A reflection on why some practice purchases struggle after settlement, not due to poor advice, but because assumptions, timing, and cashflow don’t always align in the real world.
APRA has announced its first formal debt-to-income (DTI) limit, marking a significant shift in how banks assess and manage mortgage risk. While this applies to all borrowers, the implications for medical professionals—especially IMGs, registrars, GPs and practice owners—are distinct and worth understanding early.
If you’re running a small business and decide to sell it – or dispose of some of its assets – the Capital Gains Tax (CGT) retirement exemption can be a game-changer. This concession can significantly reduce, or even eliminate, the tax payable on the capital gain.
If you’re looking for ways to give your children a boost in saving for their first home, the First Home Super Saver Scheme (FHSSS) is a smart option to consider. It’s a tax-effective strategy that allows young people to grow their deposit faster, provided they meet the eligibility criteria and have never owned property before.
If you’re considering using your self-managed super fund (SMSF) to buy property, you’ll need the right structure in place. One of the main ways to do this is through a Limited Recourse Borrowing Arrangement (LRBA).
Being made redundant often comes with a lump sum payout. While this can provide valuable financial support, it’s important to understand how the payment is taxed. Not all components are taxed the same way, and the tax treatment can significantly affect how much you actually take home.
Claiming car expenses for electric vehicles (EVs) can be more complicated than for petrol cars – especially when using the logbook method. While fuel receipts are straightforward for petrol cars, calculating electricity usage for EVs requires more careful record-keeping and ATO-approved methods.
Most Australians who’ve owned their home for 3+ years have built significant equity.
The big question is: are you putting it to work, or letting opportunity slip away?
In our latest blog, I share common mistakes to avoid when leveraging equity for investing — and we’ve also included a 7-Step
Checklist
you can use straight away.
Australia’s passion for self-managed super funds (SMSFs) is stronger than ever. According to the ATO’s June 2025 quarterly statistical report, SMSFs have officially surpassed the $1 trillion mark in assets, cementing their place as a key driver of retirement wealth.
Family trusts are often praised for their tax and asset protection benefits. One of the biggest attractions is the ability to split income among family members, helping reduce the overall tax burden compared to when one person earns all the income or when the trust itself is taxed.
With over $4 trillion in superannuation savings, it’s no surprise that scammers see super as an easy target. The Australian Securities and Investments Commission (ASIC) has issued warnings about the growing number of high-pressure sales tactics and misleading promises designed to trick Australians into risky superannuation switches. Since your super is likely to be one of your largest lifetime investments, knowing how to protect it is essential.
Superannuation is one of the most tax-effective ways to save for retirement. But the government sets strict annual limits,
called contribution caps, on how much you can add to your super. If you go over these caps, you may face extra tax.
Here’s what happens, your options, and how to avoid breaching the limits.
When someone passes away without a valid will, this is called intestacy. In this situation, each Australian state and territory has its own rules that determine how the estate is divided. While these intestacy laws provide a safety net, the outcome may not reflect what you would have wanted for your family.
Last month’s economics and productivity roundtable wrapped up with the government making it clear that it remains firmly in
charge of the nation’s tax policy direction. While plenty of ideas were discussed, very few immediate changes are set to be
introduced.
Aside from ongoing talks with the States about a road user charge for electric vehicles, the only confirmed measures remain
the two small personal income tax cuts promised at the May election and the 15% tax on large superannuation
balances.
Buying a property off the plan can be an attractive option, but it comes with unique capital gains tax (CGT) implications. Because settlement may take place months—or even years—after signing the initial contract, it’s important to understand how CGT rules apply.
Many Australians pay out of pocket for courses and study programs to improve their skills, advance their careers, and boost their income. While this is a great investment in your future, it raises an important question: are self-education expenses tax-deductible? The rules can be complex, and the ATO applies a strict test. Let’s break down when you can (and can’t) claim a deduction for self-education expenses.
If you’re aged between 67 and 75 and want to claim a tax deduction for personal super contributions, special rules apply. You’ll need to meet the work test (or in some cases, the one-off work test exemption). Understanding these requirements is essential to maximise your retirement savings and stay compliant with ATO rules.
