GFM April 2026 Newsletter

“Autumn Update: Essential Insights for Informed Decisions”

Dear Clients and Friends,

As we approach the upcoming Federal Budget, there’s plenty of anticipation around potential changes that could impact individuals and businesses alike. While details remain to be seen, we’ll be watching closely and keeping you informed as announcements unfold—so stay tuned.

This weekend also marks ANZAC Day, an important time for reflection. It’s an opportunity to pause and remember the service and sacrifice of those who have served our country. Lest we forget.

With the end of the financial year fast approaching, now is the time to start thinking about your pre-30 June tax planning. Taking proactive steps before year-end can make a meaningful difference to your overall tax position.

We encourage you to contact our office to arrange a tax planning review. Getting ahead now ensures you’re well-prepared and can take advantage of any available opportunities.

If you’d like to book a time or have any questions, please don’t hesitate to get in touch.

Warm regards,

Darren, Brent and the Team

Reminder: 15 May 2026 Tax Return Deadline

The 15 May 2026 deadline is fast approaching for eligible taxpayers lodging through a registered tax agent.

If you haven’t finalised your 2024–25 tax return, now is the time to act to avoid late lodgement penalties and unnecessary stress.

What you should do now:

• Gather all relevant income and expense records
• Check you’ve included investment, rental, and other income
• Confirm your contact details are up to date
• Arrange an appointment or provide your information via our website forms for Personal Tax Return Questionnaire and Rental Property Schedule Checklist if applicable.
• If you have any queries or need to discuss your returns please contact us as soon as possible.

Lodging on time keeps you compliant and ensures any refund is processed sooner.

The Value of pre 30 June Interim Financial Reviews

Interim financial reviews give businesses a timely view of their financial health, helping clients make informed decisions throughout the year—not just at year-end. By identifying trends, risks, and discrepancies early, clients can act quickly and avoid costly surprises.

They also improve transparency for clients and support ongoing compliance with reporting requirements. Ultimately, interim reviews are a practical tool for staying in control and driving better financial outcomes.

Reminder: 30 June Trust Resolutions Required

As the end of the financial year approaches, it’s time to prepare your trust distribution resolutions.

To ensure income is taxed correctly, trustees must resolve how trust income will be distributed by 30 June each year. Missing this deadline can result in unintended tax consequences, including income being taxed at the top marginal rate.

What you need to do:

• Review your trust’s expected income for the year
• Decide how income will be distributed among beneficiaries
• Prepare and sign your trustee resolution before 30 June
• Ensure documentation is accurate and retained for your records

Every trust is different, so it’s important to get tailored advice and have your resolutions prepared correctly.

⏰ Don’t leave it too late—once 30 June passes, opportunities to optimise outcomes are limited.

Payday Super Is Coming – Are You Ready?

From 1 July 2026, Payday Super will be introduced, changing the way super contributions are paid in Australia.

Instead of quarterly payments, employers will be required to pay super at the same time as wages. This means your super will be paid more frequently — helping your retirement savings grow faster through the power of compounding.

What this means for you:

• Super contributions will be paid on payday, not quarterly
• Greater transparency over when your super is received
• Potential for stronger long-term retirement outcomes

Now is a great time to:

• Check your super account details are up to date
• Confirm your employer has the correct fund information
• Review your contributions and long-term goals

A small change in timing today could make a big difference to your future balance.

Stay informed. Stay ahead.

Division 296 Tax Is Now Law

This means that from 1 July 2026:

• The total concessional tax rate applied to earnings on super balances between $3 million and $10 million will effectively be 30% (i.e., 15% in the fund + 15% Div.296 tax); and
• The total concessional tax rate applied to earnings on superannuation balances over $10 million will effectively be 40% (i.e., 15% in the fund + 25% Div.296 tax).

The Act also boosts the superannuation savings of low-income workers through changes to the Low-Income Superannuation Tax Offset (‘LISTO’). From 1 July 2027, the LISTO threshold will increase from $37,000 to $45,000 to match the top of the second income tax bracket.

The maximum payment will also increase to $810, reflecting recent increases in the Superannuation Guarantee rate.

