Growing Your Future - Insights and Resources Blog

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.

Fuel cost pressures – ATO support now available With fuel prices continuing to impact businesses across Australia, the Australian Taxation Office (ATO) has introduced a temporary support response to help manage the flow-on effect to cash flow and tax obligations. From 1 April 2026, targeted measures are available for businesses, individuals and not-for-profits experiencing genuine financial pressure due to rising fuel and transport costs. For many businesses, the impact isn’t just at the pump. It’s showing up in freight, suppliers and overall operating costs. The ATO has recognised this and is taking a more flexible, supportive approach during this period. What support is available? Depending on your circumstances, this may include: Flexible payment plans with extended timeframes and no upfront payment Remission of interest and penalties in certain situations The ability to vary PAYG instalments if your income has reduced A more considered compliance approach while conditions remain challenging These measures are designed to ease immediate cash flow pressure and help businesses stay on track while costs remain elevated. Don’t overlook fuel tax credits With fuel costs front of mind, it’s also a good time to revisit whether you’re correctly claiming fuel tax credits. Fuel tax credits allow eligible businesses to claim back some of the fuel tax included in the price of fuel used for business activities — particularly for off-road use such as machinery, equipment and generators. This is especially relevant for businesses in: Agriculture Transport and logistics Construction and earthmoving Manufacturing and other equipment-heavy industries The amount you can claim depends on how the fuel is used, and getting this right can make a meaningful difference to your overall fuel cost and cash flow. Timing matters: The ATO fuel response measures are currently temporary and available until 30 June 2026, so it’s important to act early if your business is affected. If you’d like help assessing your eligibility or ensuring you’re claiming everything correctly, please reach out to our team. Call us on 03 5571 0111

Getting Ready for Payday Super Simple steps to stay ahead of the 1 July 2026 changes What’s changing? From 1 July 2026: Super must be paid at the same time as wages Contributions must reach funds within 7 days of payday The ATO Small Business Super Clearing House will close Good news: The amount of super doesn’t change, just the timing. What this means for your business Cash flow impact – payments go out more frequently Less room for delays – timing becomes critical Systems matter – manual processes won’t keep up Payday Super turns super from a quarterly task into something that happens every pay run. Why start preparing now The businesses that transition smoothly will: Review and refine processes early Test systems and workflows Plan for cash flow changes Ensure employee super details are correct What to review Start with these key areas: Your payroll and super process Employee super fund details Pay run timing and approvals Your cash flow planning Whether your system can handle per-pay-run super payments How we can help We recommend starting with a short planning session. In this session, we’ll: Walk through what Payday Super means for your business Review your current payroll and super setup Identify any gaps or risks Agree on practical next steps and a timeline If moving to a more integrated solution like Xero Payroll, we’ll guide you through the transition and ensure everything runs smoothly. Get ahead of the change Payday Super is a significant shift but with the right preparation, it can be simple and stress-free. We’re here to help you feel organised, prepared and confident well ahead of the deadline. Let’s get started 📞 Call us on 03 5571 0111 📩 Or get in touch to book your planning session

Major Superannuation Tax Changes – What You Need to Know Parliament has now passed legislation introducing changes to the way very large superannuation balances are taxed. While these reforms have attracted widespread attention, it’s important to note they will affect fewer than 0.5% of Australians. For most people, there is no change to how their superannuation is taxed. Who is affected? The new rules apply only to individuals with total super balances exceeding $3 million, affecting an estimated 80,000 Australians. If your balance is below this threshold, existing superannuation tax arrangements continue to apply. What is the new Division 296 tax? From 1 July 2026, a new Division 296 tax will apply to earnings on superannuation balances above $3 million, using a tiered approach: Up to $3 million – earnings continue to be taxed at 15% (unchanged). $3 million to $10 million – earnings on this portion are taxed at an effective rate of 30%. Above $10 million – earnings on amounts above this level are taxed at an effective rate of 40%. These thresholds will be indexed to CPI, meaning they will increase over time in line with inflation. What earnings does this apply to? The tax applies only to future realised earnings. Unrealised capital gains, where assets have not been sold, are not taxed under these new rules. A note on the first year: For the first year only, liability will be determined based on your total super balance at 30 June 2027, rather than at the start of the financial year. What This Means for You Most clients won’t be affected If your super balance is well below $3 million, these changes are unlikely to impact you at all. High‑balance clients may need to review their strategy If your individual super balance is close to, or expected to exceed, $3 million in the future, it may be worth reviewing your broader investment and retirement strategy to ensure it remains tax‑effective. No need for immediate action The new tax does not commence until 1 July 2026, providing time to plan and consider any adjustments if required.  If you’d like to discuss how these changes may apply to your personal situation, or whether a review of your superannuation strategy is appropriate, please get in touch and speak with our Superannuation team. Telephone 03 5571 0111 or email reception@brentnallswv.com.au

