment and non-compliance. These can be significant.

How Xero & MYOB Auto Super Works

When registering, you will nominate an authorised person to approve super payments.

The approver will receive a one‑time approval code via SMS (valid for 24 hours).
The approver logs in to Xero, enters the code, and the super payment is processed.
Funds are then direct debited from your nominated bank account.

We can assist with setting this up and answer any questions you may have.

You now have added obligations to your tax practitioner and the ATO.

Fri, 02 Jan 2026 02:54:49 GMT

A new code effective July 2025.

The Australian Government’s has announced new obligations to the ATO and your tax practitioner’s obligations to you, the Tax Practitioners Board and the ATO.

For information detailing these obligations, you can CLICK HERE to view the Tax Practitioners Board Information For Clients summary sheet.