Emcares Accountants

Emcares Accountants We offer tailored Accounting and Tax Agent Services to Small Businesses, Individuals, SMSFs & Investors in Australia.

Book a free 15 minutes discovery session with our team via our website www.emcares.com.au.

Thinking about upgrading your business wheels this financial year? You might want to check the price tag before you sign...
17/06/2026

Thinking about upgrading your business wheels this financial year?

You might want to check the price tag before you sign the dotted line.

For the 2026–27 income year, the maximum amount you can claim for car depreciation has gone up to $69,883.

Here is what that actually means in plain English: if you buy a vehicle for your business, the Australian Taxation Office sets a hard ceiling on its value for tax deductions.

If your new car costs less than $69,883, you can claim depreciation based on the full amount you paid. But if you decide to splash out on a luxury ride that costs more than that limit, you can only claim your tax deductions up to that $69,883 cap. Anything you spend over that amount cannot be written off.

To make sure you can claim this, three main rules apply:

-You must use the car for running your business.
-You need to start using it or leasing it during the 2026–27 financial year.
-You must keep accurate records showing exactly how much you use it for work versus private trips.

Tax rules around vehicles can get tricky quickly, especially when juggling logbooks and business percentages.

If you want to make sure you are maximizing your deductions without getting on the wrong side of the ATO, please contact our team today. We will help you sort out the paperwork so you can focus on the road ahead.

Thinking of putting off your tax bill? You might want to reconsider, because the Australian Taxation Office is raising i...
11/06/2026

Thinking of putting off your tax bill?

You might want to reconsider, because the Australian Taxation Office is raising its interest rates again.

From 1 July 2026 to 30 September 2026, the ATO is bumping up the interest charges on overdue amounts. If you have unpaid tax, regular GST hiccups, PAYG instalments behind schedule, or a tax shortfall from an error, these new rates are going to hit your pocket.

The new annual rate for the General Interest Charge on late tax payments is jumping to 11.43 percent, while the Shortfall Interest Charge for tax errors is rising to 7.43 percent. On the flip side, the ATO credit interest rate is sitting at 4.43 percent. Because late fees and shortfall charges are calculated every single day, a small tax bill can snowball into a massive headache much faster than you think.

To make matters tougher, since 1 July 2025, ATO interest charges are generally no longer tax deductible. This means ATO debt is definitely not a cheap finance option for your business. If you are sitting on an outstanding balance, the best moves you can make are to lodge on time, pay what you can, set up a payment plan early, or look into regular business finance options.

Don't let daily interest build up in the background.

Visit our website today so our team can help you sort out your lodgments, organize a payment plan, and protect your cash flow.

Could the upcoming tax and superannuation changes leave you with more money in your pocket and a stronger retirement bal...
10/06/2026

Could the upcoming tax and superannuation changes leave you with more money in your pocket and a stronger retirement balance?

From 1 July 2026, several tax and superannuation changes are set to take effect, creating new opportunities for Australians to strengthen their financial position and retirement savings.

For individuals earning between $18,201 and $45,000 per year, the marginal tax rate will reduce from 16% to 15%, allowing more of your income to stay in your pocket. For those with a student loan, the income threshold for HELP repayments will be approximately $69,528.

There are also important changes to superannuation contribution limits. The concessional (pre-tax) contribution cap will increase from $30,000 to $32,500, while the non-concessional (after-tax) contribution cap will rise from $120,000 to $130,000. The three-year bring-forward arrangement will also increase to $390,000, providing greater flexibility for those looking to make larger retirement contributions.

Understanding how these changes may affect your personal circumstances is an important part of effective financial planning. If you would like guidance on making the most of these updates, send us a message or visit our website to discuss your financial goals.

Why Your Private Health Insurance Might Be Missing From Your Tax ReturnThink your private health insurance details will ...
05/06/2026

Why Your Private Health Insurance Might Be Missing From Your Tax Return

Think your private health insurance details will automatically appear in your tax return?

Most of the time, they do.

At tax time, the Australian Taxation Office usually receives information from your health fund and pre-fills your private health insurance details into your tax return.

But here’s the catch....

If your details do not match, your information may not pre-fill correctly.

This can happen if:

✅ Your name is spelt differently
✅ You have recently changed your name
✅ Your address is outdated
✅ Your date of birth is recorded incorrectly
✅ Your policy details are incomplete

When this happens, you may need to manually chase up your private health insurance statement, which can delay your tax return and create unnecessary stress.

To avoid this, log in to your health fund portal before 30 June and check that your personal details are correct and up to date.

A quick check now could mean a smoother tax lodgment later.

Need help preparing for tax time? Contact our team today.

