TAX ACCOUNTING | BUSINESS CONSULTING | MELBOURNE

For SMSF trustees, property is often one of the fund's most significant assets — but unlike listed shares, valuing it each 30 June can be far more involved.

From 1 July 2026, the value of a Commonwealth penalty unit rose from $330 to $364 — a change that directly increases the cost of many ATO penalties and compliance failures. Because penalty units underpin a wide range of fines under Commonwealth law, this seemingly small adjustment affects breaches occurring on or after that date.

The ATO has released updated reasonable travel and overtime meal allowance rates for 2026–27, but these figures aren't an automatic deduction — employees can only claim what they actually spend on genuine work-related expenses. Good record-keeping remains essential, and this article outlines what qualifies as a genuine allowance, what records to keep, and practical steps to avoid ATO scrutiny.