Individual – Custom Accounting Pty Ltd

Ending card surcharges: What you need to know before 1 October 2026

Custom Accounting — Sun, 21 Jun 2026 22:48:00 +0000

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. Why this matters Australians pay an estimated $1.6…

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Government to wind back electric vehicle FBT exemption in three stages

Custom Accounting — Sun, 14 Jun 2026 22:50:58 +0000

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…

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Key 2026–27 Federal Budget tax reforms: What they mean for you

Custom Accounting — Tue, 09 Jun 2026 22:40:00 +0000

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. However, it is important to remember that the…

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Superannuation contribution caps to increase from 1 July 2026

Custom Accounting — Sun, 31 May 2026 22:57:58 +0000

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. When considering contribution opportunities some individuals may have higher caps due to the carry…

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New ATO ‘Verify Call’ Feature: Instant Protection Against Phone Scams

Custom Accounting — Sun, 24 May 2026 22:59:00 +0000

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…

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ATO Updates EV Home Charging Rate: What It Means for You

Custom Accounting — Sun, 10 May 2026 22:55:00 +0000

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. From 1 April 2026 (for FBT purposes) or from 1 July 2026 (for income tax purposes), the ATO’s standard home-charging electricity rate will increase from 4.20…

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The ATO Targets FBT on Work Vehicles: Don’t Let Assumptions Cost You

Custom Accounting — Mon, 27 Apr 2026 23:13:13 +0000

The ATO is turning up the heat on employers who provide work vehicles for private use. Sophisticated data-matching means assumptions and shortcuts can quickly lead to audits, penalties, interest charges—and even reputational damage. You can see the latest ATO FBT audit warning here: Misreporting FBT on personal use of work vehicles | Australian Taxation Office If you provide vehicles to your…

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Key Lessons from the Kilgour Case: Smarter Valuations in Business Sale Transactions

Custom Accounting — Mon, 20 Apr 2026 22:33:00 +0000

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. When preparing for transactions, restructures or potential exit events…

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ATO Update on Inherited Homes: What it Means for Your Family’s Wealth

Custom Accounting — Sun, 15 Mar 2026 21:56:00 +0000

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. The draft guidance focuses on a specific aspect of the rules around applying the main residence exemption to inherited properties…

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Downsizer Contributions and the Main Residence Exemption

Custom Accounting — Sun, 22 Feb 2026 22:07:00 +0000

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. Basic Eligibility Conditions To qualify, the seller must meet a number of conditions: The downsizer contribution can only be used once per individual and is limited to the lesser of the gross sale proceeds or $300,000…

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