September E News 2025

Welcome to your September newsletter! This edition provides critical analysis to help you navigate the complexities of both the financial markets and tax compliance in the coming quarter. We cover the volatility following the August earnings season, detail the ATO’s intensified scrutiny on private wealth, remind you of tricky FBT rules, and outline a valuable WHS webinar for all business owners. We’ve done the detailed work so you can stay informed and focus on running your business. Read on for your key insights.

August brought the usual flurry of reporting for Australian listed companies, resulting in a month of extreme stock volatility despite a mostly "in line" earnings season. While 55% of ASX 200 results met forecasts, underlying FY25 earnings still fell by about 1.7% year-on-year (led by Materials), yet the overall index rose 2.6% on broad optimism. Individual stocks were harshly judged, with notable misses (CSL, James Hardie) seeing sharp declines, while miners and banks showed resilience and margin strength; meanwhile, the US market continued to be powered by robust, but highly priced, growth from mega-cap tech driven by the enduring AI investment wave.  For more explore "The Market" with Tony Marshall.

The Australian Taxation Office (ATO) has released its key compliance focus areas for the year, clearly signalling that it is directing significant resources toward privately owned and wealthy groups. The ATO is leveraging its advanced data analytics to target not just deliberate avoidance, but fundamental errors rooted in poor governance, including late lodgement and incorrect deduction claims. We urge clients with complex structures—especially those involving Trust Distributions (Section 100A), Shareholder Loans (Division 7A), and the use of CGT concessions—to proactively review their documentation and ensure transparent reporting, as robust governance is now the strongest defence against intense ATO scrutiny across all transactions.

Providing employees with the personal use of a company vehicle is a powerful incentive used to attract and retain staff, but it is one of the most common triggers for Fringe Benefits Tax (FBT) liability for employers. FBT is generally activated whenever a work vehicle is available for private use—a definition that includes seemingly minor activities like school runs, personal errands, and even overnight parking at home. To avoid unexpected tax burdens, meticulous compliance is mandatory. This requires accurately determining the taxable value through meticulous record-keeping (such as logbooks) and ensuring strict adherence to reporting deadlines. Read on for more detail on exemptions and how to calculate your liability.

Join a FREE webinar on Thursday, 2 October, 2025, from 4:00 pm to 5.00 pm (AEST) by SafeWork NSW. This session is critical for all business owners and managers, providing a vital overview of your WHS rights and responsibilities, risk management strategies, and key topics ranging from psychological health to traffic management and the Small Business Rebate program. Spaces are limited, so ensure your eligibility for the $1,000 rebate and register now using the link below.

We are delighted to introduce Ella, as our new Junior Administration Officer. Ella’s strong background in client relations and her professional communication skills have immediately helped strengthen our front-of-house operations. We welcome her continued positive impact on our daily workflow.

The Northern Rivers holds regular Community Events.  See what's on and keep up to date on all the fantastic opportunities available and help to support local.  There is plenty to do. 

A reminder, there are some important lodgement dates to note this month, including our office closure for Labour Day on Monday, 6 October 2025.

The WD Nicholls Team

Every August (in Australia), listed companies tell the market how they went (profit, sales, dividends) and what they expect in the future.

• If results are better than expected (“beat”), the share price often pops.

• If they’re about what was expected (“in line”), prices usually don’t move much.

• If they disappoint (“miss”), prices can fall—sometimes a lot—because the market quickly re-prices future profits.

August was wild but not shocking: 55% of ASX 200 results landed in line with expectations, ~21% beat, and just under a quarter missed. The index still rose 2.6% across the month as markets leaned on optimism rather than earnings upgrades.

Volatility was extreme: more than 30% of ASX 50 names moved >3% on the day, and a record ~46% of reporting stocks swung ±5%. Overall FY25 earnings for the ASX 200 fell ~1.7% year-on-year, with Materials the drag.

Notable company results:

• Healthcare and building materials copped it: CSL closed August down ~21%; James Hardie ~–25%, with both missing expectations.

• Retail split: Coles +15% after taking market share from Woolworths.

• Miners rallied despite weaker profits: BHP +10%, Rio +3.4%, Fortescue +8.6%.

Banks: steady hands, fatter margins

• Commonwealth Bank posted record FY25 cash profit of ~A$10.25bn, a higher final dividend (A$2.60), and NIM around 2.08%—broadly meeting to slightly beating expectations.

