THE WHEELS NOW IN MOTION FOR FAMILY TRUST CHANGES With the Government set to impose a minimum 30% tax on discretionary or “family” trusts from 1 July 2028, it’s probably time to start thinking about what you should do about any existing family trust you have. And this could include giving serious consideration to what
Foreign Residents cannot get a CGT exempt home If you are a foreign resident for tax purposes when you sell your Australian home, you cannot claim the usual capital gains tax exemption on it. This applies no matter how long you lived in the home. It applies even if you were only a foreign resident
New Tax Legislation When to Realise a Capital Gain With the Budget changes now legislated, perhaps it’s time to consider more closely how they may affect you, and what you can do about it – especially in relation to the CGT discount changes. So, looking at the CGT discount first, if you already own an
FAMILY TRUSTS Time to get some timely advice If you have a family trust there are two recent major (very major) things that have happened that will affect the way they will be taxed in the future. The first is the announcement in the Budget that trust income will now be taxed to the trust
CEASED WORK AND CLAIMING JOBSEEKER? What it Means for Your Super If you’ve stopped working in your early 60s and are receiving JobSeeker Payment (JSP) while waiting to access your super or the Age Pension, there’s an important rule you need to understand. The conditions attached to JSP can directly conflict with the rules for
Super and Bankruptcy: What’s Safe and What isn’t If bankruptcy is on the horizon, one of the first questions people ask is what happens to their super. The answer turns on timing, the type of contribution, and how you draw on the fund. The general rule Money sitting in a regulated super fund is protected
Fuel response payment plan Following a government media release on the same day, the ATO on 1 April 2026 announced that eligible taxpayers who are experiencing difficulties in paying their tax debts due to recent high fuel prices can apply to the ATO for a temporary fuel response payment plan. An eligible taxpayer can apply
30 June 2026 Tax and Super Checklist With the end of the financial year coming up, now’s a great time to get on top of your tax and super. A little planning before 30 June can help you make the most of any opportunities to reduce tax, boost your super, and avoid last-minute surprises.
THE WORK TEST: Claiming a tax deduction for super contributions after 67 If you’ve turned 67 and want to top up your super and claim a tax deduction for doing so, there’s one extra hurdle to clear: the work test. It’s a simple requirement, but it catches people out, so it’s worth understanding when
Car logbooks: Back to basics Three recent Administrative Review Tribunal (ART) decisions on claims for car expenses have shone a light on what the law requires in relation to car logbooks. W here you use your car for business purposes, there are two ways of making a claim – the cents per kilometre method for
CGT still applies even if you are “forced” to sell an asset During the COVID pandemic years, we all suffered in one way or another – in particular the small businesses who relied on customers coming through their doors. Mr Lewis was one such small businessman who operated a “multi-gym business” and who as result
Div 296 tax is now law: What it means for your super There’s been a lot of talk about changes to super, and one of the biggest updates is now official. The government has passed the Division 296 tax, which will start from 1 July 2026. While it mainly affects people with large super balances,