Year end tax planning
As we approach the end of the financial year it’s a good time to start thinking about what you could do to minimise your tax liability, as well as other actions required before the end of the financial year (30 June).
There are some things that are new for 2026 and there are things that we talk to clients about every year.
The Federal Budget handed down on 12 May 2026 proposes some of the most significant tax reforms in recent decades. There is a clear focus on cost of living relief, alongside structural changes to the taxation of investment income, property, and business structures.
What Small Businesses Need to Know
From 1 July 2026, superannuation must be paid much closer to when people are paid. This change, known as Payday Super, does not change who is entitled to super, but it does change when super must be paid.
For many small and family businesses, the main risk will be contractor payments, particularly where contractors are paid through accounts payable rather than payroll.
When most people think about estate planning, they think about a will.
A will is important. It determines what happens to your assets when you pass away. But in over 30 years of advising pharmacy owners and their families, I’ve seen time and again that a will, on its own, is not enough.
Estate planning is not only about what happens after death. It is also about managing important changes that can happen while you are still living.
What Division 296 means for your retirement savings
Changes to Australia’s superannuation tax rules are now law and, while they don’t affect everyone, they could have a meaningful impact on those with larger super balances. From 1 July 2026, the introduction of Division 296 means higher taxes will apply to earnings on superannuation balances above a set threshold. With plenty of commentary – and confusion – around what this change means, it’s important to understand who is affected, how the tax works, and whether it could influence your long-term retirement planning.
