Growing Your Future - Insights and Resources Blog
If you've driven past our office recently, you may have noticed some changes underway! We're excited to share that installation of our new Brentnalls Western Victoria signage has commenced. Like many outdoor projects, the recent weather has caused a few delays, but we're looking forward to seeing the finished result once the weather improves! The rebrand represents an exciting new chapter for our firm, while maintaining the same trusted team, local knowledge and commitment to supporting our clients. We think it will be well worth the wait!
Team Fundraiser for The Shaka Project Recently, our team came together for a fundraising morning tea in support of The Shaka Project , an organisation dedicated to promoting positive mental health, wellbeing and meaningful conversations within our communities. It was wonderful to see staff get behind the cause, enjoy some great food, and contribute to an important initiative that aligns closely with our commitment to supporting wellbeing both in and outside the workplace. Thank you to everyone who donated and helped make the morning a success. For more information on The Shaka Project head to their website here
Over the past few months we've celebrated a number of team birthdays at Brentnalls Western Victoria. A belated happy birthday to Andrew, Chris, Bec, Chloe, Toni, Sam and Michael ("Pechy") ! We hope you each enjoyed celebrating your special day with family and friends. Thank you for everything you do for our clients, our team and our communities. We wish you all the very best for the year ahead.
Division 296 – Commencement Approaching Earlier this year, we outlined the proposed Division 296 tax changes affecting individuals with superannuation balances exceeding $3 million. With the commencement date of 1 July 2026 now approaching, clients who may be impacted should consider reviewing their superannuation and investment strategies. The new Division 296 tax is expected to apply to individuals whose total superannuation balance exceeds $3 million. While only a small percentage of Australians are expected to be impacted, the measure has attracted significant attention due to its potential implications for high-balance superannuation accounts. At the time of writing, the legislation is expected to commence from 1 July 2026, with the first assessment period beginning from that date. If you have questions regarding the Division 296 changes or would like to discuss how the new rules may apply to your circumstances, please contact our Superannuation team.
HECS-HELP Debt Indexed Again – What Does It Mean for You? If you have a HECS-HELP debt, your balance increased by 2.8% on 1 June 2026 . This is the annual indexation applied by the ATO to student loans and is designed to keep the value of the debt in line with inflation and wage growth. The good news is that the 2026 increase is the lowest since 2021 and is significantly lower than the large increases seen in recent years. Since government reforms were introduced, HECS-HELP debts are now indexed using the lower of the Consumer Price Index (CPI) or Wage Price Index (WPI), helping to limit future increases. What does this mean in practical terms? A HECS balance of $20,000 increased by approximately $560. A balance of $50,000 increased by approximately $1,400. The increase happens automatically and does not require any action from you. Should you pay off your HECS debt faster? There is no one-size-fits-all answer. For many people, paying down higher-interest debts such as credit cards, personal loans or mortgages may still be a higher priority. However, if you are close to paying off your HECS debt or have surplus cash available, it may be worth discussing your options with your adviser. If you'd like to understand how your HECS debt fits into your overall financial position, speak with the team at Brentnalls Western Victoria. T: 03 5571 0111
⚠️ Client Alert – Company Review Notices ⚠️ We have recently had several clients contact us after receiving correspondence regarding their annual company review. These notices are often sent by third-party providers and can look similar to official ASIC communications. They typically offer to complete your annual company review for a fee, despite many businesses already receiving this service through their accountant or registered agent. Before making any payment, we encourage you to carefully review the correspondence and contact our team if you are unsure whether any action is required. As your ASIC registered agent, Brentnalls Western Victoria manages annual company reviews and associated compliance obligations for many of our clients. If you receive a notice that you are unsure about, please forward it to us and we will be happy to review it with you. When in doubt, give us a call before you pay. T (03) 5571 0111
PAYDAY SUPER: KEY INFORMATION FOR SMALL BUSINESSES A guide for employers Overview From 1 July 2026, all employers will be required to pay superannuation contributions on the same day employees are paid, rather than quarterly. This is known as Payday Super. It is aimed to improve retirement outcomes for workers and strengthen compliance across all industries. This change affects both permanent staff and eligible seasonal or casual workers. What Payday Super means for you? Super Paid Every Pay Run Superannuation contributions must be paid each time wages are processed, whether weekly, fortnightly, or monthly. Quarterly super payments will no longer be compliant. Cash‑Flow Management More frequent super payments may require small businesses to reassess cash‑flow planning, particularly those with tight operating margins or variable revenue cycles. Payroll System Adjustments Payroll software will need to support automated payday super processing. Most providers already have automatic superannuation as an option, but configuration checks will be essential. Enhanced Compliance Oversight The ATO will have improved visibility over employer obligations, reducing the likelihood of unpaid or delayed super and lowering the risk of Super Guarantee Charge penalties. Benefits for Employees Earlier contribution of superannuation Improved compounding of retirement savings Greater transparency and confidence in employer compliance PREPARING YOUR SMALL BUSINESS FOR PAYDAY SUPER Recommended Preparatory Steps 1. Review Payroll Frequency Confirm how often you pay staff, including: permanent employees seasonal workers casual labourers Ensure your business can remit super at the same frequency. 2. Check Payroll Software Readiness Seek confirmation on: Payday Super automation capabilities Required system updates 3. Update Cash‑Flow Forecasts Assess the impact of more frequent super payments on working capital and adjust budgets accordingly. 4. Strengthen Internal Processes Ensure payroll, finance, and administrative staff understand the new requirements and are trained in updated procedures. How We Assist Small Businesses Operational Review We evaluate your current payroll and superannuation processes to identify areas requiring adjustment. System Readiness Support We assist in ensuring your payroll software is configured correctly for payday super compliance. Cash‑Flow Impact Assessment We help you understand and plan for the financial implications of more frequent super payments. Implementation and Training We provide guidance and training to support a smooth transition for your business and staff. Next Steps Small businesses are encouraged to begin preparing to ensure a seamless transition and avoid compliance risks. We are available to provide support throughout the process. Call us today on 03 5571 0111 or email reception@brentnallswv.com.au to arrange an appointment.
