Parallax Accounting Pty Ltd

We are Closing at 12.00pm Today !!!!🤩
We will be re-opening at 8:30am on Monday the 6th of July.
We hope you have a great weekend and we can't wait to see you all in this New Financial Year!!❤️💙

📢 Important Update: Pay Day Super Has Started!

From 1 July 2026, Pay Day Super changes the way employers pay employee superannuation.

Instead of paying super quarterly, employers now need to pay super at the same time as each payroll cycle (weekly, fortnightly, or monthly). Super contributions must generally reach employees’ super funds within 7 business days of payday.

📌 What this means for employers

If you have employees, now is the time to make sure:
✅ Your payroll software is set up correctly
✅ You have enough funds available each pay run for wages + super
✅ Super payments are processed on time with each payroll

Late super payments may result in additional costs and reporting requirements, so staying on top of your process is important.

👤 What this means for employees

Pay Day Super means you should receive your super contributions more regularly.

We recommend checking your super account regularly to make sure contributions are being received. As a guide, you should generally see contributions appear within around 7 days of being paid (processing times can vary between funds).

🤝 Need help?

Not sure if your payroll setup is ready? We can help review your processes and make sure you’re prepared.

Read more here 👇
🌐 https://www.parallaxaccounting.com.au/pay-day-super-has-started-what-your-business-needs-to-know

📞 (07) 4613 5400
📧 [email protected]

📢 Important Update – New AML/CTF Laws from 1 July 2026

From 1 July 2026, new Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) laws will apply to accounting firms, including Parallax Accounting.

These changes are part of Australian Government reforms aimed at preventing financial crime such as money laundering and terrorism financing.

📌 What you need to know:

Most everyday work (like tax returns and financial statements) won’t change.

For some services, we may need to complete client identity checks and due diligence before we can get started, including:

- Setting up or restructuring entities
- Buying/selling businesses
- Financing arrangements
- Company secretarial or registered office services

📝 What we may ask for:

You may be asked to complete a quick online ID check via our secure platform, Clear AML.

🤝 How you can help:

If we request documents, sending them through early helps us keep things moving smoothly.

📞 (07) 4613 5400
📧 [email protected]
🌐 More info: https://www.parallaxaccounting.com.au/important-update-new-identity-verification-requirements-from-1-july-2026

💸 PayDay Super 💸

📢 BIG change for Aussie employers from 1 July 2026 — Payday Super means you’ll need to pay your employees’ superannuation at the same time you pay their wages, not quarterly. 💼💰

Super must reach your employees’ super fund within 7 business days of payday, so it’s time to update your payroll systems and cash-flow planning now. 🔧📊

This reform aims to reduce unpaid super, boost transparency, and ensure workers get their retirement savings sooner — so start preparing today!✨

Please contact our office for more information ☎️📬

📱 (07) 4613 5400
📧 [email protected]
🌐 https://www.parallaxaccounting.com.au/payday-super

The Bureau of Meteorology has issued its long-range forecast for February–April 2026 🌦️

A forecast might say “hotter and drier than normal” — but the real question is: what does that mean for your farm’s bottom line? 🚜

We turn outlooks into numbers: yield scenarios, revenue ranges, break-even points, cash-flow pressure and risk exposure 📊

From there, it’s about smarter decisions — managing inputs, protecting cash flow, lining up finance early, tightening risk management, and staying disciplined with capital 💡

Bottom line: a forecast tells you what might happen. Good business advice helps you survive it — and still farm next year. 🌾

Please contact our office for more information ☎️📬

📱 (07) 4613 5400
📧 [email protected]
🌐 https://www.parallaxaccounting.com.au/bom-long-range-weather-forecast

💸Mandating Cash Acceptance💸

The Government recently announced that it was delivering on its commitment "to mandate cash acceptance for essential purchases by finalising regulations that require fuel and grocery retailers to accept cash from 1 January 2026." 💵

The changes mean that, from 1 January 2026, most food and grocery retailers must accept cash for in-person transactions of $500 or less between 7am and 9pm. 🏪