Medicare Levy Surcharge: A Tax Trap for Australian Families⁠⁠No private hospital cover? You could be up for an unexpecte...
04/06/2026

Medicare Levy Surcharge: A Tax Trap for Australian Families⁠
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No private hospital cover? You could be up for an unexpected tax bill this coming tax season.⁠
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Most working Australians already pay the standard 2% Medicare levy through their tax return to help fund the public health system.⁠
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But higher-income earners may also pay an additional tax called the Medicare Levy Surcharge if they do not have appropriate private hospital cover.⁠
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This surcharge can be 1% to 1.5% of your income, depending on your income level.⁠
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For the 2025–26 financial year, the surcharge may apply if your income is more than:⁠
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👉 $101,000 as a single person⁠
👉 $202,000 as a couple or family⁠
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A common family trap is assuming that if one parent has private hospital cover, the whole family is protected.⁠
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Unfortunately, that is not how it works.⁠
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For Medicare Levy Surcharge purposes, the ATO looks at your combined family income, and your family generally needs to be covered by an appropriate private hospital policy.⁠
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Extras-only cover, such as dental, optical or physio, does not count.⁠
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And if you only had hospital cover for part of the year, you may still be liable for the surcharge for the days you were not covered.⁠
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Before tax time, check your private health insurance details and make sure your whole family is correctly covered.⁠
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Unsure whether your cover protects you from the Medicare Levy Surcharge? Speak to our team before lodging your tax return.⁠
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Second Job? Don’t Tick the Wrong Box⁠⁠Working more than one job can be a great way to boost your income, but ticking the...
03/06/2026

Second Job? Don’t Tick the Wrong Box⁠
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Working more than one job can be a great way to boost your income, but ticking the wrong box on your tax declaration form can lead to an unexpected tax bill.⁠
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When you start a new job, you’ll usually complete a Tax File Number declaration form. One important question asks whether you want to claim the tax-free threshold.⁠
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For Australian tax residents, the first $18,200 of annual income is tax-free.⁠
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But here’s the catch...⁠
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This threshold applies to your total combined income, not to each job separately.⁠
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If you claim the tax-free threshold with multiple employers, each employer may withhold tax as though they are giving you the tax-free portion. This usually means not enough tax is withheld from your pay during the year.⁠
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At tax time, the ATO adds all your income together. If insufficient tax has been withheld, you may end up with a tax bill.⁠
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To reduce the risk of a surprise debt, you should generally only claim the tax-free threshold from your main or highest-paying job.⁠
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Not sure what to tick when working multiple jobs? Speak to our team before tax time.⁠
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Understanding Contractor Super and the Upcoming Payday ChangesIf you hire contractors for your business, you might still...
19/05/2026

Understanding Contractor Super and the Upcoming Payday Changes

If you hire contractors for your business, you might still be legally required to pay their superannuation, and a major change to how this is paid is coming next financial year - 1 July 2026.

Many business owners assume that if a worker has an ABN, submits invoices, or signs a contractor agreement, they are automatically exempt from super.

However, the law focuses on the nature of the work.

If you are paying someone primarily for their time, labor, skills, or personal effort rather than a specific result, they are likely treated as employees for super purposes.

While these rules themselves are not new, the timeline for payments is changing soon.

Starting 1 July 2026, the Australian Government is introducing Payday Super.

This means instead of paying super quarterly, you will need to pay it every single payday.

For contractors, the payday is typically the date you pay their invoice, and that super contribution must reach their fund within 7 business days of that date.

Figuring out worker classifications can be complicated, and getting it wrong can lead to costly penalties.

If you are unsure whether super applies to the contractors you work with, get in touch with our team today.

We can review your arrangements to keep your business compliant and prepared for the 2026 changes.

If tax time keeps catching you off guard, PAYG instalments can help you stay in control.PAYG instalments help you pay ta...
17/04/2026

If tax time keeps catching you off guard, PAYG instalments can help you stay in control.

PAYG instalments help you pay tax as you earn, instead of facing one large bill at the end of the year.

If you earn income outside your wage such as business income, investments, or contracting, you may already be paying PAYG instalments or it may be worth reviewing.

Next PAYG instalment due: 28 April.

What to know:
Instalments are based on your latest tax return or a variation.
You can choose to start PAYG instalments.
You can update them if your income changes.
They are designed to make cash flow easier to manage.

Want help reviewing your PAYG instalments or varying them before 28 April? Contact our team and ask for a PAYG check.

If tax keeps catching you off guard, it is often because GST, payroll amounts, super, and income tax are all sitting in ...
16/04/2026

If tax keeps catching you off guard, it is often because GST, payroll amounts, super, and income tax are all sitting in the same account as your spending money.

A simple fix is the tax buckets method.

Set aside money each week into separate buckets for GST, PAYG and super, and income tax. This helps you stay organised and makes BAS, super, and tax time far less stressful.

It is a simple habit that can make a big difference to your cash flow.

Contact our team for further guidance 🙂

If you wait until 1 July 2026, you may be too late to change anything.⁠⁠A lot of business owners think tax planning is s...
10/04/2026

If you wait until 1 July 2026, you may be too late to change anything.⁠
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A lot of business owners think tax planning is something your accountant does after EOFY. The truth is most of the useful moves have to happen before 30 June.⁠
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Myth 1: I will sort it out in July⁠
Reality: By July, the year is finished. We can lodge correctly, but we may not change what happened before 30 June.⁠
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Myth 2: Tax planning is only for big businesses⁠
Reality: Tax planning is for every business. Even small changes can make a difference, like timing expenses, paying super early, or prepaying certain costs when allowed.⁠ Small businesses usually have more concessions than large businesses.⁠
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Myth 3: There is nothing I can do to reduce my tax⁠
Reality: There is usually something you can do, but only if you look early enough and do it properly.⁠
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If you want a quick EOFY check and clear next steps, contact the our team. We will tell you what to focus on before 30 June.⁠
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4. 09D, 5 Celebration Drive
Bella Vista, NSW
2153

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Wednesday 8:30am - 5pm
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