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Author Archives: info@glss.com.au

  1. EOFY 2026 Newsletter – Key EOFY Super Updates

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    It is almost the end of another financial year and we just wanted to share some items that you might need to consider prior to 30 June 2026. 

    Action Items

    1.    Make Your Super Contributions Before 30 June 2026
    2.    Valuations for Commercial and Special Properties
    3.    Payday Super Commences from 1 July 2026
    4.    Division 296 Tax: Review Your Unrealised Capital Losses
    5.    Scam Alert: Fake Websites Impersonating ASIC
    6.    Federal Budget Update: CGT and Negative Gearing Changes

    Make Your Super Contributions Before 30 June 2026

    With 30 June 2026 fast approaching, please ensure any intended super contributions are received by your super fund before 30 June 2026. Simply making the payment on 30 June may not be enough, as the contribution must be received by the fund before year-end.

    For the 2026 financial year, the concessional contribution cap is $30,000 and the non-concessional contribution cap is $120,000. Before making any additional contributions, please check your available cap space, particularly if you have already made employer, salary sacrifice, or personal contributions during the year.

    If you are unsure how much you can contribute, please contact us before making the payment so we can assist you in reviewing your position.

    Valuations for Commercial and Special Properties

    As you are aware it is a requirement for SMSF trustees to report their assets at market value in their financial statements every financial year.  The ATO has now advised that where the value of a SMSF’s asset remains unchanged from the previous year, the SMSF may have contravened the super rules by not reporting the investment at its correct value. This may cause the auditor to lodge an auditor contravention report if they are not comfortable with the supporting evidence.

    In light of the above, the SMSF will need to obtain a valuation for property each and every year. This valuation must include at least 3 recent comparable sales data that are within 12 months time.

    Your property agent or regular valuation contact may be able to help you obtain this valuation as of 30 June 2026.  If you do not have an existing contact, some options to source this valuation are:

    •    True Market –https://truemarket.com.au
    •    Acumentis Property –https://acumentis.com.au

    As the valuation process can take time, we request that you obtain a valuation as soon as possible to allow for the efficient and smooth preparation of the 30 June 2026 financial statements and audit for your super fund.

    Payday Super Commences from 1 July 2026

    As mentioned in our April newsletter, Payday Super will commence from 1 July 2026. From this date, employers will be required to pay employees’ super guarantee contributions at the same time as salary and wages are paid, rather than on a quarterly basis.

    Super contributions will generally need to reach the employee’s super fund within 7 business days after payday. If you operate a business and employ staff, we recommend reviewing your payroll and super payment processes now to ensure you are ready for the new requirements from 1 July 2026.

    If you receive employer contributions into your SMSF, please ensure your fund’s lodgement is kept up to date. This will help avoid issues with employers or payroll systems verifying the super fund and paying contributions to the fund. 

    Division 296 Tax: Review Your Unrealised Capital Losses

    The proposed Division 296 tax will affect members with total superannuation balances above or approaching $3 million. While the tax itself to be charged to individuals has received significant attention, it is also important to consider the potential impact of the proposed reset mechanism. The proposed reset rule would reduce the capital gains counted for Division 296 purposes by adjusting the cost base of assets that were held before 30 June 2026. This adjustment only applies when working out Division 296 tax — it does not change anything else.

    Where a member chooses to undertake a Division 296 reset, the reset is to apply across the entire portfolio, rather than selected assets only. This means that assets with unrealised capital losses may need to be carefully reviewed before year-end, as the future benefit of those losses, towards calculating attributable income, could potentially be lost under the reset.

    For affected members, there may be circumstances where crystallising genuine losses before 30 June could be worth considering. This will depend on the member’s overall investment position, tax position and long-term objectives.

    If your total super balance is above or approaching $3 million, we recommend reviewing your position with your financial adviser before 30 June to ensure any relevant Division 296 planning matters are properly considered. Please note that a report showing your unrealised capital gains/loss position is available through your Greenlight Online through the reports tab. 

    Please note there are no elections or lodgements required now if you undertake this process. The election will occur on the lodgement of the 2026 SMSF tax return.