• Westpac’s 3Q update showed NIM lifting to 1.99% and underlying profit up ~8% on 1H quarterly average.

• NAB’s 3Q trading update flagged NIM +8bps quarter-on-quarter (ex-Markets & Treasury +4bps), aided by funding-cost tailwinds.

What it means: Valuations—especially CBA—are very high. (Pre-results, CBA was trading around a 29x forward P/E).  We have seen CBA share price come off its highs but valuations are still stretched.

US mega-cap tech: earnings growth still doing the heavy lifting for the US sharemarket.

• Microsoft (June qtr): revenue +18% YoY, with Azure +39%.

• Alphabet (Q2): revenue +14%, Cloud +32%. Capex stepping up toward ~US$85bn in 2025 for AI.

• Apple (FQ3): revenue +10% (June quarter record).

• Amazon (Q2): net sales +13%; AWS +17.5%. Q3 net sales guidance: +10–13% YoY.

• Meta (Q2): revenue +22%; Q3 guide US$47.5–50.5bn (~+17–24% YoY).

• NVIDIA (Q2 FY26): revenue +56% YoY; data center revenue +56% as Blackwell ramps.

• Tesla (Q2): revenue US$22.5bn, –12% YoY; margins under pressure amid price cuts and model transition.

The AI-investment wave is still translating to double-digit top-line growth.  Obviously the market is pricing in this growth again for the future.  If these companies start to miss this growth then there are risks to their current share prices.  Given the large rebound since April and the current geo-political environment we are currently very cautious with the short term outlook and are expecting some volatility.

Let’s look at how markets performed in September:

ATO Alert: Top Compliance Risks for Privately Owned & Wealthy Groups

The Australian Taxation Office (ATO) has released its key compliance focus areas for privately owned and wealthy groups, directing significant resources toward these risks. This list serves as an essential compliance checklist for any business or individual with complex financial structures. The ATO's data-driven approach means non-compliant taxpayers are flagged long before an audit begins.

Our firm is prioritising the following areas of ATO scrutiny to ensure our clients remain compliant:

1. Foundation Compliance and Reporting Integrity

The ATO is aggressively targeting basic and systemic errors that often stem from inadequate governance, lack of internal controls, or reliance on incorrect professional advice. These are considered "low-hanging fruit" for compliance action.

• Registration & Lodgement: Failure to meet core obligations like correct registration for PAYG Withholding and GST, choosing the wrong accounting basis, and late lodgement of all required returns (Income Tax, Activity Statements, FBT, etc.).

• Income & Deductions: Omitted income or sales, incorrect application of the Base Rate Entity Status, and incorrect or poorly substantiated deductions. This includes trusts over-claiming deductions to reduce net income and businesses claiming for ineligible Research and Development (R&D) Tax Incentives due to insufficient evidence.

2. Complex Investment and Wealth Structures

The use of trusts and private companies for wealth management remains a critical focus, especially where structures are used to inappropriately access tax benefits.

• Trust Distributions (Section 100A): The ATO has an intense focus on arrangements where trust income is allocated to a lower-taxed beneficiary, but the economic benefit (cash or assets) flows back to the controllers or higher-taxed individuals. The ATO is watching for artificial reimbursement agreements.

• Division 7A Risks: Scrutiny remains high on private company funds or assets used for personal or related-entity purposes. Key focus areas include unreported shareholder loans, non-compliant loan agreements (missing documentation or incorrect terms), and failing to meet minimum yearly repayments—especially where repayments are made using funds re-borrowed immediately from the company.

• Capital Gains Tax (CGT): Misuse of valuable CGT concessions, including the Small Business CGT Concessions and the CGT Discount, where taxpayers fail to meet strict eligibility requirements. The ATO is also scrutinising foreign resident trusts misapplying exemptions to avoid capital gains tax.

3. Industry-Specific and Evolving Risks

The ATO’s analytics are identifying risks across several commercial areas:

• Property & Construction: A high risk of misclassifying property disposals between capital (lower tax) and revenue (higher tax). This focus includes property flipping and residential development. Incorrect application of GST rules—specifically the Margin Scheme and Going Concern provisions—is also under review.

