AC Accounting & Business Solutions

04/10/2026

𝗢𝗖𝗧𝗢𝗕𝗘𝗥 𝗡𝗘𝗪𝗦𝗟𝗘𝗧𝗧𝗘𝗥 𝟮𝟬𝟮𝟲

Welcome to the October edition of our client newsletter. This month, we've compiled a selection of timely and practical insights across tax, superannuation and financial planning - helping you stay informed, confident, and in control of your financial decisions.

In this edition:

𝗔𝗜 𝗔𝗡𝗗 𝗤𝗨𝗔𝗟𝗜𝗧𝗬 𝗗𝗔𝗧𝗔: 𝗔 𝗣𝗼𝘄𝗲𝗿𝗳𝘂𝗹 𝗧𝗼𝗼𝗹 𝗳𝗼𝗿 𝘁𝗵𝗲 𝗧𝗮𝘅 𝗢𝗳𝗳𝗶𝗰𝗲: The ATO is increasingly using artificial intelligence and advanced data matching to identify undeclared income, incorrect deductions, and tax reporting discrepancies. Combined with extensive data sources, including passenger movement records, the ATO's ability to detect non-compliance is stronger than ever. Taxpayers should ensure their records and claims are accurate and up to date.

𝗗𝗼 𝘆𝗼𝘂 𝗻𝗲𝗲𝗱 𝘁𝗼 𝗴𝗲𝘁 𝗮 𝗺𝗮𝗿𝗸𝗲𝘁 𝘃𝗮𝗹𝘂𝗲 𝗼𝗳 𝘆𝗼𝘂𝗿 𝗵𝗼𝗺𝗲 𝗮𝘁 𝟯𝟬 𝗝𝘂𝗻𝗲 𝟮𝟬𝟮𝟳?: With the 50% CGT discount set to be replaced by an inflation-based indexation method from 1 July 2027, property owners may need a market valuation as at 30 June 2027. This is particularly important if your home has been used to produce income, such as through renting rooms, operating a business from home, or other partial CGT exemption situations.

𝗗𝗲𝘁𝗲𝗿𝗺𝗶𝗻𝗶𝗻𝗴 𝗮 𝗽𝗲𝗿𝘀𝗼𝗻’𝘀 𝗿𝗲𝘀𝗶𝗱𝗲𝗻𝗰𝗲 𝗳𝗼𝗿 𝘁𝗮𝘅 𝗽𝘂𝗿𝗽𝗼𝘀𝗲 𝗶𝘀 𝗻𝗼𝘁 𝗮𝗻 𝗲𝗮𝘀𝘆 𝗺𝗮𝘁𝘁𝗲𝗿!: A recent Federal Court case highlights that simply working overseas does not necessarily end your Australian tax residency. Strong ties to Australia, including family, assets, and regular visits, can result in continued Australian tax obligations on worldwide income. If you're relocating overseas or returning to Australia, it's important to understand your residency status.

𝗕𝗥𝗜𝗡𝗚𝗜𝗡𝗚 𝗬𝗢𝗨𝗥 𝗢𝗩𝗘𝗥𝗦𝗘𝗔𝗦 𝗥𝗘𝗧𝗜𝗥𝗘𝗠𝗘𝗡𝗧 𝗦𝗔𝗩𝗜𝗡𝗚𝗦 𝗛𝗢𝗠𝗘: If you have retirement savings in a foreign superannuation fund, transferring them to Australia can offer benefits, but timing is critical. Transfers within six months of becoming an Australian tax resident may avoid additional tax, while later transfers can trigger tax on investment growth. Professional advice is essential before making a move.

𝗦𝗨𝗣𝗘𝗥 𝗔𝗡𝗗 𝗠𝗢𝗥𝗧𝗚𝗔𝗚𝗘 𝗔𝗥𝗥𝗘𝗔𝗥𝗦: What the rules already allow: Did you know you may be able to access your super on compassionate grounds if you're at risk of losing your home? Eligible homeowners can apply to withdraw funds to cover mortgage arrears, council rates, or certain debts threatening the sale of their principal residence. Strict conditions apply, and early withdrawals can significantly impact retirement savings.

