Custom Accounting Pty Ltd

Get Ready for 2026–27: Practical Steps SMSF Trustees Must Take Now

Custom Accounting — Mon, 03 Aug 2026 22:08:00 +0000

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. 1. Review Transfer Balance Cap and Pension Planning 2. Update Contribution Strategies and Caps The…

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Tax Ombudsman Sees 127% Surge in Complaints: What It Means for You

Custom Accounting — Mon, 27 Jul 2026 22:06:00 +0000

The Tax Ombudsman has reported a dramatic 127% increase in complaints about the ATO this financial year (to 30 April 2026), with nearly 3,000 complaints received in the first ten months. Debt collection, penalties, and tax debt interest charges have dominated the issues raised. Tax Ombudsman Ruth Owen has linked the sharp rise directly to the ATO’s intensified focus on recovering outstanding…

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ATO Cracks Down on Personal Services Income Arrangements: Is Your Business at Risk?

Custom Accounting — Mon, 20 Jul 2026 22:35:00 +0000

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. This guideline clarifies the ATO’s compliance approach to the “alienation” of personal services income (PSI)…

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Payday Super Has Arrived – What Employers Need to Know

Custom Accounting — Mon, 13 Jul 2026 22:30:00 +0000

One of the most significant changes to the Australian superannuation system in decades has now commenced. From 1 July 2026, Payday Super requires employers to ensure super contributions reach employee super funds within seven business days of each payday. For many businesses, this represents a major shift from a quarterly payment cycle to a more frequent, real-time obligation.

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Updates to Budget Measures and New Developments

Custom Accounting — Tue, 07 Jul 2026 02:10:38 +0000

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. Since our latest update in this area, the Government has announced some changes to…

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SMSF year end reminder — what to check before 30 June

Custom Accounting — Sun, 28 Jun 2026 22:50:00 +0000

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. Contributions — timing matters Contribution strategies you might use This may be useful if…

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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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