As we move into the second half of the financial year, this is a key period for planning, compliance, and making sure you’re positioned to finish the year strongly. Below is a snapshot of what we’ll be working on with you over the coming months — and what we’ll need from you along the way.
What We’ll Be Doing For You
1. Fringe Benefits Tax (FBT) Returns
Period: February – May
We’ll be preparing and lodging your 2025–26 FBT return where applicable.
What to expect:
We’ll contact you to request information about:
– Motor vehicles (logbooks, odometer readings, business/private use)
– Entertainment and meal expenses
– Employee benefits (reimbursements, gifts, allowances, benefits-in-kind)
Draft FBT calculations for your review before lodgment.
Why this matters: FBT errors & omissions are a key ATO focus area, particularly around motor vehicles & entertainment.
2. Tax Planning Meetings
Genfocus goal for our tax planning clients:
– All meetings scheduled by: 31 March 2026
– All meetings completed by: 15 April 2026
This ensures you have adequate time to implement any strategies before 30 June.
What we’ll cover:
– Estimated tax position for 2025–26
– Cash flow of tax payments and any variations
– Superannuation contribution strategies
– Asset purchases, disposals, and depreciation planning
– Trust distribution planning (where applicable)
– Loans and repayment planning
– Dividend planning (where applicable)
– Anything else you would like to discuss
Your action: When we reach out, please prioritise booking your meeting — early scheduling helps avoid the end-of-year rush and ensures better outcomes for you.
3. Work-In Progress & Records Collection
Deadline for outstanding information: 28 February 2026
If you haven’t yet provided your records for current or prior year work, please do so as soon as possible.
This includes:
– Bank statements and loan statements
– Accounting files (Xero/MYOB/other)
– Receipts and invoices
– Payroll reports
– Investment, rental, or cryptocurrency records
Delays in providing information can impact:
– Your tax planning outcomes
– Our ability to meet ATO deadlines
– Potential exposure to penalties and interest
If you are unsure of what information to provide, please contact our team and they can provide you with a list of information required.
Key ATO Deadlines To Be Aware Of
February – March
28 February 2026
– Final date to provide outstanding tax records for timely processing
– Lodgement cut-off for some self-lodged activity statements and income tax returns
– December Quarterly BAS due
21 March 2026
– February BAS due (for monthly lodgements)
April
15 April 2026
– Target completion date for all tax planning meetings
28 April 2026
– March Quarterly BAS due
May
21 May 2026
– April BAS due (monthly lodgements)
25 May 2026
– FBT Return Due (where applicable)
June (End of Financial Year Preparation)
Before 30 June 2026 – Key Actions to Consider:
– Superannuation contributions (personal and employer)
– Asset purchases and write-offs
– Trust distribution planning
– Stocktake (for applicable businesses)
– Bad debt write-offs
– Prepayments
We’ll cover all of these in your tax planning meeting & provide a tailored action list.
ATO Focus Areas in 2025–26
The ATO continues to pay close attention to the following areas:
– Motor Vehicle Claims & Logbooks
– Work-Related and Business Deductions
– Cash Economy and Electronic Payments
– Cryptocurrency Transactions
– Trust Distributions and Beneficiary Reporting
– Division 7A Loans (company loans to shareholders)
How You Can Help Us Help You
To ensure smooth processing and the best possible outcomes:
– Provide records early and in full
– Attend tax planning meetings promptly
– Keep us informed of major changes (new assets, new entities, new investments, or changes in business structure)
– Ask questions — proactive advice is always better than reactive compliance
Need To Get Started?
If you:
– haven’t booked your tax planning meeting,
– still need to provide records or
– have a major decision coming up (asset purchase, restructure, investment, or staffing changes),
Please contact our office and we’ll assist.
Genfocus look forward to working with you over the coming months and helping you finish the financial year in the strongest possible position.