    Scam Alert: Fake Websites Impersonating ASIC

    ASIC has warned that scammers are creating fake websites that impersonate ASIC and ASIC Connect. These websites may use similar domain names, branding and links to genuine ASIC pages to appear legitimate. 

    The fake websites are being used to obtain personal information, passwords and payment details, and may also show false company search results for companies that do not exist. Clients should take care when clicking links or entering website addresses, particularly where payment or personal information is requested. 

    Where we act as your ASIC registered agent, ASIC annual review documents will generally come through our office. If you receive an unexpected ASIC-related email, invoice or payment request directly, please check with us before clicking any links or making payment. When using ASIC online services, please ensure you are visiting the official ASIC websites.

    If you believe you have visited a fake ASIC website or provided information to a scammer, please contact your bank and ASIC as soon as possible for further guidance.

    Federal Budget Update: CGT and Negative Gearing Changes

    The 2026 Federal Budget included proposed changes to capital gains tax and negative gearing. Please note these proposed changes are not expected to apply to investments or assets held within SMSFs. 

    From 1 July 2027, the Government proposes to replace the 50% CGT discount with an inflation-based discount and introduce a minimum 30% tax on capital gains. Negative gearing will also be limited to new builds, meaning investors who acquire established residential properties after Budget Night will no longer be able to offset rental losses against other income. Instead, these losses would be carried forward to offset future property income, including rental income or capital gains from the property.

    These changes are still subject to the legislative process, so we recommend keeping them in mind when considering future investment or property decisions. 

    If you have any questions in relation to the above, please do not hesitate to contact us.

    Greenlight Super Team 
    T: 6273 1066
    3/19 Marcus Clarke St, New Acton, ACT 2601
    PO Box 3276 MANUKA ACT 2603 
    www.greenlightsuper.com.au

  2. April 2026 Newsletter – Key Super & Compliance Updates

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    As we move through the last quarter of 2026, we wanted to share a few important reminders and updates that may affect you and your super fund. 

    Action Items 

    1.    Super Contribution Caps and Transfer Balance Cap Changes Confirmed
    2.    ATO Crackdown on Late Lodgements and GIC No Longer Deductible
    3.    Upcoming AML Changes Affecting Accountants and Client Engagements
    4.    Payday Super Changes from 1 July 2026

    Super Contribution Caps and Transfer Balance Cap Changes Confirmed

    From 1 July 2026, several key superannuation limits and caps will increase, providing additional opportunities for individuals to contribute more to super and move funds into retirement phase pensions. 

    Limit and CapsCurrentFrom 1 July 2026
    Concessional Contribution Cap$30,000$32,500
    Non-Concessional Contribution Cap (Tax Free)$120,000$130,000
    Transfer Balance Cap$2.0 million$2.1 million

    If you are considering making additional contributions or reviewing your contribution strategy, feel free to contact us to discuss how these upcoming changes may affect you. 

    ATO Crackdown on Late Lodgements and GIC No Longer Deductible

    The ATO has increased its focus on late lodgements and outstanding tax debts, including pursuing debts that may previously have been considered uneconomical to recover. As a result, all taxpayers, whether individual or an entity, may see increased follow-up activity from the ATO where returns remain outstanding.

    In addition, from 1 July 2025, General Interest Charge (GIC) applied to late tax payments is no longer tax deductible. It is therefore more important than ever to ensure returns are lodged on time and any outstanding liabilities are addressed promptly. If you have any overdue lodgements or tax debts, please contact us so we can discuss available options. 

    Upcoming AML Changes Affecting Accountants and Client Engagements

    New anti-money laundering (AML) and counter-terrorism financing (CTF) regulations will extend to accountants and other professional service providers from 1 July 2026. These changes will introduce significant additional compliance obligations and costs for accounting firms when providing certain services. 

    As a result, we may be required to collect additional information from you, verify identities, and perform further checks on certain transactions or engagements. While these requirements are designed to strengthen financial system integrity, they may mean that we need to request additional documentation or ask further questions when assisting you with certain matters. We appreciate your understanding as we implement these new regulatory requirements that may include increased costs as a result.

