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This month we look at several practical issues that could affect your tax and superannuation position. The ATO's expanded passenger movement data-matching program means international travel records could come under greater scrutiny, particularly where tax residency is unclear or circumstances have changed. We then turn to lost superannuation — with more than $21 billion currently sitting unclaimed, a simple check could uncover money that belongs to you. Recent changes to the negative gearing reforms have also fixed some unintended outcomes affecting jointly owned properties and former main residences. Finally, we look at SMSF investment strategies and why regularly reviewing the strategy is about more than meeting a compliance requirement, particularly as members move from accumulation into retirement. Tap any card below to read more.
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If you spend time outside Australia for work, family or personal reasons, your travel history could become increasingly important when it comes to your Australian tax affairs. On 24 August 2026, the ATO gazetted its latest passenger movements data-matching program. Under the program, the Department of Home Affairs is expected to provide the ATO with travel information for around 115,000 individuals each year from 2026–27 through to 2028–29.
The information may include an individual's name, date of birth, arrival and departure dates, passport details and citizenship or visa status. The ATO can then compare this information with its own records to identify potential issues with tax residency, registration, lodgement, reporting and payment obligations.
Your Australian tax residency status can have a significant impact on how you are taxed. Australian residents are generally taxed on their worldwide income, while foreign residents are generally taxed only on their Australian-sourced income. Residency can also affect the tax-free threshold, Medicare levy obligations and CGT outcomes.
The ATO will now have access to passenger movement information from an independent government source. If the dates reported by a taxpayer do not appear to align with those records, this could prompt the ATO to seek further information.
If you became or ceased to be an Australian tax resident during the year, the dates you arrived in or departed Australia may form part of the evidence supporting your residency position and whether a part-year tax-free threshold applies.
If you regularly travel overseas for work, your travel history may help establish when you were working in Australia and when you were overseas — particularly relevant where your position involves foreign employment income or other overseas activities.
If you have moved overseas and later sell an Australian property, your residency history can be relevant to the CGT treatment. Your tax residency status can significantly impact whether the main residence exemption applies on the sale of your home.
More than $21 billion in lost and unclaimed superannuation is currently sitting idle across Australia, according to the latest ATO figures. The average lost account holds around $41,000. Last year alone the ATO reunited more than $1.1 billion with members — real money that could be working harder for your retirement.
Super generally becomes lost when an account becomes inactive and the fund can no longer contact the member. Common triggers include changing jobs and leaving an old account behind, moving house or changing your phone number without telling the fund, or changing your name. When the fund cannot reach you, the account may be classified as lost and the balance eventually transferred to the ATO. The money does not disappear — it simply sits waiting to be reunited with its owner.
Finding lost super is straightforward and free. The quickest way is through ATO online services via myGov:
You can also use the ATO app or call the automated lost super search line on 13 28 65.
For those at or approaching retirement age, finding lost super can be particularly meaningful. An extra $20,000 or $40,000 can make a noticeable difference to your available nest egg. Even smaller amounts compound further once consolidated into a single active account that continues to earn returns and attract future contributions.
Every dollar sitting in a lost or low-balance account is potentially earning less than it could, or incurring unnecessary fees. Bringing money into one active account usually reduces fees, improves investment choice, and makes it easier to track your overall position. Given that more than $21 billion is currently waiting to be claimed, the odds that some of it belongs to you are higher than many people expect.
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Federal Parliament has closed an unintended loophole in the recent negative gearing reforms that became widely known as the "widow tax". At the same time, the Government also fixed a technical issue that could have affected people who first use a main residence to generate rental income after Budget night on 12 May 2026.
As you may be aware, from 1 July 2027 losses generated from residential rental properties will be quarantined — meaning they can only be offset against income or capital gains from other residential rental properties. However, the changes generally won't apply to properties purchased before 12 May 2026.
A problem arose where an ownership interest in a property passes to someone due to the death of the original owner or a relationship breakdown occurring after 12 May 2026. Under the original rules, that transfer could be treated as a new acquisition — risking the loss of the protected negative gearing treatment.
The new rules specifically protect people who acquire a residential property interest from a spouse because of death or relationship breakdown, and can also protect someone who inherits an additional ownership interest from a non-spouse co-owner.
Superannuation law requires trustees of SMSFs to formulate, regularly review and give effect to an investment strategy that has regard to the whole of the circumstances of the fund. While the law doesn't specify a timeframe, it is commonly accepted — and consistent with ATO guidance — that the review should occur at least annually.
Some trustees review at the start of a new financial year; others review it as part of reviewing the prior year's completed accounts. Neither is right or wrong — what matters is that you can show your auditor the review has taken place and that decisions have been documented, whether changes were made or the existing strategy was confirmed as appropriate.
There may be other times when a review is appropriate, including:
When reviewing your fund's investment strategy, consideration must be given to:
When members are all in the pre-retirement growth phase, expenses are usually more predictable and large cash reserves aren't typically needed. Once members reach the point where they are accessing benefits — whether through pensions or lump sums — cashflow, liquidity and a cash buffer become a much more important consideration.
It is not uncommon for trustees to contact us at year end having discovered they do not have the cash to meet even the minimum pension requirements for the year. While there may be several reasons for this, it raises serious questions about the appropriateness of the fund's current investment strategy.
This applies equally to any illiquid investment — including holdings in unlisted companies and trusts. Reviewing your fund's investment strategy and the needs of members should not be seen as just a tick-a-box exercise. You have worked hard to build your retirement wealth — having an appropriate strategy to support that is an important part of running a well-managed SMSF.
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