Many Australians hold life insurance and disability cover inside their superannuation fund. It’s a simple and
cost-effective way to get protection, but as retirement approaches, many people start to question whether it’s worth keeping.
There’s no universal answer. Whether you should keep or cancel insurance in super depends on your stage of life, financial situation, and
family needs. Here are the key things to consider before making changes.
Feeling stuck in the middle? You're not alone.
Supporting both ageing parents and grown-up kids? Here's how to protect your finances without burning out.
More Australians are joining the sandwich generation — juggling care for elderly parents while still supporting children, often
well into adulthood. It’s emotionally draining and financially challenging, especially if you’re trying to keep your retirement plans on
track.
Can you claim work clothes on tax? Here's what actually counts.
From steel-capped boots to business suits — what's deductible and what’s not might surprise you.
In this article, we break down what you can claim, what you can’t, and how to avoid the common traps — especially if you're buying uniforms,
protective gear, or laundry expenses.
Thinking about an SMSF? Here's what most people get wrong. Control, flexibility, direct property... SMSFs sound like the ideal setup — but
they’re not for everyone.
If you’ve been wondering whether an SMSF is right for you, we’ve broken down the key things to consider.
Australia is set for a massive intergenerational wealth transfer, with trillions at stake. If you're inheriting or planning your legacy, understanding the tax implications is crucial. Learn how to protect your wealth and avoid common tax pitfalls—contact us today for expert advice.
Going through a divorce or separation? The transfer of property and assets can have significant tax implications. Learn how CGT roll-over relief works and what you need to consider to avoid future surprises. Get expert advice tailored to your situation—contact us today.
From 1 July 2025, the superannuation guarantee (SG) rate will increase to 12%, meaning more employer contributions to your super fund. This change will boost your retirement savings over time but timing matters when it comes to how much super you receive.
With recent market volatility triggered by Trump’s tariffs leading to widespread share sell-offs globally, it’s more important than ever to understand how Capital Gains Tax (CGT) applies to the sale of shares in Australia
If you're nearing retirement or already receiving the Age Pension, there's good news. Starting 1 July 2025, the Australian Government will increase the Age Pension means test thresholds — a change that could make more older Australians eligible for a full or part pension and potentially increase current payments.
Classifying a worker correctly as either an employee or an independent contractor is critical for your business. Getting it right can help you avoid major financial and legal issues, while getting it wrong could result in serious penalties — especially if it spans multiple financial years.
From 1 July 2025, interest on unpaid tax debts will no longer be tax-deductible—even if the debt relates to an earlier financial year.
However, any interest charged by the ATO before 1 July 2025 can still be claimed as a deduction in your
2024–25 tax return.
If you're a healthcare professional focused on building a strong retirement strategy, it's important to stay up to date with the latest changes to superannuation. From 1 July 2025, some key thresholds remain unchanged—while one important cap is increasing, offering new opportunities for tax-effective retirement planning.
Recent developments in Australian tax law could impact how healthcare professionals working from home claim deductions. A notable case heard by the Administrative Appeals Tribunal (AAT)—Hall v Commissioner of Taxation—has brought renewed attention to whether occupancy costs such as rent, mortgage interest, home insurance, and council rates can be claimed by employees, including those in healthcare, who are required to work remotely.
When it comes to Capital Gains Tax (CGT) in Australia, the timing of a sale contract is crucial. The ATO considers the date you enter into the contract to sell an asset—not the settlement date—as the key point for CGT purposes. This means any capital gain or capital loss is counted in the income year the contract is signed.
If you’re getting organised for your 2024–25 tax return, now’s the perfect time to ensure your deductions are in order. Two common areas the ATO (Australian Taxation Office) often reviews are working from home claims and car usage for work. Here's how to stay compliant while maximising your return.
When selling your home in Australia, Capital Gains Tax (CGT) may be fully exempt – but only under certain conditions. One key area to understand is how CGT applies to land adjacent to your home. This article breaks down the rules in simple terms to help you determine whether you qualify for the exemption.
Australian grandparents often ask if they can pass superannuation benefits directly to grandchildren. Unfortunately, this is rarely possible due to strict dependency rules – but there's an effective solution.
