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Under Australia’s expanded Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) regulations, accounting firms...
10/07/2026

Under Australia’s expanded Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) regulations, accounting firms are now required to meet new client verification obligations.

AUSTRAC has introduced these changes to help protect the Australian financial system from criminal activity such as money laundering, terrorism financing, and other financial crime.

From 1 July 2026, we may need to verify your identity and/or request further information from you before providing certain services. The requirements apply to new clients or when providing new services to existing clients, even if we have worked with you for many years.

If verification is required, you’ll be able to complete it online by entering your details and uploading an ID document. For a business, some further details such as ABN will be requested.

You can find more information about the changes and why you may be asked to verify your identity on the AUSTRAC website here https://lnkd.in/gwNvXQ8h

Happy New Financial Year! 1 July brings with it a host of changes for businesses, we’ve summarised some of the key point...
02/07/2026

Happy New Financial Year! 1 July brings with it a host of changes for businesses, we’ve summarised some of the key points below.

• STP Finalisations – Single Touch Payroll finalisations are due to be filed to the ATO by 14th July for most employers. This finalisation is an important step that lets employees know when their income information is tax ready so they can lodge their tax return. Different due dates apply for some employees (eg closely held payees that are directly related to the employer by family or ownership).

• Minimum wage increase – From 1 July, the national minimum wage increased to $1,004.90 per week or $26.44 per hour. Award minimum wages increased by 4.75%. The increases apply from the first full pay period in July.

• Payday Super – From the first payroll paid in July, employers are required to pay their employees’ super contributions at the same time as salary and wages. For wages paid up to 30 June 2026, the quarterly payment due date still applies.

• Paid Parental Leave – Government Paid Parental Leave increases to 26 weeks from 1 July 2026. Although paid parental leave is funded by the government and not a direct cost to business, businesses will need to manage the longer period of leave and administration of payments.

• Increases to ASIC company fees – The cost of registering a company has increased to $636 and the annual review fee to $342. Other fees including business name and late fees have also increased. You can find a full list of ASIC fees at the link here: https://www.asic.gov.au/for-business-and-companies/forms-and-fees/all-fees/fee-indexation/

If you have questions about any of the above or would like assistance in getting set up for the new financial year, please contact us on the below details.

[email protected]
(08) 7081 6361

As we slide into 30 June it’s a good time to review your accounting records and prepare for the new financial year. Som...
24/06/2026

As we slide into 30 June it’s a good time to review your accounting records and prepare for the new financial year.

Some things to look at:

• Inventory – review for any old or obsolete stock
• Debtors – check for any unrecoverable bad debts
• Assets – Is your depreciation schedule up to date or are there items which need to be written off?
• Pricing – always a good time to review your costs and update prices as necessary
• Reconciliations – update all account reconciliations to make sure nothing has slipped through the cracks

If you hit any problems in tidying up your accounts, please get in touch.

[email protected]
(08) 7081 6361

The instant asset write-off allows businesses to claim an immediate deduction for the cost of an asset in the year it is...
18/06/2026

The instant asset write-off allows businesses to claim an immediate deduction for the cost of an asset in the year it is first installed or ready for use.

The instant asset write-off limit for the 2025-26 financial year is $20,000.

To be eligible, the asset must be used or fully installed and ready for use by 30 June.

The government has proposed making the instant asset write-off permanent from 1 July 2026 but this measure is not yet law.

Further information can be found on the ATO website here:
https://www.ato.gov.au/businesses-and-organisations/income-deductions-and-concessions/depreciation-and-capital-expenses-and-allowances/simpler-depreciation-for-small-business/instant-asset-write-off

If you have any questions about the eligibility of your business or assets, please contact us on the below details or send us a message.

[email protected]
(08) 7081 6361

15/06/2026

This is a fitting recognition of the amazing talent of Gurrumul and a lovely tribute from Michael Hohnen of Skinnyfish Music.

Some Super reminders for you as we head towards the end of financial year.• To claim a tax deduction for super contribut...
10/06/2026

Some Super reminders for you as we head towards the end of financial year.

• To claim a tax deduction for super contributions in the 2025-26 financial year, the contribution must reach the fund by 30 June. Depending on how your super contributions are paid, this may mean paying contributions no later than mid June to allow enough time for the payment to be processed and received by the fund.

For personal super contributions, a notice of intent to claim must be provided to your fund but this does not have to be done at the same time as the contribution. There is more information on personal super contributions and providing a notice of intent to claim on the Australian Taxation Office website here: https://www.ato.gov.au/individuals-and-families/super-for-individuals-and-families/super/growing-and-keeping-track-of-your-super/how-to-save-more-in-your-super/personal-super-contributions

• Payday Super starts 1 July 2026. From this date, employee super must be paid at the same time as wages. Currently, employers have 28 days after the end of each quarter for contributions to reach the funds.

If you are currently paying super using the ATO Small Business Super Clearing House (SBSCH), you should have plans to transition to another provider as the SBSCH will close on 30 June 2026.

