News
Keeping your self-managed super fund compliant
Self managed superannuation funds (SMSFs) can offer significant flexibility, allowing the members to make investments and enter arrangements that may not be available through retail or industry superannuation funds. However, being an SMSF trustee does come with important responsibilities to ensure that all dealings comply with superannuation law.
ATO Update on inherited homes: What it means for your family’s wealth
The ATO has issued a Draft Taxation Determination TD 2026/D1 which looks at how inherited family homes are treated for CGT purposes. Some industry commentators have dubbed it a 'death tax by stealth', but it is a bit more complex than this.
Navigating CGT on your home: New ATO clarity for home-based businesses
Running a business from home—whether as a sole trader, freelancer, or small operator has many perks. But when it comes to selling your home and potentially saving on tax, recent guidance from the ATO serves as a reality check.
DPN Review: A wake-up call for business owners on personal tax risks
Running a successful business is hard work—and sometimes, despite best intentions, tax obligations slip. If the business is being operated through a company structure, then the ATO can potentially issue a Director Penalty Notice (DPN), holding company directors personally liable for unpaid taxes.
Downsizer Contributions and the Main Residence Exemption
When clients sell a long-held family home, they may be able to channel part of the proceeds into superannuation by using the downsizer contribution rules. To qualify, the seller must meet a number of conditions:
AI Tax Tips: Helpful Shortcut or Costly Trap?
As a business owner or investor, time is always tight. So it’s no surprise many people now turn to AI tools like ChatGPT for quick answers
on tax deductions, super contributions or structuring ideas. The responses sound confident, arrive instantly and cost nothing. What could go
wrong?
Plenty.
Holiday Homes Under the Microscope
For many Australians, a holiday home does double duty. It’s a place to escape with family and friends, and during the rest of the year it’s listed on Airbnb or Stayz to help cover the costs. Until recently, many owners assumed they could claim most of the usual deductions for the property without much trouble, as long as appropriate apportionments were made.
Cash is making a comeback. Is your business ready to take it?
For years, businesses have been moving away from cash and for good reason. Digital payments are quick, traceable, and cut down on the risk of theft or counting errors. But that tap-and-go world might soon have to make room again for notes and coins.
Know the rules before you break them: Why SMSF education matters more than ever.
Running, or deciding to set up a self-managed super fund (SMSF) gives you control, but it also brings legal responsibilities. The Superannuation Industry (Supervision) Act 1993 (SISA) contains detailed rules on trustee duties, investments, borrowing, payments and recordkeeping.
Unlocking tax savings: Can your MBA (or other studies) pay off at tax time?
If you’ve invested in further study an MBA, a leadership course, or a postgraduate qualification you might be wondering: can this help at tax time?
Vote for The Tiny Foxes. Help them secure a $5,000 People’s Choice Award
We’re excited to share that Tiny Foxes has been shortlisted for a $5,000 People’s Choice grant and we believe with your vote we can all make a difference
Super on Payday: Fundamental Changes for Employers
If you run a business, you already know the juggling act that comes with managing the payroll process, paying staff on time, managing cash flow, and staying compliant. From 1 July 2026, there’s a major change coming that will reshape how you handle superannuation contributions for staff. It’s called Payday Super, and it became law on 4 November 2025.
Common Sense Prevails in Super Tax Revisions
Breaking news out of Canberra the Federal Treasurer has announced several significant amendments to the proposed tax on superannuation
balances over $3 million.
In what many are calling a common-sense adjustment, the government has confirmed:
Accessing superannuation funds for medical treatment or financial hardship
Superannuation is one of the largest assets for many Australians and offers significant tax advantages, however, strict rules apply to when it can be accessed. While super is most commonly accessed at retirement, death or disability, there are limited situations where earlier access may be possible.
ATO Interest Charges Are No Longer Deductible – What You Can Do
Leaving debts outstanding with the ATO is now more expensive for many taxpayers. General interest charge (GIC) and shortfall interest charge (SIC) imposed by the ATO is no longer tax-deductible from 1 July 2025. This applies regardless of whether the underlying tax debt relates to past or future income years.
ASIC has issued a warning about a surge in scam emails impersonating ASIC
ASIC has issued a warning about a surge in scam emails impersonating ASIC and targeting Registry customers. These fraudulent emails attempt to trick individuals and businesses into handing over personal information and paying fees.
Congratulations, Kurt – Our Newest Qualified Financial Adviser
We’re thrilled to celebrate Kurt Resch who has officially earned his credentials as a licensed financial adviser. Kurt’s achievement represents years of dedication, study, and hands-on experience—and we couldn’t be prouder to have him on the Forsyths team.
A win for those carrying student debt
In support of young Australians and in response to the rising cost of living, the Australian Government has passed legislation to reduce student loan debt by 20% and change the way that loan repayments are determined.
Superannuation guarantee: due dates and considerations for employees and employers
On 1 July 2025 the superannuation guarantee rate increased to 12% which is the final stage of a series of previously legislated increases.
Finalist in the Outstanding Employee category
At Forsyths, we’re passionate about recognising the incredible people who shape our culture and drive our success. This month, we’re thrilled to celebrate Diane (Di) McLeod who has been named a Finalist in the Outstanding Employee category at the Tamworth Business Chamber Quality Business Awards.
Disaster Recovery Assistance – What Support is Available?
With the recent weather events and flooding across the region, it’s important to keep updated with the recovery assistance and funding available through the NSW Rural Assistance Authority (RAA).
Interest deductions: risks and opportunities
This tax season, we’ve seen a surge in questions about whether interest on a loan can be claimed as a tax deduction. It’s a great question as the way interest expenses are treated can significantly affect your overall tax position. However, the rules aren’t always straightforward. Here’s what you need to know.
Luxury cars: the impact of the modified tax rules
With the purchasing of luxury vehicles on the rise it’s important to be aware of some specific features of the tax system that can impact on the real cost of purchase. Often the tax rules provide taxpayers with a worse tax outcome if the car will be used for business or other income producing purposes compared with a non-luxury car, but this depends on the situation.
Staying One Step Ahead: Cyber Security & Fraud Protection Seminar
In today’s fast-paced digital world, cybercrime and fraud are becoming some of the greatest threats to small and medium-sized
businesses and protecting your data, finances and reputation has never been more critical.
In July, Forsyths partnered with Cloudwize, Sophos and Westpac delivered an exclusive Cyber Security & Fraud Protection Seminar at our
Tamworth office.
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