Blog

If you’re nearing retirement and looking for ways to boost your superannuation savings, downsizer super contributions might be the perfect solution for you. These allow eligible Australians aged 55 and over to contribute proceeds from selling their home into their superannuation fund. A downsizer contribution allows an eligible individual to contribute an amount equal to all or part of the sale proceeds (up to $300,000 each) from the sale of their home into their superannuation fund. The contribution must not exceed the sale proceeds of the home. The great advantage is that downsizer contributions aren’t restricted by any other contribution caps or your total superannuation balance; there are no work tests; and there’s no upper age limit. It’s one of the rare ways you can contribute large amounts to your super even after the age of 75. Eligibility To make a downsizer contribution, you must: • be 55 years or older at the time of contribution; • have owned the home for 10 years or more (the owner can be you or your spouse); • sell your home that is in Australia and is not a caravan, houseboat or mobile home; • ensure the sale is exempt or partially exempt from CGT for you under the main residence exemption; • make the contribution within 90 days of receiving the sale proceeds (usually settlement date); • not have made a downsizer contribution previously from another home; and • provide your super fund with the Downsizer contribution into super form either before or at the time of making the contribution. Failure to submit the Downsizer contribution into super form on time may result in your fund rejecting the contribution or treating it as a standard non-concessional contribution, which could have adverse tax implications. The 90-day deadline from the date of settlement is also strict. If you need more time (Eg due to delays in purchasing a new home), you must apply to the ATO for an extension. Extensions are granted only in limited circumstances, such as settlement delays due to council approvals. If you are considering selling your home and wish to further explore a potential downsizer contribution, please do not hesitate to get in contact with our office (03)55710111

The government has announced major reforms to Australia’s Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) laws . This is the biggest update in nearly 20 years. These reforms aim to modernise how Australia combats financial crime and bring us into line with international standards. While not every business will be affected, some sectors will face new or expanded reporting and compliance obligations. Sectors likely to be impacted include: Accountants and bookkeepers Real estate agents Lawyers and conveyancers Dealers in precious metals and stones The activities you undertake, such as managing client funds, setting up companies or trusts, or handling large transactions, will determine if these new rules apply to you. AUSTRAC’s national awareness campaign will help businesses understand what’s changing and how to prepare, with guidance and tools rolling out over the next year. 👉 We’re here to help. If you’re unsure whether these reforms could affect your business, contact our team to discuss what it means for you. You can read more here - https://www.austrac.gov.au/national-reforms-awareness-campaign-launch

Vouchers and GST in your business If your business sells or buys vouchers, it’s essential to understand how to account for and report GST correctly. A voucher is a document or an electronic record that represents a right to receive goods or services. This includes physical gift cards, digital vouchers and even prepaid phone cards. When your business sells a voucher, you’re essentially providing the recipient with a promise to supply goods or services in the future, and it’s at this future point that the GST implications come into play. The ATO recognises two distinct types of vouchers. Face value vouchers Face value vouchers can be redeemed for a reasonable choice of goods and services – for example, a $50 supermarket gift card that works across all store locations. The voucher sale isn’t considered a GST taxable supply, so you don’t charge GST at the point when you sell the voucher. Instead, you account for GST when the voucher’s redeemed and the goods or services are supplied. For instance, if you sell that $50 gift card, you don’t charge GST on the gift card sale, but when the gift card’s redeemed to purchase goods worth $50, you charge GST on the supply of those goods. Non-face value vouchers Non-face value vouchers are restricted to specific goods or services – like a voucher specifically for a spa treatment, purchased for $100. With these, you account for GST (eg on the $100 price) at the time of sale, but only if the voucher is redeemable for taxable supplies. If the voucher is only redeemable for GST-free or input-taxed supplies, there’s no GST to account for. Note on expired vouchers Here’s something business owners often overlook: if you’ve sold face value vouchers that expire or remain unredeemed, and you write back the unused amount to your current income for accounting purposes, you need to make an “increasing adjustment” on your Business Activity Statement (BAS). This adjustment is 1/11th of the unredeemed balance. Keep accurate records To account for GST on vouchers you sell, you need to keep accurate records including dates of sale, redemption and/or expiration, and the amounts of GST payable. Importantly, specific rules and exceptions apply to certain types of vouchers. For example, if you sell vouchers that can be redeemed for a combination of goods and services, you need to apportion the GST accordingly. You may also need to issue a tax invoice to the customer when a voucher’s redeemed and \keep a copy of this invoice for your records. And finally, of course, you need to report GST on vouchers in your BAS in accordance with ATO guidelines.