• Succession Planning: Scrutiny on complex restructures, movement of assets within a group, and the settlement of Division 7A loans undertaken as part of wealth transfer to ensure these are not being used to improperly avoid tax.

• Lifestyle Assets: Taxpayers claiming deductions, GST credits, or offsets for assets (like motor vehicles or planes) where the assets are primarily for private pursuit or hobby-like activity but are characterised as a business expense.

• Cross-Border Transactions: Private groups failing to disclose international related-party dealings, incorrectly assessing their Significant Global Entity (SGE) status, or misusing Controlled Foreign Company (CFC) rules.

• GST Refund Fraud: The ATO is actively disrupting arrangements designed to fraudulently obtain GST refunds through false invoicing, mismatched accounting methods, or contrived transactions between related entities.

• Tax Advisers: Advisers who promote tax avoidance schemes or encourage clients to take high-risk positions—especially those charging contingency fees on R&D or GST refunds—are being targeted.

Action Items: The Importance of Documentation

The clear takeaway from the ATO's compliance focus is that governance and clean documentation are the strongest defence against a tax review.

We strongly advise you to proactively review the following with our team:

1. Review all Trust Documentation: Ensure all distribution resolutions are legally sound, timely (before June 30), and that the economic benefit received by the beneficiary clearly aligns with the allocated entitlement.

2. Verify Division 7A Loans: Conduct an immediate check to ensure all loan agreements are current and that minimum yearly repayments are genuine, not circular, and fully met by the deadline.

3. Validate Concessions: Ensure comprehensive documentation exists to prove eligibility for any claimed CGT or GST concessions before the claim is lodged.

Proactive compliance and transparent documentation remain the best strategy. Please contact us immediately if your group has transactions in any of these high-risk areas so we can help mitigate potential ATO scrutiny.

Source and credit: Tax.News@charteredaccountantsanz.com

Offering non-cash perks on top of your employee’s regular wage or salary, is a common way for employers to attract, reward and keep staff.

A common perk offered by employers is personal use of work vehicles. Yet, this may be a ‘fringe benefit’ and could result in a fringe benefits tax (FBT) liability for your business.FBT generally applies when a work vehicle is made available for private use – even if it’s not actually used. Private use includes any travel not directly related to your employee’s job, such as:

• taking the vehicle on beach or camping trips

• school drop-offs and pick-ups (even if it’s on the way to or from work)

• running personal errands (like picking up the groceries)

• transporting friends or family for non-work-related purposes

• parking the vehicle at your employee’s home (even if it’s only for security reasons).

Exemptions may apply depending on the vehicle’s specifications and the nature of the private use.

Understanding how your work vehicles are being used and whether any exemptions apply will help you determine if FBT applies to your situation.

What you need to do

1. Check if exemptions apply – some vehicles may be exempt from FBT if the employee's private use is limited.

2. Keep accurate records – the records you need to keep depend on which method you use to calculate the taxable value but may include logbooks and odometer readings. Even if the benefit is exempt from FBT because of limited private use, you need to keep records to support this.

3. Work out the taxable value and calculate your FBT liability – use the ATO's FBT car calculator to help you do this.

4. Lodge and pay your FBT return – by 21 May or 25 June, if you use a registered tax agent.

5. Report the reportable fringe benefits amount – on each of your employee’s income statement or payment summary.

Staying on top of your FBT obligations will help you stay compliant and avoid unwanted consequences.

For more information and resources, visit How FBT applies to cars or talk to your registered tax agent.

Source and credit: ATO.gov.au

FREE WEBINAR Thursday 2 October 2025, 4:00 PM - 5:00 PM (AEST)

Where

Online.

When

Thursday 2 October 2025, 4:00 pm - 5:00 pm (AEST).

The Presenter

SafeWork NSW.

About this event

During the workshop, SafeWork NSW Inspectors will provide an introductory overview to workplace health and safety, your rights and responsibilities, risk management and WHS topics including:

• small business rebate program

• work health and safety laws

• risk management

• training

• general electrical safety

• traffic management

• first aid and emergency planning

• hazardous noise

• remote or isolated work

• plant

• hazardous manual tasks

• hot working environments

• working at heights

• psychological health.

Spaces are limited so register now.

By attending this event you may be eligible for the $1,000 Small Business Rebate.

To register your interest click the link below.

