Business Intelligence Newsletter – WE 4 September 2026

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Technology and Innovation

There is more information on Technology and Innovation at the Inspiring Business website link here

OAIC Guidance on Data Protection and Identity Document Retention Limits

The Office of the Australian Information Commissioner (OAIC) updated compliance guidelines for businesses handling customer identity records under Australian privacy standards. Under updated rules effective in 2026, businesses are prohibited from retaining scanned copies or photocopies of customer identity documents once identity verification is completed.

Implications - The Operations Manager and IT/Admin lead must review internal data retention policies for scanned passports or driver licences collected during customer onboarding or trade credit applications. Purge legacy identity scans from cloud storage, shared network drives, or email servers on Monday morning to ensure compliance and minimise data exposure liability.

Read more about this topic at the OAIC.gov.au website link here

SME Risk and Compliance

There is more information on SME Risk and Compliance at the Inspiring Business website link here

Commencement of Queensland Electrical Safety Regulation 2026

The Queensland Government enacted the Electrical Safety Regulation 2026, taking effect on 1 September 2026 following a sunset review of the 2013 regulations. The updated regulation maintains strict technical compliance requirements and safety standards for electrical work, plant equipment, and workplace safety across SE QLD sites.

Implications - Operations Managers in manufacturing, logistics, and trade services across South East Queensland must audit all site electrical equipment, test-and-tag logs, and safety switch protocols. On Monday morning, check that all on-site electrical tools, machinery, and safety registers comply with the updated 2026 regulation.

Read more about this topic at the worksafe.qld.gov.au website link here

ATO Deadline Warning for Overdue June Quarter Superannuation Guarantee Charges

Following the late August Super Guarantee Charge (SGC) statement lodgment window, the ATO issued compliance warnings for employers who missed their June quarter superannuation liabilities. Employers who failed to pay quarterly super contributions on time are now subject to SGC interest, administrative fees, and personal Director Penalty Notice (DPN) risks.

Implications - The Bookkeeper must immediately confirm that all June quarter employee superannuation payments have cleared in employee accounts or that an SGC statement was lodged. On Monday morning, verify super status to prevent the ATO from issuing Director Penalty Notices or applying maximum administrative penalties.

Read more about this topic at the ato.gov.au website link here This link is a direct download of the pdf

ATO Updated Guidelines on False or Misleading Statement Penalties (PS LA 2012/5)

The Australian Taxation Office (ATO) reissued Practice Statement Law Administration PS LA 2012/5 regarding administrative penalties for false or misleading statements. The updated guidance clarifies how the ATO evaluates shortfall penalties, emphasizing that businesses showing reasonable care and genuine effort will avoid heavy administrative fines.

Implications - The Bookkeeper or Finance Manager must audit current BAS reporting, GST claims, and PAYG withholding procedures to ensure accurate record-keeping. On Monday morning, review internal reconciliation processes to ensure full documentation is retained for all tax credits and deductions claimed.

Read more about this topic at the ato.gov.au website link here

ASIC $3.5M Federal Court Penalty for Unfair Contract Terms (26-203MR)

The Federal Court imposed a $3.5 million penalty against Venture 5 Group (trading as CashnGo) following ASIC enforcement regarding unfair contract terms in standard form credit contracts. The court declared unscheduled account withdrawal terms void effective 14 September 2026, reinforcing regulatory intolerance for unilateral financial debit terms in standard commercial agreements.

Implications - Business owners and finance leads issuing standard credit terms, direct debit forms, or customer supply agreements must review customer contracts for unilateral penalty or withdrawal terms. Verify that default clauses and automated payment authorities comply with statutory Unfair Contract Term (UCT) standards ahead of the 14 September court-ordered void date

Read more about this topic at the asic.gov.au website link here

SME People and Culture

There is more information on SME People and Culture at the Inspiring Business website link here

FWO Enforces Temporary Increase in Modern Award Vehicle Allowances

The Fair Work Ombudsman announced a temporary increase in vehicle allowances under key awards, raising the rate from $1.01 to $1.05 per kilometre effective 1 September 2026. The 6-month temporary adjustment addresses elevated fuel and transport operating costs across field-based work forces.

Implications - The Bookkeeper or Payroll Officer must update payroll software parameters for staff claiming motor vehicle allowances starting from the first full pay period on or after 1 September 2026. On Monday morning, notify field managers and staff of the updated rate and ensure mileage log sheets reflect $1.05 per km.

Read more about this topic at the fairwok.gov.au website link here

Money and Markets

There is more information on Money and Markets at the Inspiring Business website link here

ATO Updated Guidelines on False or Misleading Statement Penalties (PS LA 2012/5)

The Australian Taxation Office (ATO) reissued Practice Statement Law Administration PS LA 2012/5 regarding administrative penalties for false or misleading statements. The updated guidance clarifies how the ATO evaluates shortfall penalties, emphasizing that businesses showing reasonable care and genuine effort will avoid heavy administrative fines.

Implications - The Bookkeeper or Finance Manager must audit current BAS reporting, GST claims, and PAYG withholding procedures to ensure accurate record-keeping. On Monday morning, review internal reconciliation processes to ensure full documentation is retained for all tax credits and deductions claimed.

Read more about this topic at the ato.gov.au website link here This link is a direct download of the pdf

Family Business Succession and Exitability

There is no Succession and Exitability information worth sharing this week

There is more information on Money and Markets at the Inspiring Business website link here

Division 7A Private Company Loan Agreements and Benchmark Compliance

The ATO reinforced strict compliance requirements under Division 7A for private family company loans, advances, and payments to shareholders or associates. To avoid automatic treatment as unfranked dividends taxed at individual marginal rates, all private company loans must be governed by written agreements executed prior to the tax lodgment date with interest set at or above the statutory benchmark. 

Implications - The Business Owner and Bookkeeper must review all internal loan accounts, director drawdowns, and inter-entity payments made during the financial year. On Monday morning, consult your external tax advisor to ensure compliant 7-year or 25-year Division 7A loan agreements are drafted and minimum yearly principal and interest repayments are scheduled.

Read more about this topic at the ato.gov.au website link here

ASIC Industry Funding Annual Returns Submission Portal Open

ASIC notified small business directors and private corporate entity managers that Cost Recovery Implementation Statement (CRIS) industry funding metric returns must be lodged via the ASIC Regulatory Portal by 24 September 2026. Accurate business activity reporting ensures proper levying of ASIC industry funding charges and protects the company's corporate standing for future sale or succession

Implications - The Bookkeeper or Company Secretary must log in to the ASIC Regulatory Portal using the unique security key sent to the registered office address. On Monday morning, complete and submit the required activity metrics before the 24 September deadline to prevent late fees or regulatory penalties.

Read more about this topic at the asic.gov.au website link here

Disclaimer - This newsletter is general information only. It reflects our views and experience working with family businesses, and it is not legal, financial, tax, or other professional advice. It does not take account of your particular circumstances, objectives, or needs. Before acting on anything here, obtain your own independent advice relevant to your situation. While we take care with the content, we make no warranty that it is complete, accurate, or current, and to the extent permitted by law we accept no liability for any loss arising from reliance on it.

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