• The concessional contributions cap increases from $30,000 to $32,500 from 1 July. If you haven’t used your full concessional contributions cap in the previous 5 years and you have a total super balance of less than $500,000, the ‘carry-forward’ rule can be used to top up contributions in the current financial year.

Concessional contributions include SG, salary sacrifice super and other contributions made from income that has not yet been taxed (‘before-tax’ contributions).

• The non-concessional contributions cap increases from $120,000 to $130,000 from 1 July. The ‘bring-forward’ rule can be used to access the cap for the next two financial years, allowing up to 3 years worth of non-concessional contributions to be made in the first year. Age and super balance limits apply.

Non-concessional contributions include voluntary personal contributions and spouse contributions and are made from income that has already been taxed (‘after-tax’ contributions).

If you have any questions about the above, please contact us on the below details or send us a message.

[email protected]
(08) 7081 6361

The Fair Work Commission has announced its 2026 Annual Wage Review with an increase of 4.75% to award wages. The Nationa...
04/06/2026

The Fair Work Commission has announced its 2026 Annual Wage Review with an increase of 4.75% to award wages. The National Minimum Wage will increase from $24.95 to $26.44 per hour or from $948 to $1,004.90 per week.

These increases will apply from the first full pay period on or after 1 July 2026. If you pay employees under an award, pay rates should be checked and updated by this date. Updated award pay guides will be available on the Fair Work Ombudsman site soon.

If you have any questions about the above or need assistance with payroll, please contact us on the below details.

[email protected]
(08) 7081 6361

Paying too much tax? Just form a company and make use of the 25% company tax rate, right?Maybe not!Incorporating your bu...
26/05/2026

Paying too much tax? Just form a company and make use of the 25% company tax rate, right?

Maybe not!

Incorporating your business comes with some complexity. Some things to consider include:

*Personal Services Income (income generated mainly from your personal skills or efforts) attracts particular tax treatment

*Division 7A of Part III of the Income Tax Assessment Act 1936 prevents business owners from taking money or assets from their private company for personal use tax-free

*Fringe Benefits Tax can apply to non-salary benefits to company directors

*There are ASIC fees and ongoing compliance to establish and maintain a company registration

If you think your business structure needs reviewing, please contact us.

[email protected]
(08) 7081 6361

Well, we were promised some far-reaching tax changes in this year’s budget, and the government didn’t disappoint, with p...
13/05/2026

Well, we were promised some far-reaching tax changes in this year’s budget, and the government didn’t disappoint, with possibly the most significant impact on the tax system since the introduction of the GST.

Key points to highlight:

Tax Changes for Workers

• A new $250 annual tax offset will come into effect from the 2027-2028 year and a $1,000 instant deduction for work related expenses will be introduced from next financial year.

Capital Gains and Negative Gearing

• From 1 July 2027, negative gearing for residential property will be limited to new builds. Current properties will not be impacted by these changes.

• The 50% Capital Gains Tax Discount (where currently only half the gain made on an asset you have held for more than 12 months is taxable), will be replaced from 1 July 2027 by an indexation method (where the effect of inflation is removed from the gain with the balance being taxable). Investors in new residential properties will be able to choose between the 50% discount and indexation methods.

• Capital Gains will also have a minimum tax rate of 30% applied from 1 July 2027.

Small Business

• The $20,000 instant asset write-off for businesses with turnover less than $10 million will be made permanent.

Trusts

• From 1 July 2028, a 30% minimum tax rate on discretionary trusts will be introduced.

• As these changes may trigger the need to restructure into companies or other types of trusts, temporary rollover relief will be available from 1 July 2027 to 30 June 2030.

These changes still need to pass parliament, so we’ll wait for confirmation and further detail on the transition arrangements but if you have any questions in the meantime, please contact us.

[email protected]
(08) 7081 6361

The Australian Taxation Office (ATO) app has a range of features to support taxpayers, including a new call verification...
04/05/2026

The Australian Taxation Office (ATO) app has a range of features to support taxpayers, including a new call verification feature that can help to stop scam calls. If you receive a call claiming to be from the ATO, you can log into the app to receive a live notification if the call is genuine.

As tax time often comes with an increase in scam calls, messages and emails, this call verification functionality can help to protect against some scammers.

If you do receive a communication claiming to be from the ATO that you’re unsure about, it can help to remember that the ATO will never send a link asking you to log in or provide personal information.

If you’re not sure if you have a tax debt payable, you can log into ATO online services or contact the ATO. If you are a client of ours, we can also check your ATO accounts.

There is more information about the ATO app call verification feature on the Australian Taxation Office website here:
https://www.ato.gov.au/media-centre/ato-launches-new-app-feature-to-stop-scam-calls

Address

Suite 10, 132 O'Connell Street
North Adelaide, SA
5006

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Tuesday 9am - 5pm
Wednesday 9am - 5pm
Thursday 9am - 5pm
Friday 9am - 5pm

Telephone

+61870816361

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