News
Paul Cornall to facilitate an Audit Industry Forum
We are thrilled to announce that Forsyths is partnering with the Institute of Internal Auditors (IIA) Australia as a sponsor and presenter for the upcoming IIA Local Government Online Forum, taking place on Monday, October 19 and Tuesday, October 20, 2026.
Reviewing your fund’s investment strategy
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. Although there is nothing in the law stating a timeframe that may define ‘review regularly’, it is commonly accepted that this would be at least annually. This aligns with comments on the ATO’s website where they expect reviews to occur at least annually.
Widow tax fixed
Federal Parliament has closed an unintended loophole in the recent negative gearing and capital gains tax 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.
$21 billion in lost super is waiting
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.
That is real money that could be working harder for your retirement. Tax time is the natural moment to check whether any of it belongs to
you.
Travel records under the microscope
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 the 2026-27 income year through to 2028-29
Having your Accountant and Financial Adviser under one roof is a game-changer
Between running a business, supporting your family, and planning for the future, acting as the middleperson between separate financial advisers and accountants takes time, energy, and creates room for key details to slip through the cracks. In today’s fast-moving economic environment, managing your wealth in "silos" simply doesn't cut it anymore.
SMSF and property – preparing for a smooth audit
For many SMSF trustees, property is one of the most significant assets held by their SMSF. Unlike personally owned assets, there is a legal requirement that all SMSF assets are valued each 30 June. This can be a simple process for assets that have a ready market like listed shares, however the process for other assets like property can be more onerous.
Discretionary trusts and the proposed 30% minimum tax
Discretionary trusts, often referred to as family trusts, have been a popular structure for Australian families and businesses for many decades. They are commonly used to operate family businesses, hold investments and assist with succession planning. Their flexibility, together with asset protection and estate planning benefits, has made them an attractive option for many groups.
Penalty units increase from 1 July 2026
From 1 July 2026, the value of a Commonwealth penalty unit increased from $330 to $364. While this may sound like a minor administrative change, it has a direct impact on many ATO penalties, increasing the cost of a range of compliance failures.
New reasonable travel and overtime meal rates
The ATO has released its updated reasonable travel and overtime meal allowance rates for the 2026–27 income year in Taxation Determination
TD 2026/4.
Although these figures are widely publicised each year, they are often misunderstood. A common misconception is that employees can
automatically claim a tax deduction up to the ATO's published rates, but in reality, the rules are much narrower, and applying them
incorrectly could lead to deductions being denied as well as interest and penalties.
Warning: Fake ASIC emails targeting business registrations and fees
ASIC has issued a warning about a surge in scam emails impersonating ASIC and targeting Business Registrations. These fraudulent emails attempt to trick individuals and businesses into handing over personal information and paying fees.
Changes to Self Managed Super Fund (SMSF) borrowing rules
To ensure passage of the negative gearing and CGT discount changes that were announced in the May 2026 Federal Budget the Government agreed to make amendments to the SMSF borrowing rules.
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