    Payday Super Changes from 1 July 2026

    From 1 July 2026, employers will be required to pay employees’ superannuation guarantee (SG) at the same time as they pay salary and wages, rather than the current quarterly payment requirement. This reform, commonly referred to as “Payday Super”, is intended to ensure employees receive their super contributions sooner and reduce the risk of unpaid super.

    Under the new rules, super contributions will need to be processed each pay cycle, with the contributions generally required to reach the employee’s super fund within seven business days of payday. Employers should review their payroll systems and processes ahead of time to ensure they are prepared for these changes.

    If you operate a business and employ staff, we recommend planning early to ensure your payroll and super payment processes are ready before the new rules commence.

    If you have any questions in relation to the above, please do not hesitate to contact us.

    Greenlight Super Team 
    T: 6273 1066
    3/19 Marcus Clarke St, New Acton, ACT 2601
    PO Box 3276 MANUKA ACT 2603 
    www.greenlightsuper.com.au

  3. Greenlight Christmas Newsletter Wrapping Up 2025 with Key SMSF Updates

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    As we approach the end of the year, we would like to wish you and your families a safe and joyful Christmas period. Thank you for your ongoing trust and support throughout 2025, it has been our pleasure to work with you. 

    Along with our Christmas well-wishes, we also wanted to share some important updates and reminders regarding your superannuation and our service processes heading into 2026. 

    Action Items 

    1. Changes to how we deliver finalised documents
    2. Accidental illegal early access of super on the rise
    3. The $3m super balance/Div 293 Tax – Key Changes

    Changes to how we deliver finalised documents

    To improve privacy, security and be more ‘green’, we will be transitioning to a fully online delivery method for all signed documents after finalisation or lodgement.   

    • Greenlight online portal for SMSFs or,  
    • Your dedicated SharePoint folder

    You will receive a notification once documents are ready, along with instructions on how to access and download them.  

    We appreciate your support as we implement this important privacy enhancement.  


    Accidental illegal early access of super on the rise 

    There are some personal ATO issued notices that can be paid using your superannuation.  These are 

    • Division 293 tax assessments, and 
    • Excess contributions assessments 

    These notices are addressed to you personally, and the super fund should not make a payment directly based on these assessments. If these amounts are not released correctly this will lead to additional tax consequences for you personally. 

    If you’d like to release the fund from your super to cover the Div 293 tax, here’s the proper process: 

    1. Do not pay the amount from the SMSF based solely on the assessment issued to you personally. 
    2. You must first follow the steps on the assessment notice to elect for the ATO to issue a Release Authority to the super fund. 
    3. Once the ATO issues the Release Authority to the SMSF, we will receive a superannuation specific payment slip addressed to the fund. 
    4. The payment should then be processed from the SMSF bank account, using the details on that payment slip. 

    If you receive a Division 293 notice or excess contributions assessment and are unsure of the next steps, please contact us and we will guide you through the process. 

    The $3m super balances/Division 296 Tax — Key Changes 

    The Federal Government has announced refinements to Div 296 tax designed to tax those with total super balances over $3 million. Key updates include: 

    • Unrealised gains will no longer be taxed. 
    • Two thresholds are proposed: 
      • Over $3 million: 15% tax on realised earnings above this level 
      • Over $10 million: 10% additional tax on realised earnings above this level (total 25%) 
    • Both thresholds will be indexed to inflation.  
    • Commencement date delayed to 1 July 2026 with first relevant calculation date being 30 June 2027. This means the first notices of Division 296 assessments will be expected to be issued in the financial year 2027/28.  
    • This tax applies to the individual and is not reported in the SMSF tax return. The system facilitates the release of the tax amount from superannuation in accordance with the same process outlined in point 2 of this newsletter 

    Please see the examples below for better understanding. 

    Example 1: 
    A member with a $5 million balance and $500,000 in realised earnings would pay Division 296 tax only on the portion above $3 million. The proportion of her $5 million balance above the $3 million threshold is 40% ($2 mil / $5 mil). 
    Approximate additional tax: $30,000 ($500,000 * 40% * 15%).  

