Wholistic Financial Solutions

Many small businesses don’t realise when Fringe Benefits Tax (FBT) applies. FBT may be required if you provide benefits to employees (or their associates) in place of wages.

Common fringe benefits:

• Personal use of a business car

• Car parking

• Entertainment (e.g., meals, events)

• Gifts or gift cards

• Reimbursements of private expenses

Possible exemptions:

• Minor benefits under $300

• Work‑related items (e.g., tools, portable electronic devices)

• Certain taxi travel

• Protective equipment

If you provide benefits regularly, you may need to register for FBT. Unsure whether your benefits qualify? We can help review them.

📅 Important EOFY Super Reminder

If you’re making super payments through Xero, aim to submit and approve them by 16 June 2026 to allow enough processing time for the funds to reach your employees’ super accounts by 30 June.

Payments must be received by the super fund before the end of the financial year to be deductible in the 2025–26 financial year.

Don’t leave it until the last minute—contact the WFS team if you need assistance.

Division 296: Proposed super change for balances above $3 million

The Government has proposed a new rule that would reduce tax concessions on certain earnings for people with a total super balance above $3 million.

It’s planned to begin from 1 July 2026, but it is not yet law.

What this could mean for you:

If your total super balance is over $3 million, some earnings on the amount above that threshold may face extra tax once the change takes effect.

If your super is under $3 million, this proposal does not affect you.

How WFS can help:

If your balance is close to, or above, the $3 million mark, we can help you review your position and talk through what this proposed change may mean for you.

Three Simple Checks to Keep Your Business Secure

Running a business means keeping a lot of plates spinning — but keeping your digital authorisations up to date is one of the easiest ways to protect your information.

Here are 3 quick checks every business should review regularly:

1. Review authorisations in RAM.
Make sure only the right people are authorised to act for your business and remove access for anyone who’s left or changed roles.

2. Review permissions in Access Manager.
Check who can access Online services for business and the ABR. RAM controls who is authorised to act on behalf of the business, while Access Manager controls what those authorised users can do in ATO online services.

3. Update your ABN details on the ABR.
You must update your ABN details within 28 days of changes. Accurate contact and associate details help prevent unauthorised access and help ensure government agencies can provide timely, targeted support when needed.

A few minutes reviewing permissions now can significantly reduce your security risks and keep your business compliant.

Our office will be closed on Monday, 8th June for the King’s Birthday. We’ll reopen as usual on Tuesday 9th June.

Business or private? Check your GST credits before you lodge.

With the June quarterly BAS due on 25 August, now is a good time to review your GST credits.

If you’re registered for GST, you can generally claim GST credits for the GST included in the price of goods and services you buy for your business.

If a purchase is used for both business and private purposes, you need to apportion the claim to reflect business use.

Depending on your circumstances, you may be able to use annual private apportionment, which can allow full GST credits during the year with a private-use adjustment at year-end.

When preparing your BAS, remember you generally can’t claim GST credits for purchases:

made before you registered for GST

without a valid tax invoice where one is required

that were cancelled or refunded

that do not include GST, such as bank fees.

Checking these items before lodging can help reduce errors and keep your claims accurate.

Our office will be closed Monday, 1st June for Reconciliation Day.
We’ll reopen as usual on Tuesday 2nd June.

📩 Are you getting our newsletter?

Stay up to date with the latest news, tax updates, deadlines, business tips and announcements from the WFS team!

Missed a previous edition? Don’t worry - all of our past newsletters are now available on our website for you to read anytime.

Check them out here:
https://wfscanberra.com.au

Want to ensure you don't miss next month's updates? Join the mailing list by emailing us: [email protected]

Paying super late — even by one day — means the payment is not considered “on time”, and different ATO rules apply.

Here’s what employers must do if a Super Guarantee (SG) payment is late:

1. You must lodge a Super Guarantee Charge (SGC) statement

If super is not received by the employee’s correct fund by the due date, employers are required to lodge an SGC statement with the ATO.

2. You must pay the Super Guarantee Charge
The SGC includes:
• the unpaid super
• 10% interest per annum, calculated from the first day of the quarter
• an administration fee per employee
(Note: SGC payments are not tax‑deductible.)

3. The ATO may follow up using STP and super fund data
Late or missing super is visible through Single Touch Payroll and super fund reporting, making non‑payment easier to detect.

4. Paying late doesn’t make it “on time”
Super is only considered paid when the fund receives it, not when it is sent — which is especially important when using clearing houses.

5. A late payment may be offset — but only in limited cases
For periods before 1 July 2026, employers may be able to elect to offset a late super payment against the SGC. However, the amount remains non‑deductible, and this option will no longer be available from July 2026.

If you’ve missed a payment, don’t wait — lodging the SGC statement as soon as possible can help reduce additional penalties. Need help? We can guide you through the process.

From 1 July 2026, employers will need to pay super at the same time as wages, instead of quarterly. Super funds must receive contributions within 7 business days of payday.

While the changes don’t begin until July, May is the perfect time to start preparing so there are no surprises at EOFY.

Here’s what employers should review now:
• Payroll software — can it process super every pay cycle?
• Cash flow — super will be paid more frequently.
• Employee fund details — ensure everything is current and accurate.
• Internal processes — super will no longer be a quarterly task.
• Talk to your accountant or bookkeeper — some setups may need adjusting.

These changes aim to reduce unpaid super and help employees grow their balances sooner — but businesses will need time to transition smoothly.

If you’re unsure what this means for your business, we can help guide you through the updates.