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Building a culture where people and clients thrive.
At Forsyths, we know that great outcomes for our clients begin with an empowered, supported team. Every successful business understands that a positive culture isn't just a nice-to-have, it is the foundation of long-term growth
Forsyths hosts the NSW Auditor-General in Armidale
As an independent officer of Parliament, the NSW Auditor-General plays a vital role in keeping public sector bodies accountable. From government agencies and local councils to regional universities, the Audit Office oversees financial management to ensure public funds are handled transparently, responsibly, and for the greater good.
Protecting consumers – Superannuation and Self Managed Super Funds (SMSFs)
The Government has announced a package of proposed reforms to strengthen consumer protections in the superannuation and financial systems. The proposals include a range of SMSF measures which may be particularly relevant to clients considering setting up a new SMSF in the future.
Electric vehicle FBT changes: why timing and the $75,000 threshold matter
The existing full FBT exemption for eligible electric vehicles (EVs) is set to be reduced, with the timing of the relevant arrangement and the value of the vehicle determining how much of the concession remains available.
Monthly PAYG instalments: a cash-flow choice or a future requirement?
From 1 July 2027, more businesses and individuals who pay PAYG instalments are expected to have the option of reporting and paying monthly rather than quarterly. The ATO is also expected to gain the power to require certain taxpayers to pay monthly if they have a history of failing to meet their tax obligations.
Removal of ATO credit card payment options delayed
If you use a credit card to pay the ATO, you have been given more time to prepare for the removal of this payment option, but this will not be available indefinitely.
Paul Cornall to facilitate an Audit Industry Forum
We are thrilled to announce that Forsyths is partnering with the Institute of Internal Auditors (IIA) Australia as a sponsor and presenter for the upcoming IIA Local Government Online Forum, taking place on Monday, October 19 and Tuesday, October 20, 2026.
Reviewing your fund’s investment strategy
Superannuation law requires trustees of SMSFs to formulate, regularly review and give effect to an investment strategy that has regard to the whole of the circumstances of the fund. Although there is nothing in the law stating a timeframe that may define ‘review regularly’, it is commonly accepted that this would be at least annually. This aligns with comments on the ATO’s website where they expect reviews to occur at least annually.
Widow tax fixed
Federal Parliament has closed an unintended loophole in the recent negative gearing and capital gains tax reforms that became widely known as the “widow tax”. At the same time, the Government also fixed a technical issue that could have affected people who first use a main residence to generate rental income after Budget night on 12 May 2026.
$21 billion in lost super is waiting
More than $21 billion in lost and unclaimed superannuation is currently sitting idle across Australia, according to the latest ATO figures.
The average lost account holds around $41,000. Last year alone the ATO reunited more than $1.1 billion with members.
That is real money that could be working harder for your retirement. Tax time is the natural moment to check whether any of it belongs to
you.
Travel records under the microscope
If you spend time outside Australia for work, family or personal reasons, your travel history could become increasingly important when it comes to your Australian tax affairs. On 24 August 2026, the ATO gazetted its latest passenger movements data-matching program. Under the program, the Department of Home Affairs is expected to provide the ATO with travel information for around 115,000 individuals each year from the 2026-27 income year through to 2028-29
Having your Accountant and Financial Adviser under one roof is a game-changer
Between running a business, supporting your family, and planning for the future, acting as the middleperson between separate financial advisers and accountants takes time, energy, and creates room for key details to slip through the cracks. In today’s fast-moving economic environment, managing your wealth in "silos" simply doesn't cut it anymore.
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.
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