The Act explicitly links the LISTO payments rates and thresholds with the personal income tax thresholds and the Superannuation Guarantee rate, ensuring that the LISTO will remain consistent with these settings for the long term.

Reminder: Do You Need a New Logbook?

If you’re claiming motor vehicle expenses using the logbook method, it’s important to know when a new logbook is required.

A valid logbook must be maintained for a minimum period of 12 continuous weeks and can generally be used for up to five years—but only if your usage pattern hasn’t significantly changed.

You may need a new logbook if:

• Your business vs personal use of the vehicle has changed
• You’ve started a new job or business
• Your work travel patterns are different (e.g. new locations or frequency)
• You’ve changed vehicles

Why it matters:

• Ensures your claims are accurate and compliant
• Helps maximise your eligible deductions
• Reduces the risk of issues if reviewed

📘 Keeping your logbook up to date is a simple step that can make a big difference at tax time.

Additional information can be located via this ATO link.

Not sure if your logbook is still valid? Reach out to our team for guidance.

Late payment offset for super will soon no longer be available

Currently, employers who make a late super guarantee (‘SG’) payment can lodge a super guarantee charge (‘SGC’) statement and use the late payment offset (‘LPO’) to reduce their SGC liability by amounts paid late to a fund.

With Payday Super being introduced, this will no longer be available. The last time employers can use the LPO is for the quarter ending 31 March 2026. Super for this quarter is due by 28 April 2026 and employers can claim LPO when lodging an SGC statement for any late payments made up to and including 30 June 2026.

On 1 July 2026, Payday Super starts and employers will then effectively be required to pay super for each payday. If an employer has an SG shortfall for the quarter ending 30 June 2026, SG payments made between 1 July and 28 July 2026 will first be used to reduce this shortfall before being applied to Payday Super amounts.

Under Payday Super, late payments will automatically be applied under the law to the ‘oldest’ outstanding Payday Super amount.

2026–27 Federal Budget: Key Date to Watch

The Australian Government will deliver the 2026–27 Federal Budget on Tuesday, 12 May 2026 at 7:30pm AEST.

This key annual announcement outlines the government’s revenue, spending priorities, and economic direction for the year ahead.

As an important event in the financial calendar, the budget may introduce changes to taxation, incentives, and funding measures, making it essential for businesses and individuals to stay informed.

Reminder: 2026 Fringe Benefits Tax (FBT) Return Lodgment

A quick reminder that the 2026 Fringe Benefits Tax (FBT) year ended on 31 March 2026, and it’s time to prepare your FBT returns.

Key date:

• Lodgment and payment due: 25 June 2026

What to do:

• Review employee benefits provided (e.g. vehicles, entertainment, reimbursements)
• Ensure documentation is complete (logbooks, declarations, invoices)
• Confirm any exemptions or concessions

Common areas of focus:

• Motor vehicle benefits (including logbook validity and private use calculations)
• Meal entertainment and staff events
• Employee reimbursements and allowances
• Remote area and minor benefit exemptions

Feel free to reach out if you have any questions or need clarification on your FBT obligations.

Key Dates

📅 Key Dates – April 2026

• 21 April – Lodge & pay March monthly BAS
• 21 April – PAYG instalment activity statement (Q3) due
• 28 April – Super Guarantee contributions (Q3) due

📅 Key Dates – May 2026

•   7 May – April monthly payroll tax returns due
• 15 May – Income tax returns due
• 21 May – Lodge & pay April monthly BAS
• 26 May – Quarter 3 BAS due
• 28 May – Lodge & Pay Q3 Super Guarantee Charge Statement if March quarter super was not paid on time

📅 Key Dates – June 2026

•   7 June – May monthly payroll tax returns due
• 21 June – Lodge & pay May monthly BAS
• 23 June – 2026 Trust Distribution Resolutions must be signed no later than this date
• 25 June – Lodge & pay 2026 Fringe Benefits Tax Annual Return
• 30 June – Super Guarantee contributions must be paid by this date to qualify for tax deduction in the 2025-2026 FY

If you have any questions, please get in touch—we’re always here to assist.