𝗚𝗼𝘃𝗲𝗿𝗻𝗺𝗲𝗻𝘁 𝗺𝗼𝘃𝗲𝘀 𝘁𝗼 𝘁𝗶𝗴𝗵𝘁𝗲𝗻 𝗽𝗿𝗼𝘁𝗲𝗰𝘁𝗶𝗼𝗻𝘀 𝗶𝗻 𝘀𝘂𝗽𝗲𝗿: Following recent super fund collapses, the Government has proposed stronger protections for retirement savings. Changes may include caps on advice fees deducted from super accounts, significantly higher penalties for trustee breaches, expanded ASIC enforcement powers, and additional requirements for SMSF trustees. These reforms are still subject to legislation.

We hope you find this edition helpful. As always, feel free to reach out with any questions! (10 pages from our newsletter attached as images below).

03/09/2026

𝗦𝗘𝗣𝗧𝗘𝗠𝗕𝗘𝗥 𝗡𝗘𝗪𝗦𝗟𝗘𝗧𝗧𝗘𝗥 𝟮𝟬𝟮𝟲

Welcome to the September edition of our client newsletter. This month, we've compiled a selection of timely and practical insights across tax, superannuation and financial planning — helping you stay informed, confident, and in control of your financial decisions.

In this edition:

𝗕𝗨𝗬𝗜𝗡𝗚 𝗔 𝗡𝗘𝗪 𝗛𝗢𝗠𝗘? 𝗠𝗔𝗞𝗘 𝗦𝗨𝗥𝗘 𝗬𝗢𝗨 𝗞𝗡𝗢𝗪 𝗧𝗛𝗘 𝗧𝗔𝗫 𝗜𝗡𝗦 𝗔𝗡𝗗 𝗢𝗨𝗧𝗦: With house prices failing in some major capital cities, you may be looking to buy a home - either as a first home buyer or otherwise.

𝗖𝗢𝗟𝗟𝗘𝗖𝗧𝗔𝗕𝗟𝗘𝗦 – 𝗗𝗢𝗡’𝗧 𝗚𝗘𝗧 𝗖𝗔𝗨𝗚𝗛𝗧 𝗢𝗨𝗧!: Capital gains tax does not just apply to “big ticket” items such as real estate, farms and shareholdings. It also applies to a special class of assets known as “personal use assets”, and in particular, those personal use assets known as “collectables”.

𝗧𝗛𝗘 “𝗪𝗜𝗗𝗢𝗪 𝗧𝗔𝗫” 𝗔𝗡𝗗 𝗝𝗢𝗜𝗡𝗧𝗟𝗬 𝗢𝗪𝗡𝗘𝗗 𝗣𝗥𝗢𝗣𝗘𝗥𝗧𝗬: There has been a lot of talk in the media about the government’s new “widow tax” following the Budget brought down earlier in the year.

𝗖𝗢𝗡𝗖𝗘𝗦𝗦𝗜𝗢𝗡 𝗖𝗔𝗥𝗗𝗦: Government concession cards, including the Commonwealth Seniors Health Card, Pensioner Concession Card, Health Care Card and state based Seniors Cards, can save you a lot. They cut the cost of healthcare, prescriptions and everyday bills. Several rates and thresholds affecting eligibility change on 20 September 2026, so now is a good time to review what the cards are worth and check whether you qualify.

𝗖𝗟𝗔𝗜𝗠𝗜𝗡𝗚 𝗪𝗢𝗥𝗞 𝗘𝗫𝗣𝗘𝗡𝗦𝗘𝗦: Everyone loves a work-related deduction. From the 2026-27 income year there is a standard deduction of up to $1,000 for work-related expenses, and it applies automatically. This will simplify things for many. However, if your claims exceed $1,000 you still need to substantiate every dollar.

𝗖𝗔𝗡 𝗠𝗬 𝗦𝗠𝗦𝗙 𝗔𝗡𝗗 𝗜 𝗖𝗢-𝗜𝗡𝗩𝗘𝗦𝗧 𝗜𝗡 𝗔 𝗣𝗥𝗢𝗣𝗘𝗥𝗧𝗬: Since 10 August 2026, SMSFs can no longer use a Limited Recourse Borrowing Arrangement (LRBA) to acquire residential property. Existing arrangements are grandfathered, and borrowing to acquire business real property is not affected. Co-ownership may be a solution for SMSFs without enough cash to purchase a property outright.