EOFY Check-In: Cars, Cashflow & Key Tax Moves Logbook check-in: Are you still compliant? Many people assume their car logbook is “set and forget” for five years, but that’s not always the case. A logbook is only valid if your work-related travel patterns haven’t changed. You may need a new logbook if: You’ve changed jobs You’ve moved home or workplace Your work travel patterns have changed Important reminders: If you have multiple vehicles, you need a separate logbook for each If you buy a new car, you can rely on your previous logbook, but only if you formally nominate this before lodging your return If your employer provides your car (or via a novated lease), you generally can’t claim car expenses Electric and hybrid vehicles: Using the ATO shortcut rate for home electricity used to charge your vehicle (5.47c/km from 1 April 2026) means you can’t also claim charging costs from your electricity bills. Plug-in hybrids require a specific calculation method Bottom line: If your circumstances have changed, your logbook may no longer be accurate and that can impact your claim. EOFY tax planning: What to focus on now To keep this practical and not overwhelming, here are the key opportunities to review before 30 June: 1. Super contributions Must be received by the fund before 30 June to claim a deduction Concessional cap is $30,000 (2025–26) Consider carry-forward contributions if eligible 2. Prepay and bring forward expenses Small businesses may be able to prepay expenses and claim now Bringing forward planned purchases (e.g. equipment under $20,000) can accelerate deductions 3. Review stock and assets Write down or write off obsolete or slow-moving stock Remove scrapped assets from your depreciation schedule 4. Clean up your books Write off bad debts before 30 June Ensure trust distributions or dividends are properly documented 5. Plan ahead Consider timing of income, expenses and capital gains Review cashflow for upcoming tax payments Look at opportunities to vary tax instalments if needed EOFY isn’t just about ticking boxes, it’s about making sure your claims are accurate and your tax position is working for you, not against you. If your situation has changed this year (work, home, business or vehicles), it’s the perfect time to review. Need help? We’re here to make sure everything is set up correctly before 30 June.
Giving Back to the Communities That Support Us At Brentnalls Western Victoria, giving back isn’t something we do occasionally, it’s part of who we are. We’re proud to work closely with individuals, families and businesses across our region, and we believe it’s important to support the communities that support us. Through our Workplace Giving initiative, our team has the opportunity to contribute to causes that are meaningful to them, often those connected to their own families, friends and local networks. What makes this initiative special is that it’s driven by our people. The causes we support aren’t chosen at a distance — they reflect real experiences, real stories, and real connections within our team. In our most recent round of contributions, we were proud to support a number of important organisations making a difference in very different ways. We made a donation to the Motor Neurone Disease Association of Australia , helping provide care, support and advocacy for individuals and families navigating the challenges of MND. We also supported the World’s Greatest Shave — a cause that was particularly close to home this year. Erin’s son, Xavier (pictured above) took part in the campaign and was truly “brave for the shave,” shaving his head to raise funds and awareness for those facing blood cancer. It’s a powerful reminder of how small acts of courage can make a meaningful impact. Our team also chose to support the Shaka Project , an organisation focused on strengthening youth mental health through connection, conversation and community. With growing awareness around mental health, particularly for young people, this is an area many of us feel strongly about. In addition, we contributed to the Royal Children’s Hospital Melbourne , helping support the incredible work they do in delivering world-class care to children and their families. While these contributions may seem small in isolation, together they reflect something much bigger - a shared commitment to looking beyond our day-to-day work and supporting the people and communities around us. At Brentnalls Western Victoria, we believe strong communities are built through connection, care and contribution. We’re proud to work alongside a team that not only cares about what they do, but also about the impact they can have.
