Custom Accounting Pty Ltd

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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Practical Help for Businesses Impacted by Fuel Disruptions

Custom Accounting — Sun, 17 May 2026 22:56:00 +0000

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…

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Federal Budget 2026–27

Custom Accounting — Tue, 12 May 2026 23:14:27 +0000

Treasurer Jim Chalmers has handed down the 2026–27 Federal Budget, with a strong focus on housing affordability, cost-of-living pressures and economic reform. This year’s Budget includes a number of significant proposed changes impacting business owners, investors and family groups, including reforms to negative gearing, Capital Gains Tax (CGT) and discretionary trusts…

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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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A Wake-Up Call for Family Businesses on Fringe Benefits Tax

Custom Accounting — Mon, 13 Apr 2026 14:30:00 +0000

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.

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What the New Div 296 Tax Means for Individuals with Large Super Balances

Custom Accounting — Mon, 06 Apr 2026 22:45:00 +0000

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. The Purpose of the Tax Division 296 is designed to make superannuation…

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Keeping Your Self-Managed Super Fund Compliant

Custom Accounting — Sun, 22 Mar 2026 22:02:00 +0000

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. Two critical areas to keep front of mind are…

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