We hope you find this edition helpful. As always, feel free to reach out with any questions! (10 pages from our newsletter attached as images below).

06/08/2026

𝗔𝗨𝗚𝗨𝗦𝗧 𝗡𝗘𝗪𝗦𝗟𝗘𝗧𝗧𝗘𝗥 𝟮𝟬𝟮𝟲

Welcome to the August edition of our client newsletter. This month, we've compiled a selection of timely and practical insights across tax, superannuation and financial planning — helping you stay informed, confident, and in control of your financial decisions.

Featured articles in this edition:

𝗥𝗘𝗡𝗧𝗜𝗡𝗚 𝗢𝗨𝗧 𝗬𝗢𝗨𝗥 𝗛𝗢𝗠𝗘 - 𝗔𝗡𝗗 𝗧𝗛𝗘 𝗖𝗚𝗧 𝗔𝗡𝗗 𝗡𝗘𝗚𝗔𝗧𝗜𝗩𝗘 𝗚𝗘𝗔𝗥𝗜𝗡𝗚 𝗖𝗛𝗔𝗡𝗚𝗘𝗦: One of the many areas where the big changes to negative gearing and Capital Gains Tax may have an effect is where you use the “absence concession” to allow you to “continue to treat” your home as your CGT-free main residence during an extended absence from the home - including where you rent it out for up to 6 years during this period.

𝗧𝗛𝗘 𝗪𝗛𝗘𝗘𝗟𝗦 𝗡𝗢𝗪 𝗜𝗡 𝗠𝗢𝗧𝗜𝗢𝗡 𝗙𝗢𝗥 𝗙𝗔𝗠𝗜𝗟𝗬 𝗧𝗥𝗨𝗦𝗧 𝗖𝗛𝗔𝗡𝗚𝗘𝗦: With the Government set to impose a minimum 30% tax on discretionary or “family” trusts from 1 July 2028, it’s probably time to start thinking about what you should do about any existing family trust you have.

𝗪𝗛𝗔𝗧 𝗬𝗢𝗨 𝗡𝗘𝗘𝗗 𝗧𝗢 𝗥𝗘𝗧𝗜𝗥𝗘: The Latest Numbers: Have you ever wondered how much superannuation you will have and need in retirement? The answer is it depends on a range of factors, such as your lifestyle goals, whether you have paid off your mortgage, your financial situation, whether you live a relatively healthy lifestyle, your likely life expectancy, and so on.

𝗦𝗔𝗟𝗔𝗥𝗬 𝗦𝗔𝗖𝗥𝗜𝗙𝗜𝗖𝗜𝗡𝗚 𝗧𝗢 𝗦𝗨𝗣𝗘𝗥: Are you an employee thinking of putting some of your pre-tax income into superannuation to boost your retirement savings? This is known as salary sacrifice, and the good news is that it can benefit you and your employer.

𝗦𝗛𝗢𝗨𝗟𝗗 𝗬𝗢𝗨 𝗦𝗘𝗟𝗟 𝗕𝗘𝗙𝗢𝗥𝗘 𝟭 𝗝𝗨𝗟𝗬 𝟮𝟬𝟮𝟳?: From 1 July 2027, the way capital gains are taxed for individuals, trusts and partnerships is set to change. The 50% CGT discount will be replaced by cost base indexation and a new 30% minimum tax on real gains.

We hope you find this edition helpful. As always, feel free to reach out with any questions! (8 pages from our newsletter attached as images below).

20/07/2026

We are incredibly proud of Tom and all his hard work & dedication through Victory Star Fitness, to step through the ropes for Road to Contender.

Be sure to save the date, and join us to get behind Tom as he chases victory!

🎫 https://victorystarfitness.com.au
📍 Mercure Ballarat Hotel & Convention Centre
📅 Saturday, 29th August 2026
🕔 Doors Open: 3:00 PM

🥊 ROAD TO CONTENDER | TOM MCGURK 🥊

The countdown is on! 🔥

Tom McGurk has put in the hard work, shown incredible dedication, and is ready to step through the ropes at Road to Contender on Saturday, 29th August 2026 at the Mercure Hotel Ballarat.