Small businesses with aggregate annual turnover under $10 million are generally exempted from this mandate. 📊 However, this mandate still applies to small businesses that choose to share a trademark with a large retailer. 🏷️

The Government noted that, in addition to the cash mandate for fuel and groceries, consumers also already have the option to pay their bills, including utilities, phone bills and council rates, in cash at their local Australia Post outlet through Post Billpay. 📮

The Government will review this mandate after three years, to ensure it is functioning as intended. 🔎

📱 (07) 4613 5400
📧 [email protected]
🌐 https://www.parallaxaccounting.com.au/news

⚠️📊ATO Warns About Barter Credit Tax Scheme📊⚠️

The ATO is warning the community to steer clear of an emerging tax scheme involving barter credits — a type of alternative currency used in some business networks. ⚠️

A tax scheme that involves artificially inflating deductions for donations of barter credits to deductible gift recipients ('DGRs') is on the rise. 🚨

While it may seem enticing, promoters and taxpayers could face potentially significant consequences if they are involved. ⚖️

The ATO is concerned that such schemes are being enabled by several barter exchanges that are allowing participants to access barter credits with a nominal face value that is much more than any payments actually made to the exchange. 💰

Participants then donate these barter credits to a DGR and claim a larger tax deduction than they are entitled to. ❌

Those involved may have to repay the tax, plus face heavy penalties, interest and legal action. 💸

📱 (07) 4613 5400
📧 [email protected]
🌐 https://www.parallaxaccounting.com.au/news

🏖️ ATO's New Approach To Holiday Home Expenses 🏖️

The ATO has announced that it will take a somewhat different approach in relation to expenses that are claimed in relation to holiday homes 🔍

Broadly, the ATO now takes the view that, if a taxpayer's rental property is also their holiday home, certain deductions relating to holding it will be completely denied (rather than being apportioned) ❌

Expenses relating to ownership and use of the holiday home (e.g., interest, rates and maintenance) will not be deductible, unless the holiday home is 'mainly' used to produce assessable income 📈

Whether a holiday home is used 'mainly' to produce assessable income will be determined based on a consideration of a number of factors ⚖️

However, this will generally not apply to expenses incurred in relation to holiday homes that are rental properties before 1 July 2026, if those expenses are incurred under an arrangement entered into prior to 12 November 2025 📆

Please contact our office for more information ☎️📬

📱 (07) 4613 5400
📧 [email protected]
🌐 https://www.parallaxaccounting.com.au/news

🚨Australians Call Out Tax Dodgers in Record Numbers 🚨

The ATO has reached a major milestone, receiving over 300,000 tip-offs from the community about tax avoidance and other dishonest behaviours since 1 July 2019 📈

In the 2024/25 financial year alone, almost 50,000 red flags were raised by members of the public who noticed suspicious activity 👀

Most tip-offs related to shadow economy activity, with reports coming from customers, employees, other businesses, and even family and friends 🤝

This year, Australians reported businesses and individuals who:

📌 did not declare their income
📌 demanded or paid for work in cash to avoid tax
📌 lived lifestyles that did not match their known income
📌 failed to report all sales

The top three industries seeing a surge in red flags this financial year are:

📌 building and construction
📌 cafes and restaurants
📌 hairdressing and beauty services

Please contact our office for more information ☎️📬
📱 (07) 4613 5400
📧 [email protected]
🌐 https://www.parallaxaccounting.com.au/news

🐄 Queensland Primary Producers – Brand Return Reminder 🐎

If you own a registered cattle or horse brand or earmark in Queensland, remember that annual brand returns must be lodged every January with the Department of Agriculture and Fisheries (DAF).

⚠️ Brands that are not renewed for 3 consecutive years may be cancelled.

You can lodge your return or update your details online via the Queensland DAF Brands database (iBrands) on the qld.gov.au website.

If you’re unsure whether your return has been submitted, your details have changed, or you’d like help navigating the process, please contact our office — we’re happy to assist and help keep you compliant.

📞 Get in touch with us today.

📱 (07) 4613 5400
📧 [email protected]
🌐 https://www.parallaxaccounting.com.au/contact