Refinance with YML Finance for a Cash Boost

If you refinance now with YML Finance, we can get you up to $4000 as a cash boost to help you repay your loan.

Learn more about how we can help you by calling us on (02) 8383 4466 and requesting a callback or making an appointment with the YML Finance Team.

How can YML help?

Talk to our YML Finance Team today to see how YML Group can assist you with a loan. For more for more information, view our website and contact us on (02) 8383 4466 or by using our Contact Us page on our website.

Payday Superannuation Reform – What does it mean for you?

As part of the government’s Securing Australians’ Superannuation package to commence from 1 July 2026, employers will be obligated by law to pay their employees’ superannuation contributions on the same day – and be received within seven (7) days – as wages and salaries are paid.

Payday refers to the date that an employer makes an ordinary time earnings (OTE) payment – weekly, fortnightly or monthly – to an employee.

Currently, superannuation contributions are paid quarterly, with employees waiting up to four months to see those contributions in their superannuation accounts. For employees, the new system will provide greater transparency, enable real-time contribution checks and tracking, and enhance retirement savings outcomes.

For businesses, the new system will streamline payroll processes and reduce the risk of non-compliance – unpaid contributions – which attracts the Superannuation Guarantee (SG) charge penalty.

The reform will take effect on 1 July 2026 when employers will need to deposit superannuation contributions into employees’ accounts within seven (7) days of each payday. Non-compliance will result in penalties including paying unpaid contributions, daily interest on unpaid contributions and administrative fees under a newly updated policy change to the Superannuation Guarantee (SG) charge.

What can employers do now?

The Payday Superannuation reform is a significant change to the management of employee superannuation contributions and will require employers across all Australian organisations to transition from the current quarterly payment system.

Employers who are currently using SuperStream, an ATO-regulated software for making electronic superannuation payments, should plan for upcoming software and payroll updates to accommodate the Payday Superannuation reform before 1 July 2026.

Employers can continue to keep accurate payroll and superannuation records, and ensure they continue to pay timely superannuation contributions within the current quarterly deadlines. This will put employers in good stead to transition without delay to the new payment system and thereby meet their ATO obligations from 1 July 2026.

How can YML help?

Talk to our YML Business Services Team today to see how YML Group can assist you with your SG obligations. For more information, view our website and contact us on (02) 8383 4455 or by using our Contact Us page on our website.

FBT Year ends 31 March – What Employers need to know about providing Fringe Benefits to Employees

Fringe Benefits Tax (FBT) is a tax levied on Australian employers for the benefits they provide to their employees, typically in addition to salary and wages. FBT is based on the taxable value of various fringe benefits provided during the FBT year – 1 April to 31 March.

FBT is a separate tax from income tax and is not payable by employees but rather by employers.

It is important for employers to understand and manage their FBT obligations to optimise their business costs and to remain in compliance with the Australian Taxation Office (ATO).

Understanding and managing FBT is crucial to ensuring that business costs are effectively administered because paying tax whilst providing benefits to employees can affect a company’s balance sheet.

What benefits qualify for FBT?

Common fringe benefits provided by employers include:

• Vehicle benefits – Use by an employee of a company car for private purposes
• Loan benefits – Interest- or low-fee loans to employees
• Housing benefits – Provision of housing or other accommodation to employees
• Paid expenses benefits – Payment of health insurance or school fees on behalf of employees
• Entertainment benefits – Provision of meals, event tickets or leisure activities

What benefits are exempt from FBT?

Electric vehicles (EVs) bought by businesses for use by employees do not currently incur FBT, provided that the car is zero- or low-emission, was first sold after 1 July 2022 and is below the luxury car tax threshold. Employers should check any potential or planned EV purchase meets the ATO’s criteria for exemption.

However, from 1 April 2025, one type of EV will no longer be exempt from FBT: plug-in hybrid electric vehicles (PHEVs). If a business already has a financially binding agreement prior to 1 April 2025, then applying for an exemption from FBT is allowed. Any new financially binding commitments for PHEVs after this date will be subject to FBT.

Other benefits that are exempt or receive concessional treatment include:

• Work-related items – Computing equipment such as laptops and mobile phones
• Minor benefits – Incidental items that cost less than $300
• Relocation and travel expenses – Relocation and travel benefits for employees

Registering for FBT and how to pay FBT

Businesses that provide fringe benefits to their employees must register with the ATO.

If an employer has a FBT liability, they must lodge a FBT return by 21 May after the FBT year ends on 31 March.

Any FBT payable by an employer to the ATO may be paid in quarterly instalments through their Business Activity Statement (BAS).

Failure to register or failure to pay FBT when required may result in penalties.

As the FBT year-end is fast approaching, now is the time for employers to review their FBT obligations.

Make sure to have kept detailed records – vehicle usage logs, expense receipts – and seek professional financial advice.

Reach out to us at YML Chartered Accountants and we will review and assess your fringe benefit provisions to employees to check whether those fringe benefits qualify for or are exempt from FBT in preparation for lodging a FBT return by 21 May 2025.

How can YML help?

Talk to our YML Chartered Accountants today to see how YML Group can assist you with your FBT obligations. For more information, view our website and contact us on (02) 8383 4400 or by using our Contact Us page on our website.