A significant shift in how trust distributions are viewed
On 10 June 2026, the High Court handed down its decision in Commissioner of Taxation v Bendel. This is a major development for family trusts and private business groups that use corporate beneficiaries as part of their structure.
As 30 June rapidly approaches, pharmacy owners should be actively reviewing their business and preparing for year-end obligations. Beyond the usual tax considerations, pharmacies face a unique mix of operating and accounting complexities that require a tailored approach. At Holman Hodge, we work closely with pharmacy clients and understand the critical role that clean, accurate reporting plays in presenting a true picture of your business to stakeholders, including banks.
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.