Every early morning, every training session, and every round of sparring has been building towards this moment. Now it’s time for Tom to showcase his skills under the bright lights.

Come along and support one of Victory Star Fitness’ own as he takes the next step in his boxing journey. Your support from the crowd can make all the difference!

🎟️ Tickets are selling fast!
Scan the QR code on the poster or contact Victory Star Fitness to secure your tickets before they sell out.

🎫https://victorystarfitness.com.au/
📍 Mercure Hotel Ballarat
📅 Saturday, 29th August 2026
🕔 Doors Open: 3:00 PM

Let’s pack the venue and get behind Tom as he chases victory! 👊

07/07/2026

𝗝𝗨𝗟𝗬 𝗡𝗘𝗪𝗦𝗟𝗘𝗧𝗧𝗘𝗥 𝟮𝟬𝟮𝟲

Welcome to the July edition of our client newsletter. This month, we've compiled a selection of timely and practical insights across tax, superannuation and financial planning — helping you stay informed, confident, and in control of your financial decisions.

In this edition:

𝗙𝗮𝗺𝗶𝗹𝘆 𝗧𝗿𝘂𝘀𝘁𝘀: If you have a family trust there are two recent major (very major) things that have happened that will affect the way they will be taxed in the future.

𝗡𝗲𝘄 𝘁𝗮𝘅 𝗟𝗲𝗴𝗶𝘀𝗹𝗮𝘁𝗶𝗼𝗻: With the Budget changes now legislated, perhaps it's time to consider more closely how they may affect you, and what you can do about it – especially in relation to the CGT discount changes.

𝗙𝗼𝗿𝗲𝗶𝗴𝗻 𝗥𝗲𝘀𝗶𝗱𝗲𝗻𝘁𝘀 𝗰𝗮𝗻𝗻𝗼𝘁 𝗴𝗲𝘁 𝗮 𝗖𝗚𝗧 𝗲𝘅𝗲𝗺𝗽𝘁 𝗵𝗼𝗺𝗲: If you are a foreign resident for tax purposes when you sell your Australian home, you cannot claim the usual capital gains tax exemption on it. This applies no matter how long you lived in the home. It applies even if you were only a foreign resident for a short time before the sale.

𝗛𝗶𝗴𝗵 𝗖𝗼𝘂𝗿𝘁 𝗿𝘂𝗹𝗲𝘀 𝘂𝗻𝗽𝗮𝗶𝗱 𝘁𝗿𝘂𝘀𝘁 𝗮𝗺𝗼𝘂𝗻𝘁𝘀 𝗮𝗿𝗲 𝗻𝗼𝘁 𝗹𝗼𝗮𝗻𝘀: If your family trust gives a company a share of trust income but does not actually pay it across, the High Court has confirmed this is not automatically treated as a loan back to the trust. That matters, because being treated as a loan could trigger an unexpected tax bill under the rules known as Division 7A.

𝗕𝗼𝗿𝗿𝗼𝘄𝗶𝗻𝗴 𝗶𝗻 𝘆𝗼𝘂𝗿 𝗦𝗠𝗦𝗙: Self-managed super funds are generally not allowed to borrow money. A limited recourse borrowing arrangement, or LRBA, is one of the few exceptions. It lets a fund borrow to buy a single asset, with the lender's rights limited to that asset alone.

We hope you find this edition helpful. As always, feel free to reach out with any questions! (9 pages from our newsletter attached as images below).

30/06/2026

Team AC Accounting & Business Solutions had LOTS of fun at our end of financial year staff party at 'KOOZA' by Cirque du Soleil in Melbourne.

A great way to celebrate another exceptional EOFY by the team.

Happy end of financial year! 🥳

16/06/2026

We are proud to be a 2026 Player Sponsor for Enna Rinaldi of Dunnstown Football Netball Club.

Great to support this local club and young player for the season, go Towners! 🩵

21/05/2026

Thank you so much Ballarat Centre of Music & the Arts (BCMA), we're thrilled to continue our support and be a part of the BCMA community!