Source and credit: Business.gov.au

New Team Member Introduction: Ella, Junior Administration Officer

The team is delighted to welcome Ella, who joined our office as the Junior Administration Officer in February 2025.

Ella's background in reception and client relations, coupled with her highly professional and pleasant telephone presence, has been instrumental in strengthening our front-of-house operations from day one.

Please direct all general administrative support needs to Ella. Her core responsibilities are focused on:

• Streamlining the organisation and scheduling of appointments.

• Effective management and distribution of all external enquiries to ensure maximum efficiency.

We look forward to Ella’s continued positive impact on our daily workflow.

We always like to support our locals!  Here are some community events happening this month (in date order).

Simple Sewing Skills Workshop dates on Friday's, 3 and 31 October | 10:00 AM to 2:00 PM

Join a hands-on sewing workshop where you will turn “too good to toss” into treasures. Learn the basics: threading a machine, working with different fabrics, repairing, revamping and altering. 

No experience needed. Just bring your ideas, curiosity and a willingness to play with fabric!

Limited availability. Please register by emailing schild@byron.nsw.gov.au

Location: The Re-Market, Byron Resource Recovery Centre, 115 The Manse Road, Myocum

Bangalow Farmers Market dates on Saturday's, 4, 11, 18, and 25 October | 7:00 AM to 11:00 AM

Discover the Heart of Local Food at Bangalow Farmers Market Every Saturday morning from 7:00 am - 11:00 am, the Bangalow Hotel carpark transforms into a vibrant hub of local food. Our farmers offer a bountiful harvest of fresh produce, artisan goods, and more. Meet the farmers, learn about sustainable practices, and support your local community. Visit Bangalow Farmers Market and experience the true essence of local food.

Location: Piccabeen Park, Cnr Deacon and Ashton Streets, Bangalow

Coastal Clean Up Date on Saturday, 4 October | 10:00 AM to 12:30 PM

Join our local community to help target the trash for the turtles with a Coastal clean-up. With turtle nesting season about to begin in November, our beaches need some extra TLC after the recent wild weather.

Clean coastlines mean turtles have the best chance to lay their nests successfully – free of obstacles and litter.

Who are we working with?

The event is being led by NSW TurtleWatch, with support from:

• Australian Seabird and Turtle Rescue

• Positive Change for Marine Life

• Byron Shire Council.

How to join?

Visit Coastal Clean-up to register. There will be a lucky door prize on the day. Anyone who registers will be in the draw to win.

How to find us on the day?

Please meet us at the NSW TurtleWatch stall within the Brunswick Heads Markets, Memorial Park. All trash collected will be audited and submitted to the Tangaroa Blue Marine Debris Database.

Location: Brunswick Heads Memorial Park, 6 Mona Lane, Brunswick Heads

Byron Bay Community Market date is Sunday, 5 October | 8:00 AM to 2:00 PM

The Byron Bay Community market is held from 8:00 am to 2:00 pm on the 1st Sunday of every month.

The market hosts an eclectic collection of stalls that showcase what Byron has to offer.

From Sunday 6 July the market will be temporarily relocated to the Main Beach Foreshore, while drainage work is carried out.

Location: Main Beach Foreshore, Bay Street, Byron Bay

Service NSW Mobile Service Centre visit to Ocean Shores date is Wednesday, 8 October | 9:00 AM to 3:30 PM

Service NSW Mobile Service Centre visits our community to personally deliver access to essential NSW Government services, including:

• Drivers licence, photo card applications and renewals

• Driver Knowledge Tests

• Working With Children Check applications

• NDIS Worker Check

• Applying for birth, death and marriage certificates

• Cost of Living service to access more than 70 government rebates and savings.

Service NSW Mobile Service Centres are fitted with a ramp for easier access for all members of the community.

Check the timetable and find out what you need to bring by visiting Mobile Service Centres.

Please check the website on the day for final confirmation of the Mobile Service Centre arrival or call 13 77 88. 

Location: Ocean Shores Country Club - Car park, 113A Orana Road, Ocean Shores

Service NSW Mobile Service Centre visit to Byron Bay date is Thursday, 9 October | 9:00 AM to 4:00 PM

Service NSW Mobile Service Centre visits our community to personally deliver access to essential NSW Government services, including:

• Drivers licence, photo card applications and renewals

• Driver Knowledge Tests

• Working With Children Check applications

• NDIS Worker Check

• Applying for birth, death and marriage certificates

• Cost of Living service to access more than 70 government rebates and savings.