    Example 2: 
    A member with a $13 million balance and $900,000 in realised earnings would pay Div 296 on both the portion above $3 million and the portion above $10 million. The proportion of her balance above the $3 million threshold is 76.92% ($10 mil / $13 mil) and the proportion of her balance above the $10 million threshold is 23.08% ($3 mil / $13 mil). 
    Approximate additional tax: $124,614 ($900,000 * 76.92% * 15% + $900,000 * 23.08% * an extra 10%).  

    Draft legislation is yet to be released, and further consultation will occur.  

    We will provide further guidance once the draft legislation becomes available. 

    Office Closure & Christmas Hours 

    Our office will be closed over the Christmas period from 4pm on Tuesday 23 December 2025 and we will reopen on Monday 5 January 2026. 

    🎄 Festive Fun Fact

    Did you know the world’s first artificial Christmas tree wasn’t plastic?
    It was made from green-dyed goose feathers in 19th-century Germany! 🎄

    We thank you once again for your continued support and wish you and your loved ones a wonderful Christmas and a Happy New Year. We look forward to assisting you again in 2026. 

    Greenlight Super Team
    T: 6273 1066 
    3/19 Marcus Clarke St, New Acton, ACT 2601 
    PO Box 3276 MANUKA ACT 2603  

  4. End of Financial Year 30 June 2025 Updates

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    It is almost the end of another financial year and we just wanted to share some items that you might need to consider prior to 30 June 2025.

    Top 3 action items

    1. Have you taken your minimum pension?
    2. Have you made your Super Contributions before 30 June 2025?
      • Individual – Have you got room in your caps?
      • Employer – To get your tax deduction for employee super.
    3. Do you need to arrange property valuations?

    Minimum Pension Requirements need to be withdrawn prior to 30 June 2025.

    We are currently working through and contacting clients that have pensions in their SMSF to ensure their minimum pension withdrawals have been met. Not taking the minimum pension could result in the fund losing the tax free status on the earnings generated to support the pension accounts. As such it is a crucial item that needs to be considered prior to 30 June 2025.

    Contributions Caps

    Concessional Contributions Cap$30,000                                                             
    Non-Concessional Contributions Cap
    (Tax Free)                                                                  		$120,000 

    Concessional Contribution (CC) Cap
    A member’s CC cap may be higher than the standard CC cap amount if their Total Super Balance was less than $500,000 on 30 June of the previous year. That is a member can access any unused CC cap amounts carried forward (from the previous 5 financial years).
    Non-concessional Contribution (NCC) Cap
    Members under age 75 on 1 July 2024, may trigger the ‘bring-forward’ of up to two years’ NCC cap. This could enable up to 3 x the annual NCC cap to be contributed – subject to Total Super Balance being less than $1.66 million.
    If this is of interest to you, please contact us with any questions.

    If you are an employer
    To get your tax deduction for the superannuation that is payable to your employees, you must ensure that the payment and super stream reporting is approved and processed by the clearing house before 30 June 2025. 

    Given there is usually a 7 – 10 day clearing period, you must attend to this as soon as possible. 

    Valuations for Property (directly held or through other entities)

    As you are aware it is a requirement for SMSF trustees to report their assets at market value in their financial statements every year.  The ATO has now advised that where the value of a SMSF’s asset remains unchanged from the previous year, the SMSF may have contravened the super rules by not reporting the investment at its correct value. This may cause the auditor to lodge an auditor contravention report if they are not comfortable with the supporting evidence.

    In light of the above, the SMSF will need to obtain a valuation for property each and every year. This valuation must include at least 3 recent comparable sales data.
     
