M&C Accountants

Happy End of Financial Year!

So much has happened this financial year, impacting us all, but we are pleased to say we still managed to keep our 6th year birthday commitment to donate to a worthy cause each month.

Check out our contributions in the article below

https://www.mcaccountants.com.au/post/2025-2026-goal?fbclid=IwY2xjawSwnE1leHRuA2FlbQIxMQBzcnRjBmFwcF9pZBAyMjIwMzkxNzg4MjAwODkyAAEeGJfO-uzqYlRp42Mo3NH6TjKpXuWS8vjGsHwRgfziUJmCuw6ggo6Xhoeyd3I_aem_6mDxEYjqIB_xFRvpHyVmRQ

2025/2026 Goal This financial year M & C Accountants is committed to being there for our clients but also contributing to our community.In June we reached out to our clients to check in and it reminded us about our why and how we love to be the people that our clients can rely on to support them. The team they can...

It's End of Financial Year

Your to do check list

Businesses
- Start payday super from 20th June and pay any unpaid super on this date to get the tax deduction
- Super guarantee remains at 12%
- Minimum wage increases on 1 July
- Check if there is anything you need to buy for work. If yes buy now and have installed and ready for use before 30 June
- Consider pre-paying expenses

Individuals
- Check if you need/want to sell any capital items before the rules change. If there are lots, you may want to split it over 2 tax years
- If you are planning to put money into super and claim a tax deduction on it make sure your transfer it by 20 June
- If you use your car for work and wany to claim it make sure you have either logged all of your travel trips and kms or start a logbook before 30 June to use for your 2026 tax
- Start collating all of your invoices including; electricity, gas, internet, mobile, subscriptions, union fees, courses, donations, parking, uniform purchases, car expenses and stationery or other work-related items
- If you have earnt money aside from your employer start putting money aside for tax
- If you have a rental property, consider prepaying expenses

Remember with everything being digital there is nowhere to hide. Documentation and having good records is the key to claiming deductions.

Call us if you have any EOFY questions or would like to book in a time to complete your 2026 Tax Return.

Victorian's Don't forget to apply for your 20% refund on motor vehicle registration paid.

You will need your licence - hardest or most time consuming part is creating an account.

Rego Rebate | Service Victoria From Monday 1 June to Friday 31 July 2026 Victorians can apply for a 20% rebate on their vehicle registration payments. This will save the average driver up to $186 per vehicle on their 2025–26 vehicle registrations. Eligibility The rebate will be limited to 2 light vehicles per person. Eligible v...

ATO High Fuel Costs Measures

If you are a small business, have been impacted by the high cost of fuel and are unable to meet all of your ATO payments you can apply for the following to 30 June 2026
- more flexible payment arrangements
- remission of General Interest Charges and Penalties
- Vary PAYG Instalments
* eligibility criteria applies

More info can be found on https://www.ato.gov.au/media-centre/ato-responds-to-impacts-of-high-fuel-costs

Apply using this form https://www.ato.gov.au/individuals-and-families/financial-difficulties-and-disasters/ato-fuel-response/how-to-apply-for-the-ato-fuel-response-payment-plan

or contact us on [email protected] or call Carmel directly if you would like us to apply for you

How to apply for the ATO fuel response payment plan How businesses and sole traders apply for the ATO fuel payment plan via online services or their registered tax agent.

As 2025 comes to a close we would like to thank all of our clients and colleagues for helping make 2025 memorable.

We hope everyone starts the year safely with family or friends and sets at least one new challenge or thing to try in 2026!

As always, we are here to help you grow and allow you to spend more time doing what you love :)

What are your goals for the 2026 Financial Year?

Read what we have committed to in the article below and also let us know if you know of a local good cause.

2025/2026 Goal This financial year M & C Accountants is committed to being there for our clients but also contributing to our community.In June we reached out to our clients to check in and it reminded us about our why and how we love to be the people that our clients can rely on to support them. The team they can...

Tax Tip 5

Changes happening 1 July 2025 include
- Employee compulsory super increasing to 12%
- Minimum wage increasing by 3.5%
- ATO Interest no longer tax deductible

HELP debt repayments are also changing
- The minimum repayment threshold will increase from $54,435 to $67,000 in 2025-26.
- HELP repayments are calculated only on the income above the new $67,000 threshold rather than repayments being based on total annual income.

Tax Tip 4

Scan or tax photos of all tax invoices (these are different to receipts) as documents fade.

A receipt is proof of payment.
A Tax Invoice shows what was purchased, the date and who purchased it.

When being audited the ATO wants to see tax invoices.

Note
- If you are unsure, keep the tax invoice and give it to your accountant.
- The new $1k auto deduction doesn't start until 1 July 2026 so not the tax year we are in and not the one starting 1 July 2025.

Tax Tip 3 - Superannuation

For business
You only get a tax deduction for employee super once it has reached their fund.
This means 15 June is the last day that you can be confident that you will get a tax deduction for approving super payments to your super clearing house for this tax year.

Personally
The super cap to get a tax deduction is $30k less amounts contributed by your employer. (Plus unused from previous 5 years)
If you were planning to put money into super this and claim a tax deduction on it do it by 20 June to ensure it is processed in time.
Note - you will need to complete a form with your superfund to confirm you want to claim it as a tax deduction.

Tax Tip 2

Do you engage contractors? If yes, did you know

You only get a tax deduction for a payment you make to them if they have given you a valid Tax Invoice. If you do not have one you need to pay them 53% of the amount and pay the ATO 47% in withholding tax to be able to claim a tax deduction.

A valid Tax Invoice includes an ABN and other items described in the link below
https://www.ato.gov.au/businesses-and-organisations/gst-excise-and-indirect-taxes/gst/tax-invoices