Good luck to all for a sensational season, and to all the cast and crew of the upcoming June production of Hadestown: Teen Edition, we are proud to be on board as a Level 2 Sponsor.

Tickets to the show can be secured here 👉 https://events.humanitix.com/bcmahadestown

Here's to supporting local, and being part of a great community.

📊SPONSOR SHOUTOUT

We’re thrilled to welcome AC Accounting & Business Solutions back as a sponsor for BCMA’s 2026 season—thank you for your continued generosity and support!

From balancing books to backing the arts, AC Accounting knows the value of supporting local talent. Their expert team helps businesses thrive, and now they’re helping our performers shine on stage too.

We’re especially grateful to have them on board as a Level 2 Sponsor for our upcoming June production of Hadestown: Teen Edition. 🔥

Thank you, AC Accounting, for adding up to something truly special for our BCMA community.

🔗 Check them out here: acaccountingbs.com.au

20/05/2026

On 12 May 2026, the Federal Government delivered its fifth Budget.

It was one of the most dramatic and significant budgets in decades. Among other things, it announced that negative gearing would be abolished for property purchased after 1 July 2027 (albeit, grand-fathering pre-Budget arrangements).

It also announced that the CGT discount will not be available from 1 July 2027 (except in respect of qualifying "new builds"). It also proposed a minimum 30% tax on trusts (with certain exceptions). There are also several other significant changes.

We have put together a summary of these key changes and how they may affect taxpayers - especially small to medium business.

Please feel free to contact our office if you have any queries about these measures or how they may impact you in your circumstances.

Happy reading...

07/05/2026

𝗠𝗔𝗬 𝗡𝗘𝗪𝗦𝗟𝗘𝗧𝗧𝗘𝗥 𝟮𝟬𝟮𝟲

Welcome to the May edition of our client newsletter. This month, we’ve again compiled a selection of timely and practical insights across tax, superannuation and financial planning — helping you stay informed, confident, and in control of your financial decisions.

In this edition:

𝗙𝗲𝗱𝗲𝗿𝗮𝗹 𝗕𝘂𝗱𝗴𝗲𝘁 𝗶𝗻𝘀𝗶𝗴𝗵𝘁𝘀: Potential changes to negative gearing and the CGT discount, and what they could mean for investors.

𝗔𝗧𝗢 𝗳𝘂𝗲𝗹 𝗿𝗲𝗹𝗶𝗲𝗳 𝘀𝘂𝗽𝗽𝗼𝗿𝘁: New payment plans available for businesses impacted by rising fuel costs.

𝗖𝗚𝗧 𝗴𝘂𝗶𝗱𝗮𝗻𝗰𝗲: Key considerations when assets are lost, destroyed, or acquired through options.

𝗦𝗠𝗦𝗙 𝘀𝘁𝗿𝗮𝘁𝗲𝗴𝗶𝗲𝘀: Why a corporate trustee may be a smarter choice for your super fund.

𝗦𝘂𝗽𝗲𝗿 𝗰𝗼𝗻𝘁𝗿𝗶𝗯𝘂𝘁𝗶𝗼𝗻𝘀 𝗮𝗳𝘁𝗲𝗿 𝟲𝟳: Understanding the work test and how to qualify for tax deductions.

𝗥𝗲𝘁𝗶𝗿𝗲𝗺𝗲𝗻𝘁 𝗽𝗹𝗮𝗻𝗻𝗶𝗻𝗴: A practical guide to the Commonwealth Seniors Health Card and eligibility strategies.

𝗘𝗢𝗙𝗬 𝘁𝗮𝘅 𝗽𝗹𝗮𝗻𝗻𝗶𝗻𝗴: A comprehensive checklist to help reduce tax and prepare before 30 June.

𝗦𝘂𝗽𝗲𝗿𝗮𝗻𝗻𝘂𝗮𝘁𝗶𝗼𝗻 𝗰𝗵𝗲𝗰𝗸𝗹𝗶𝘀𝘁: Tips to maximise contributions and benefits before year-end.

We hope you find this edition helpful. As always, feel free to reach out with any questions! (9 pages from our newsletter attached as images below)