    Your property agent or regular valuation contact may be able to help you obtain this valuation at 30 June 2025.  If you do not have an existing contact, some options to source this valuation are:
    True Market –https://truemarket.com.au
    Acumentis Property –https://acumentis.com.au
     
    As the valuation process can take time, we request that you obtain a valuation as soon as possible to allow for the efficient and smooth preparation of the 30 June 2025 financial statements and audit for your fund.
    Division 296 tax – still not law
    Although the intention by the Albanese Government is to go ahead with the tax it has not become law yet.  There are still areas that are uncertain as to how these are going to be included – namely how are defined benefit pensions (CSS, PSS) going to be valued and its inclusion in the $3Mil value.
    Due to this we generally recommend no specific action be taken as the eventual legislation may differ to what is currently proposed.  However, ensuring that you have the most up to date valuations on all your assets will be crucial and would be prudent to start organising these now. 
    Rest assured once the legislation has passed, and we have had a chance to digest it we will be contacting clients affected to discuss how we can assist with managing this tax.

    Reminder about Greenlight Online
    As a reminder you are able to check your pension and contributions by logging into your Greenlight Online account at https://www.greenlightsuper.com.au/ 

    If you have any questions in relation to the above, please do not hesitate to contact us.

    Greenlight Super Team 
    T: 6273 1066
    3/19 Marcus Clarke St, New Acton, ACT 2601
    PO Box 3276 MANUKA ACT 2603 
    www.greenlightsuper.com.au

  5. Insights on the 2025 Federal Budget and Super Related Implications and Farewell to Samantha

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    Dear Greenlight Clients,

    The recently unveiled 2025-26 Federal Budget has introduced a few superannuation-related measures. Here is a brief overview of the key developments.

    Division 296 Tax on Superannuation Balances

    The government has reaffirmed its commitment to implementing the Division 296 tax, which imposes an additional 15% levy on superannuation earnings for balances exceeding $3 million. This initiative, projected to generate an extra $9.7 billion in revenue from commencment to 2028-29.

    Residency Requirements for SMSFs

    Despite previous commitments to relax residency requirements for SMSFs—specifically, extending the central management and control test safe harbour from two to five years and removing the active member test—there has been no progress in this budget. The absence of draft legislation continues to perplex industry stakeholders, given the relative simplicity of implementing these changes.

    Payday Superannuation Implementation

    The budget outlines plans to enforce the “payday super” policy, requiring employers to remit Superannuation Guarantee (SG) contributions concurrently with salary and wage payments, effective 1 July 2026. This measure aims to address issues of unpaid SG contributions and enhance retirement outcomes for employees. Employers are advised to review and potentially adjust their payroll processes to ensure compliance with the forthcoming requirements.

    Cost-of-Living Measures and Tax Adjustments

    Other announcements were made in response to ongoing cost-of-living pressures. The budget introduces several initiatives, including;

    • Tax cuts -the estimated cuts were announced as $268 for the 2026-27 year and $536 for the 2027-28 year,
    • Energy bill relief – $75 per quarter per household extended to 31 December 2025, and
    • Enhancements to Medicare and healthcare services – through additional funding for GP bulk billing, reduction in the cost of PBS-listed medicines, and additional funding for public hospitals, increase in GP training places, nurse and midwife scholarships

    The 2025-26 Federal Budget presents a mixed landscape for SMSFs. While certain anticipated reforms remain unaddressed, the introduction of the Division 296 tax and changes to SG contribution timings warrant close attention. SMSF trustees and members should stay informed and consider seeking professional advice to navigate these developments effectively.

    If you have any questions or concerns regarding the above budge,t please don’t hesitate to contact us, keeping in mind that they are announcements and not legislated.  

    You can read more about the budget here https://budget.gov.au/ ​

    Farewell Samantha

    Samantha unfortunately, will be leaving Greenlight as of 4 April 2025. She is off to pursue her career in teaching. While we are sad to see her go, we truly appreciate the dedication and service she has provided to you and all of our clients.

    Moving forward, instead of emailing Samantha, you could send any queries to info@glss.com.au, and Clare and Rene will be able to assist you.

    Please join us in thanking Samantha for her contributions and wishing her all the best in her next endeavours.

    If you have any questions or concerns, feel free to contact the office.

    Kind regards,

    Greenlight Team

    T: 02 6273 1066

    3/19 Marcus Clarke St, New Acton, ACT 2601

    PO Box 3276 MANUKA ACT 2603 

    www.greenlightsuper.com.au

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