Service NSW Mobile Service Centres are fitted with a ramp for easier access for all members of the community.

Check the timetable and find out what you need to bring by visiting Mobile Service Centres.

Please check the website on the day for final confirmation of the Mobile Service Centre arrival or call 13 77 88. 

Location: Byron Bay RSL Club (Car park), 132 Jonson Street, Byron Bay

Council Planning Meeting date is Thursday, 9 October | 3:00 PM to 9:00 PM

The dates and times of our Council Planning meetings are listed below.

Visit Minutes & Agendas to view and download meeting papers or watch the Livestream.

If you'd like to speak at a Council Meeting, register for Public Access by visiting Address a Council meeting 

Location: Byron Shire Council Chambers, 70 Station Street, Mullumbimby

Australian Government Mobile Service Centre visit to Mullumbimby date is Tuesday, 14 October | 9:30 AM to 4:00 PM

Visit the Mobile Service Centre to find out about Australian Government payments and services for:

• rural families

• older Australians

• students

• job seekers

• people with disability

• carers

• farmers

• self-employed people.

Information about Department of Veterans’ Affairs programs and support services for veterans and their families will also be available.

Staff can provide you with information and support. They can also help you create a myGov account. myGov is a simple and secure way to access government services online.

Location: Near the Mullumbimby library, Station Street, Mullumbimby

Byron Bay Film Festival Schools Program dates are Friday, 17 October - Sunday 26 October | 9:30 AM to 4:00 PM

Ignite the imaginations of your students with Schools Sessions at the Byron Bay International Film Festival 2025.

The Byron Bay International Film Festival Schools Program offers thoughtfully curated film packages for both Primary and Secondary students. Film packages are designed to engage, educate, and inspire.

Selected from hundreds of local, national, and international submissions. The program presents age-appropriate content that

• Broadens horizons

• Sparks discussion

• Encourages students to explore new perspectives and creative ways of expressing ideas through film.

There are multiple Schools Sessions running between Monday 20 and Friday 25 October 2025.

The sessions will be held at several local venues including:

• Palace Cinemas Byron Bay

• Palace Cinemas Ballina

• Drill Hall Mullumbimby

More to be announced soon.

Location: Palace Cinemas Byron Bay, Palace Cinemas Ballina, Drill Hall Mullumbimby and Brunswick Picture House

Make your own Beeswax Wrap and Produce  Bag date is Friday, 17 October | 10:00 AM to 2:00 PM

Say no to single-use plastic and make your own produce bag or beeswax wrap. No experience needed. 

Limited availability. Please register by emailing schild@byron.nsw.gov.au

Location: The Re-Market, Byron Resource Recovery Centre, 115 The Manse Road, Myocum

Mullumbimby Community Market date is Saturday, 18 October | 8:00 AM to 2:00 PM

The Mullumbimby Community Market is held on the third Saturday of each month from 8:00 am to 2:00 pm.

The market is a vibrant family-friendly festival held in Summers Park. Discover unique treasures among the diverse stalls offering artisan clothing, jewellery, homewares, plants, and more, all while enjoying live music and delicious food. With its warm, welcoming atmosphere and support for the local historical society museum, the Mullumbimby Community Market is a must-visit destination for both locals and visitors.

Location: 150 Stuart Street, Mullumbimby

Federal Community Market date is Sunday, 19 October | 8:00 AM to 2:00 PM

The Federal Community Market is held on the third Sunday of each month from 8:00 am to 2:00 pm.

The market has been able to restart following the completion of Federal Drive, that has been closed for over two years following the devastating 2022 floods. It has over 30 stalls, local vendors and a coffee cart.

This is a beloved community where the Federal Market has long been a cherished event with a vibrant atmosphere, offering the community a chance to come together, enjoying the music from our locally-based musicians.

Location: Federal Halls, 466 Federal Drive, Federal

Council Ordinary Meeting date is Thursday, 23 October | 3:00 PM to 9:00 PM

If you'd like to speak at a Council Meeting, register for Public Access by visiting Address a Council meeting.

A livestream is available to watch online. 

Questions about the meeting?

