Element Accountants and Advisors

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Element Accountants and Advisors Element Accountants & Advisors is a boutique accounting and advisory firm.

SMSF and property – preparing for a smooth auditFor many SMSF trustees, property is one of the most significant assets h...
11/09/2026

SMSF and property – preparing for a smooth audit

For many SMSF trustees, property is one of the most significant assets held by their SMSF. Unlike personally owned assets, there is a legal requirement that all SMSF assets are valued each 30 June. This can be a simple process for assets that have a ready market like listed shares, however the process for other assets like property can be more onerous....

For many SMSF trustees, property is one of the most significant assets held by their SMSF. Unlike personally owned assets, there is a legal requirement that all SMSF assets are valued each 30 June…

New reasonable travel and overtime meal ratesThe ATO has released its updated reasonable travel and overtime meal allowa...
11/09/2026

New reasonable travel and overtime meal rates

The ATO has released its updated reasonable travel and overtime meal allowance rates for the 2026–27 income year in Taxation Determination TD 2026/4. The overtime meal allowance has increased to $40.00, while the reasonable amounts for domestic and overseas travel have also been updated based on salary levels and travel destinations. Although these figures are widely publicised each year, they are often misunderstood....

The ATO has released its updated reasonable travel and overtime meal allowance rates for the 2026–27 income year in Taxation Determination TD 2026/4. The overtime meal allowance has increased to $…

Discretionary trusts and the proposed 30% minimum taxDiscretionary trusts, often referred to as family trusts, have been...
11/09/2026

Discretionary trusts and the proposed 30% minimum tax

Discretionary trusts, often referred to as family trusts, have been a popular structure for Australian families and businesses for many decades. They are commonly used to operate family businesses, hold investments and assist with succession planning. Their flexibility, together with asset protection and estate planning benefits, has made them an attractive option for many groups. In the 2026–27 Federal Budget, the Government announced a significant proposed change....

Discretionary trusts, often referred to as family trusts, have been a popular structure for Australian families and businesses for many decades. They are commonly used to operate family businesses…

Changes to Self-Managed Super Fund (SMSF) borrowing rulesTo ensure passage of the negative gearing and CGT discount chan...
13/08/2026

Changes to Self-Managed Super Fund (SMSF) borrowing rules

To ensure passage of the negative gearing and CGT discount changes that were announced in the May 2026 Federal Budget the Government agreed to make amendments to the SMSF borrowing rules. SMSFs are able to borrow in restricted circumstances which includes borrowing under a limited recourse borrowing arrangement (LRBA) to purchase a single acquirable asset. While there have previously been no specific legislative restrictions on the type of asset a SMSF can borrow to purchase, most commonly we see LRBAs being used to purchase property....

To ensure passage of the negative gearing and CGT discount changes that were announced in the May 2026 Federal Budget the Government agreed to make amendments to the SMSF borrowing rules. SMSFs ar…

Navigating the 2026–27 Car ThresholdsIf you're thinking about purchasing or leasing a vehicle for your business in the n...
13/08/2026

Navigating the 2026–27 Car Thresholds

If you're thinking about purchasing or leasing a vehicle for your business in the new financial year, it's worth understanding the updated car thresholds that apply from 1 July 2026. While these limits may seem technical, they can have a practical impact on the amount you can claim for tax depreciation deductions, the GST credits that are available, and whether luxury car tax (LCT) could apply....

If you’re thinking about purchasing or leasing a vehicle for your business in the new financial year, it’s worth understanding the updated car thresholds that apply from 1 July 2026. W…

Don’t Let Sharing Economy Income Catch You Off Guard This Tax TimeThe sharing economy has created new opportunities for ...
13/08/2026

Don’t Let Sharing Economy Income Catch You Off Guard This Tax Time

The sharing economy has created new opportunities for Australians to earn additional income. Whether it's driving for a ride-sharing service, renting out a holiday property, completing freelance work, hiring out equipment, or creating digital content, many people are supplementing their regular income through online platforms. However, one aspect that can sometimes come as a surprise at tax time is that this income generally needs to be declared in your tax return....

The sharing economy has created new opportunities for Australians to earn additional income. Whether it’s driving for a ride-sharing service, renting out a holiday property, completing freel…

ATO Cracks Down on Personal Services Income Arrangements: Is Your Business at Risk?The ATO is sharpening its focus on ho...
08/07/2026

ATO Cracks Down on Personal Services Income Arrangements: Is Your Business at Risk?

The ATO is sharpening its focus on how taxpayers generating income from personal services deal with that income for tax purposes. In a recent Spotlight bulletin, Small Business Assistant Commissioner Tony Poulakis highlighted the release of Practical Compliance Guideline PCG 2025/5. This guideline clarifies the ATO’s compliance approach to the “alienation” of personal services income (PSI) — essentially, arrangements which involve routing income earned through your personal skills and efforts via a company or trust, rather than receiving it directly....

The ATO is sharpening its focus on how taxpayers generating income from personal services deal with that income for tax purposes. In a recent Spotlight bulletin, Small Business Assistant Commissio…

Payday Super Has Arrived – What Employers Need to KnowOne of the most significant changes to the Australian superannuati...
08/07/2026

Payday Super Has Arrived – What Employers Need to Know

One of the most significant changes to the Australian superannuation system in decades has now commenced. From 1 July 2026, Payday Super requires employers to ensure super contributions reach employee super funds within seven business days of each payday. For many businesses, this represents a major shift from a quarterly payment cycle to a more frequent, real-time obligation. While the Government is aiming to get super into employee accounts faster and help close the national super gap, the new system introduces new compliance, cash flow and administrative considerations for employers....

One of the most significant changes to the Australian superannuation system in decades has now commenced. From 1 July 2026, Payday Super requires employers to ensure super contributions reach empl…

Updates to Budget Measures and New DevelopmentsSince the Federal Treasurer handed down the 2026-27 Federal Budget on 12 ...
08/07/2026

Updates to Budget Measures and New Developments

Since the Federal Treasurer handed down the 2026-27 Federal Budget on 12 May 2026 there has been a significant amount of commentary on some of the more controversial proposals, including the decision to replace the CGT discount with an indexation system and impose a 30% minimum tax rate on discretionary trusts. Since our latest update in this area, the Government has announced some changes to these proposals, as well as some other areas of the tax system that weren’t initially impacted by the Budget....

Since the Federal Treasurer handed down the 2026-27 Federal Budget on 12 May 2026 there has been a significant amount of commentary on some of the more controversial proposals, including the decis…

SMSF year end reminder — what to check before 30 JuneThe end of the financial year is fast approaching. For SMSF members...
05/06/2026

SMSF year end reminder — what to check before 30 June

The end of the financial year is fast approaching. For SMSF members and trustees, a few timely checks now can avoid headaches later and help preserve valuable tax and contribution opportunities. Below is a checklist of the things members and trustees should consider before 30 June. Contributions — timing matters Get contributions into the fund by 30 June: For both tax deductibility and contribution cap purposes, cash and electronic transfers generally need to be received by the SMSF’s bank account on or before 30 June....

The end of the financial year is fast approaching. For SMSF members and trustees, a few timely checks now can avoid headaches later and help preserve valuable tax and contribution opportunities. B…

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151 Lambton Road, NSW
Broadmeadow, NSW
2292

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+61249576999

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