Major Superannuation Tax Changes – What You Need to Know Parliament has now passed legislation introducing changes to the way very large superannuation balances are taxed. While these reforms have attracted widespread attention, it’s important to note they will affect fewer than 0.5% of Australians. For most people, there is no change to how their superannuation is taxed. Who is affected? The new rules apply only to individuals with total super balances exceeding $3 million, affecting an estimated 80,000 Australians. If your balance is below this threshold, existing superannuation tax arrangements continue to apply. What is the new Division 296 tax? From 1 July 2026, a new Division 296 tax will apply to earnings on superannuation balances above $3 million, using a tiered approach: Up to $3 million – earnings continue to be taxed at 15% (unchanged). $3 million to $10 million – earnings on this portion are taxed at an effective rate of 30%. Above $10 million – earnings on amounts above this level are taxed at an effective rate of 40%. These thresholds will be indexed to CPI, meaning they will increase over time in line with inflation. What earnings does this apply to? The tax applies only to future realised earnings. Unrealised capital gains, where assets have not been sold, are not taxed under these new rules. A note on the first year: For the first year only, liability will be determined based on your total super balance at 30 June 2027, rather than at the start of the financial year. What This Means for You Most clients won’t be affected If your super balance is well below $3 million, these changes are unlikely to impact you at all. High‑balance clients may need to review their strategy If your individual super balance is close to, or expected to exceed, $3 million in the future, it may be worth reviewing your broader investment and retirement strategy to ensure it remains tax‑effective. No need for immediate action The new tax does not commence until 1 July 2026, providing time to plan and consider any adjustments if required.  If you’d like to discuss how these changes may apply to your personal situation, or whether a review of your superannuation strategy is appropriate, please get in touch and speak with our Superannuation team. Telephone 03 5571 0111 or email reception@brentnallswv.com.au

We’re now Brentnalls Western Victoria! Same people. Stronger future. We’re excited to share that CoggerGurry is now Brentnalls Western Victoria. This change reflects a natural next step for our firm, aligning our brand with the Brentnalls network we’ve proudly been part of for over 20 years. While our name and look have evolved, what matters most remains the same — the people you work with, the relationships we’ve built, and the practical, trusted advice you rely on. What’s changing? Our name is now Brentnalls Western Victoria You’ll see a refreshed logo, colours and brand Our website and email addresses have updated What’s not changing? Your trusted team and day-to-day contacts Our client-first approach Practical advice grounded in real experience Why the change? As part of the Brentnalls affiliation, we’re connected to a network of independent firms across Australia. This gives us access to broader insights, shared knowledge, and deeper expertise — while continuing to deliver the personalised, local support you value. What you need to know Our new website is brentnallswv.com.au Email addresses now use @brentnallswv.com.au (old emails will continue to redirect) No changes to your services or fees Do you need to do anything? There’s nothing urgent, but over time we recommend updating any saved email contacts and bookmarks. If you have any questions, please contact our team. We’re here to help. Telephone 03 5571 0111 or email reception@brentnallswv.com.au

Aged Care “Deposits” Explained: RADs, DAPs and What Families Need to Know When a loved one moves into residential aged care, one of the biggest (and most confusing) costs is the accommodation payment — often referred to as an “aged care deposit”. In practice, there are a few different ways to pay, and the best option depends on cash flow, assets, and your broader plans. Step 1: Start with the room price Before entry, you’ll agree on a room price with the aged care home. Providers must publish their prices and you can negotiate (but you generally can’t be charged more than the published price for that room). If a provider wants to charge above a government-set threshold, they may need approval from the Independent Health and Aged Care Pricing Authority. Step 2: Your means assessment affects what you pay Services Australia assesses income and assets to determine whether you’ll pay the full accommodation cost yourself or receive some government support. Those with support may pay an accommodation contribution instead of the full price. The three common payment methods Most residents will be offered one (or a mix) of the following options: 1) Refundable Accommodation Deposit (RAD) A RAD is a lump sum paid upfront (think of it like a large bond). It is refundable when the resident leaves care, less any agreed deductions (for example, unpaid fees). The RAD is also treated as an asset in the means assessment. 2) Daily Accommodation Payment (DAP) A DAP is a non-refundable daily amount, like paying “rent” instead of a lump sum. It’s calculated using the government-set Maximum Permissible Interest Rate (MPIR), applied to the unpaid portion of the room price. In simple terms: DAP = (Unpaid RAD × MPIR) ÷ 365 3) A combination of RAD + DAP Many families choose to pay part of the RAD upfront (to reduce the daily cost) and pay a smaller DAP on the balance. This can help manage cash flow while keeping some funds available. An additional option is to use the part payment of the RAD to fund the payment of the DAP. This helps with cashflow but does have the effect of increasing the amount of the DAP as the RAD diminishes over time. A note on recent reforms Rules can differ depending on when someone enters care. Recent reforms introduced RAD retention for eligible residents (a small non-refundable amount deducted over time, capped) and changes affecting how accommodation costs are managed under newer arrangements. If you’re arranging entry now, it’s worth checking which “entry date” rules apply before signing. How we can help Aged care decisions are often made quickly, under stress. Before you commit to a RAD, DAP, or a mix of both, it’s wise to consider how the choice affects: ongoing cash flow and affordability sale/retention of the family home Centrelink outcomes and estate planning General information only: This article is not personal financial advice. We recommend seeking advice tailored to your circumstances before making decisions. Before you choose a RAD, DAP or a combination, get advice tailored to your circumstances. Call us to book an aged care funding review, so you can feel confident about the decision and avoid surprises.