News
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.
Navigating the 2026–27 car thresholds
If you're thinking about purchasing or leasing a vehicle for your business in the new financial year, it's worth understanding the updated car thresholds that apply from 1 July 2026. While these limits may seem technical, they can have a practical impact on the amount you can claim for tax depreciation deductions, the GST credits that are available, and whether luxury car tax (LCT) could apply.
Don’t let sharing economy income catch you off guard this tax time
The sharing economy has created new opportunities for Australians to earn additional income. Whether it's driving for a ride-sharing service, renting out a holiday property, completing freelance work, hiring out equipment, or creating digital content, many people are supplementing their regular income through online platforms.
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High Court brings greater clarity on trust distributions
The High Court has recently handed down an important decision that will impact many private business groups using discretionary trusts and corporate beneficiaries.
Is AI going to mean that accountants are out of a job? Unlikely!
We are proud to share that our Managing Principal, David McLennan CA, has been featured in the latest edition of Acuity magazine!
In the feature article, David joins industry leaders to discuss the rise of Accountable Intelligence the concept of keeping humans firmly
in the driver’s seat while leveraging advanced AI to work smarter, streamline efficiencies, and elevate client relationships.
After 15 years of exceptional service, our Financial Services Principal Julie Sherwood has retired
After 15 years of exceptional service, mentorship, and client care, our Financial Services Principal Julie Sherwood has retired. Julie’s journey from healthcare to wealth management highlights her incredible dedication to helping others. Join us in wishing Julie every happiness and good health in her next chapter.
Get Ready for 2026–27: Practical Steps SMSF Trustees Must Take Now
With the start of the 2026–27 financial year, SMSF trustees should take a proactive approach to ensure funds remain compliant and well positioned. Below is a concise checklist of the key legislative changes, compliance deadlines and practical steps trustees should prioritise.
ATO Cracks Down on Personal Services Income Arrangements: Is Your Business at Risk?
The ATO is sharpening its focus on how taxpayers generating income from personal services deal with that income for tax purposes. In a recent Spotlight bulletin, Small Business Assistant Commissioner Tony Poulakis highlighted the release of Practical Compliance Guideline PCG 2025/5.
Updates to Budget Measures and New Developments
Since the Federal Treasurer handed down the 2026-27 Federal Budget on 12 May 2026 there has been a significant amount of commentary on some of the more controversial proposals, including the decision to replace the CGT discount with an indexation system and impose a 30% minimum tax rate on discretionary trusts
Giving Back to Our Communities: Announcing the 2026 Forsyths Foundation Donations
At Forsyths, we believe that a strong community isn’t just built on sound financial planning and spreadsheets, it’s built on heartbeat, connection, and lending a hand when it’s needed most.
Anti-Money Laundering Update - What it means for you
The Australian Government is moving ahead with Tranche 2 of the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) legislation, with changes expected to apply from 1 July 2026.
Key 2026–27 Federal Budget tax reforms: What they mean for you
The 2026–27 Federal Budget, released on 12 May 2026, has received more attention than most budgets in recent years.
With proposed changes to negative gearing, the CGT discount and the taxation of trusts, this is a budget that has the potential to
materially impact on property investors, business owners and families using discretionary trusts.
Ending card surcharges: What you need to know before 1 October 2026
The Reserve Bank of Australia (RBA) has confirmed that all surcharges on credit and debit card payments across eftpos, Mastercard and Visa
will be banned from 1 October 2026.
This represents one of the most significant updates to Australia’s payments landscape in years and will have a direct impact on businesses
and consumers.
Government to wind back electric vehicle FBT exemption in three stages
The Government has announced a staged wind-back of the current Fringe Benefits Tax (FBT) exemption for electric vehicles (EVs), following recommendations from the Statutory Review of the Electric Car Discount released in May 2026. While the policy continues to support EV uptake, it also aims to make concessions more sustainable and better targeted. The changes are expected to save the Budget an estimated $1.7 billion over five years from 2025–26.
SMSF year end reminder: what to check before 30 June
The end of the financial year is fast approaching. For SMSF members and trustees, a few timely checks now can avoid headaches later and help preserve valuable tax and contribution opportunities. Below is a checklist of the things members and trustees should consider before 30 June.
The way you pay super is changing
The way you pay super is changing. From 1 July, superannuation must be paid at the same time as your regular salary or wages, and must be received by the fund within 7 business days of payday.
Your EOFY Strategy Starts Now
With June 30th less than seven weeks away, now is the time to shift from daily operations to strategic planning. At Forsyths, we aren’t just here to wrap up the financial year of all your hard work and lodge your return; we are here to ensure your hard work results in the best possible financial outcome for the year.
Do you know a local charity who do great work within the community?
It’s that time of year again where the Forsyths Foundation proudly donates funds to worthwhile community organisations in our region.
If you know of any organisations that make a difference in the community, please reach out to your local Forsyths office.
Superannuation contribution caps to increase from 1 July 2026
Following the recent release of the December 2025 quarter average weekly ordinary times earnings (AWOTE) the annual concessional contribution (CC) cap will increase from $30,000 to $32,500 from 1 July 2026. The annual non-concessional contribution (NCC) cap will also increase to $130,000.
New ATO ‘Verify Call’ feature: Instant protection against phone scams
As tax time approaches, so does the annual spike in scam calls pretending to be from the ATO. These calls are becoming increasingly
convincing and increasingly costly for those who get caught by them.
The ATO has now launched a simple, powerful solution: the ‘verify call’ feature in the free ATO app. Rolled out in early April 2026, it
allows you to confirm instantly and in real time whether the person calling you is genuinely from the ATO.
Practical help for businesses impacted by fuel disruptions
With global fuel supply chains still under strain from conflict in the Middle East, many Australian businesses are feeling the impact
through higher operating costs, delayed deliveries and pressure on cash flow.
To help stabilise affected sectors, Treasurer Jim Chalmers and the ATO have announced a package designed to give businesses immediate
breathing room and reduce administrative burden during a volatile period.
ATO updates EV home charging rate: What it means for you
The ATO has announced a significant update that will affect anyone using electric vehicles (EVs) or plug-in hybrid electric vehicles (PHEVs) for work or fleet purposes and where the vehicle is charged at the relevant individual’s home.
ATO relief and lending extensions - What it means for your business
In a direct response to the ongoing fuel supply disruptions and rising cost pressures, Treasurer Jim Chalmers has announced a suite of temporary relief measures designed to give Australian small businesses and farmers some much-needed breathing room.
Smarter valuations in business sale transactions
When selling a business or even a slice of one, how you value the assets involved can have a major impact on the tax bill. A recent Full Federal Court decision, Kilgour v Commissioner of Taxation [2025] FCAFC 183, offers timely guidance on how “market value” is really determined for capital gains tax (CGT) purposes.
A wake-up call for family businesses on fringe benefits tax
As Fringe Benefits Tax (FBT) lodgement season approaches, family businesses should carefully review the perks they provide to working directors and family members. A high-profile case involving luxury vehicles provided to three brothers who run a large business empire through a discretionary trust highlights the complexities and potential risks of informal arrangements
What the New Div 296 Tax Means for Individuals with Large Super Balances
The Better Targeted Superannuation Concessions measure (known as the Division 296 tax) is now law and takes effect from 1 July 2026. For those with large super balances, it’s important to understand what the new tax does, why it’s been introduced, and the practical steps you and your financial adviser should consider.
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.
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