• Phone: 02 6626 7000

• Email: council@byron.nsw.gov.au 

Location: Byron Shire Council Chambers, 70 Station Street, Mullumbimby

Source and credit: Byron.nsw.gov.au/Recreation-Culture/Events-Venues/Whats-On

Please note that our office will be closed on Monday, 6 October 2025, as this date is observed as the Labour Day Public Holiday in New South Wales (NSW).

We will resume normal business hours on Tuesday, 7 October 2025.

We wish everyone a safe and enjoyable long weekend!

Key lodgment and payment dates for business

21 October

Activity statements

• September monthly activity statements – final date for lodgment and payment.

• Quarter 1 (July to September) PAYG instalment activity statement for head companies of consolidated groups – final date for lodgment and payment.

PAYG instalments

• Annual PAYG instalment notice – final date for payment and, if using the rate method or varying the instalment amount, final date for lodgment.

If you have already received your income tax assessment, you should not vary your annual instalment.

28 October

Activity statements

Quarter 1 (July to September) activity statements – final date for lodgment and payment.Annual activity statement – TFN withholding for closely held trusts where a trustee withheld amounts from payments to beneficiaries – final date for lodgment and payment.

GST instalments

Final date for electing to pay GST by instalments (that is, option 3) for June balancers if another reporting option was previously used.

Final date for opting out of option 3 for the current financial year.

Quarter 1 (July to September) instalment notices (forms S and T) – final date for payment and, if varying instalment amount, lodgment.

GST

• Final date for eligible quarterly GST reporters to elect to report GST annually.

PAYG instalments

• Final date for eligible instalment reporters to elect to report annually for June balancers.

• Final date for notifying your quarterly PAYG instalment reporting and payment choice for the 2013 income year for June balancers.Quarter 1 (July to September 2013) instalment notices (forms R and T) – final date for payment and, if varying the instalment amount, lodgment.

Superannuation

• Due date for payment of super guarantee (SG) contributions, for quarter 1 (July to September) – contributions.

  • SG contributions are to be received by the superfund by this date - you need to allow enough time for SG payments to reach and be processed by your super fund, especially if using a SG clearing house.

  • If you don't pay the SG contributions for quarter 1 in full and by this date, you must pay the super guarantee charge (SGC) and lodge a SGC statement by 28 November.It's important to note, SGC is more than the SG you would have normally paid and is not tax deductible.

31 October

PAYG withholding

• Lodgment for PAYG withholding where ABN not quoted – annual report.

  • Use this to report amounts withheld because another entity did not quote their ABN.

  • These amounts should have been reported at label W4 of activity statements.

• Lodgment for PAYG withholding from interest, dividends and royalties paid to non-residents – annual report.

  • Use this to report payments of dividends, interest and royalties to non-residents that are subject to withholding, and the amounts withheld.

  • These amounts should have been reported at label W3 on activity statements.

• Lodgment for PAYG withholding annual report – payments to foreign residents.

  • Use this to report payments made to foreign residents for entertainment or sports activities, construction and related activities and arranging casino gaming junket activities, and the amounts withheld.

  • These amounts should have been reported at label W3 on activity statements.

GST

• Annual GST return or Annual GST information report – lodgment and payment (if required) is due when the income tax return is due, for those who have an income tax obligation.

  • If you use a tax agent, different lodgment and payment dates may apply.

Income tax

• Individual, partnership and trust income tax returns – final date for lodgment unless an approved SAP or a later lodgment date has been granted.

• Trusts that are medium to large taxpayers in the last year they lodged and have one prior year return overdue as at 30 June of the last financial year.

• Lodgment of income tax returns for trusts, which did not lodge their income tax return on time for the previous financial year.

• Income tax return lodgment due date for all June balancing companies where one or more prior-year returns were overdue, as at 30 June.Income tax returns lodgment due date for companies that did not lodge their income tax return on time for the previous financial year.

NFP self-review return

• Annual NFP self-review return final lodgment due date, unless an approved SAP, for non-charitable not-for-profits (NFPs) with an active ABN who self-assess as income tax exempt.

TFN report

• Quarter 1 (July to September) 

• TFN report for closely held trusts for TFNs quoted to a trustee by beneficiaries – final date for lodgment.

Annual Investment Income Reporting

• Lodging the annual investment income report (AIIR) – final date for lodgment for all investment bodies.

Source and credit: ATO.gov.au