Important Update: Our Terms and Conditions Have Been Updated 

Understanding the Farm Household Allowance (FHA) Support for Farmers Facing Hardship Farming is the backbone of our communities, but even the most resilient families can experience challenging times. From fluctuating markets to rising costs, drought, or simply the day-to-day pressures of running a farm, financial strain is something many farming households will face at some point. That’s where the Farm Household Allowance (FHA) comes in. This government-funded initiative is designed to provide vital financial support and professional assistance to farmers and their partners who are experiencing hardship — helping you not just get through tough times, but plan for a stronger, more sustainable future. What is the Farm Household Allowance? The FHA is a payment available to eligible farmers and their partners. It aims to provide: Financial support : Regular payments to help with essential household expenses. Professional assistance : Access to financial advice and farm improvement programs. Tailored services : Support designed around your unique circumstances. Future planning : A structured plan to improve your farm’s long-term viability and your family’s security. Why Apply? The FHA is more than just financial assistance. It’s about equipping farming families with the tools, advice, and resources to regain control over their financial future. Support includes: Regular payments to meet basic household needs. A farm financial assessment supplement of up to $1,500 to cover the fees of a qualified financial assessor. Guidance to help improve farm profitability and sustainability. Access to programs and services that can make a real difference in planning for the years ahead. Who Can Apply? To qualify for FHA, you must meet the following criteria: Be a farmer, or the partner of a farmer. Be 16 years or older. Contribute significant labour and capital to an Australian farm, or be the partner of someone who does. Have a farm enterprise with a significant commercial purpose or character. Meet income and assets test limits. Have received less than four years of FHA within a specific 10-year period. Income test : Your total income must be below the JobSeeker payment income test cut-off. $1,484 per fortnight for singles $2,745 per fortnight combined for couples Asset test : Your combined personal and farm assets must be below $5.5 million. Mutual Obligation Requirements Recipients of the FHA are required to:  Complete a Farm Financial Assessment (FFA) to evaluate the farm’s financial position. Develop and follow a Financial Improvement Agreement , outlining actions to strengthen financial circumstances. The $1,500 supplement is provided to cover the cost of engaging a qualified financial assessor to assist with this process. Frequently Asked Questions Is the FHA only for those affected by drought or natural disasters? No. It’s available to any farming family experiencing financial hardship, regardless of the cause. Can I apply if I have significant assets but limited cash flow? Yes. As long as your combined personal and farm assets are below $5.5 million, you may still be eligible. How long can I receive FHA payments? You can receive FHA for up to four cumulative years within a 10-year period. What can the $1,500 financial supplement be used for? It’s designed to cover the cost of a qualified financial assessor completing the Farm Financial Assessment. How to Apply Getting started is simple. You can: Visit the Farm Household Allowance page on the Services Australia website . Call the Farmer Assistance Hotline on 132 316 (Monday to Friday, 8am–5pm). Or, contact CoggerGurry on (03) 5571 0111 — our team can guide you through the process and provide support tailored to your circumstances. We’re Here to Help At CoggerGurry, we understand the pressures that come with farming life. We’ve worked alongside farming families for decades, helping them navigate financial uncertainty and plan for long-term success. If you think you might be eligible for the Farm Household Allowance — or if you’d simply like to understand more about how it works — please get in touch with our team today. CoggerGurry Chartered Accountants 44 Gray Street, Hamilton VIC 3300 03) 5571 0111 reception@coggergurry.com.au

The Australian government’s promise to cut student loan debts by 20% has now become law. If you’re one of more than three million Australians who have a student loan, you’re probably wondering what this means for you and when you’ll see the benefits. The change applies to all types of student loans, including VET Student Loans, Australian Apprenticeship Support Loans, and even older schemes like the Student Financial Supplement Scheme. If you had an outstanding student loan debt on 1 June 2025, you’re eligible. The reduction is calculated on your debt balance as at that date, before the annual indexation was applied. Even if you’ve made payments since June or completely paid off your loan after that date, you’ll still receive the full 20% reduction based on what you owed on 1 June. If you’ve already paid off your loan since 1 June, the reduction might actually put your ATO account into credit, potentially resulting in a refund to your bank account (as long as you don’t have tax debts owing). If you’d already paid off your student loan completely before 1 June 2025, unfortunately you won’t benefit from the 20% reduction. The relief only applies to debts that existed on that date. The ATO’s responsible for applying the change, and is currently updating its systems to process these reductions. Most people should see their 20% reduction applied before the end of 2025. You don’t need to do anything to receive the reduction – it will be applied automatically. The ATO will notify you when it’s been processed, and you’ll be able to see your new lower balance through your myGov account or the ATO app. Don’t delay lodging your tax return while you wait for your changed loan balance to appear in your MyGov account. There’s no benefit in waiting, and you should continue with your normal tax obligations. Remember to update your bank details with the ATO if you’re expecting a potential refund, and if your loan gets paid off completely, don’t forget to tell your employer to stop withholding additional amounts from your pay. Please contact our office if you have any questions or queries - 03) 5571 0111 

Celebrating Kieran Neeson’s Appointment as Principal

We’re excited to share that we’ve upgraded our client signing experience—now powered by FuseSign! This intuitive, secure platform lets you sign documents in minutes (not days), straight from any device, and is simple to use. There’s no need to download apps or remember passwords - just click the link, review your documents, and sign. With industry-leading security and a smooth, hassle-free process, signing important documents has never been faster or easier. You can find out more about FuseSign Here