The Australian Government has proposed a new tax on superannuation that could significantly impact high-balance super accounts. Set to begin on 1 July 2025, Division 296 would introduce an additional 15% tax on super earnings for balances exceeding $3 million.
As the 2025 financial year unfolds, understanding the nuances of superannuation and Self-Managed Super Funds (SMSFs) is paramount for Australian businesses and high-income professionals. Proactive planning can help you maximise your retirement savings, ensure compliance, and avoid potential pitfalls.
A recent decision by the tax tribunal has reinforced a key rule for accessing the Capital Gains Tax (CGT) small business concessions: if you sell a business asset and want to claim the CGT concessions, the asset must have been used in your business—or at least held ready for use—for a specific period of time.
Has your super balance taken a hit due to recent market fluctuations? While this might seem like a setback, it could actually open the door to opportunities that weren’t previously available. In fact, now might be the perfect time to reassess your retirement strategy and make the most of your super.
Many people assume their superannuation will automatically go to their loved ones when they pass away. Unfortunately, that’s not always the case. Unlike other assets covered by a will, your superannuation is handled separately. To ensure it goes to the right people, you need a Binding Death Benefit Nomination (BDBN).
Congratulations on your successful investment! You’re ready to cash in, and while you’re celebrating, the ATO is also taking note. That capital gain has increased your wealth but also your tax bill. However, with good record-keeping, you can legally reduce the amount of tax you pay.
If you have extra cash, you might be wondering whether to make additional concessional contributions to your super fund or use the money to pay down your mortgage, whether it’s on your home or a holiday property. Both options have benefits, but the right choice depends on your financial situation and goals. Let’s explore both strategies.
Writing a Will in a Tax-Effective Way
When people write a will, they often leave their assets to their children, usually in equal shares. At the time of writing the will, their
children might still be young, and the parents may also still be relatively young when they later update it.
If you’ve decided to knock down your home and build a couple of townhouses—perhaps to live in one or sell them all—it’s important to understand the tax implications. The same applies if you’re planning to subdivide your large backyard, or if you’ve purchased a large block of land (such as a coastal or country property) with the intention of building and selling homes because the market has picked up.
Looking for a smart way to boost your super and lower your tax bill before the financial year ends? Discover the benefits of salary sacrifice and personal deductible contributions (PDCs). Whether you’re looking for simplicity or flexibility, these strategies can help you get the most out of your superannuation. Read on to find out which one is right for you!
On 25 March 2025, the Federal Government delivered its fourth Budget, focusing on five key priorities, including cost-of-living relief,
housing, and education.
From a tax and superannuation perspective, there weren’t any surprises, although the Treasurer did pull a rabbit out of the hat by
announcing a small (very small) tax cut for individuals. Not many commentators had been expecting that.
Superannuation is a tax-effective way to save for retirement, offering investment growth and tax benefits
If you own an asset—such as land, a factory, or a trademark—that is used by someone else in operating a small business, you may be eligible for capital gains tax (CGT) small business concessions when you sell the asset. These concessions can reduce, eliminate, or defer the capital gain arising from the sale.
Inheriting a Home – and Then Living in It
Many people are aware that if you inherit a home and sell it within two years of the deceased’s passing, the sale may be exempt from capital
gains tax (CGT).
However, there is another way to obtain a full CGT exemption on an inherited home—by ensuring that a “relevant” person
resides in the property as their primary residence from the date of the deceased’s passing until the home is later sold, transferred, or
otherwise disposed of.
Since its introduction in 2018, billions of dollars have been contributed through the downsizer superannuation scheme. This option is widely used, yet three common misconceptions prevent even more people from taking advantage of it.
Superannuation regulations are constantly evolving, and 2025 will introduce several updates that may influence your retirement savings. Whether you are beginning to build your super or preparing for retirement, staying informed about these changes can help you make well-informed financial decisions. Here’s what to expect:
The Australian Taxation Office (ATO) has issued new guidance (TD 2024/7) on the tax deductibility of financial advice fees. While the ATO's overall stance remains unchanged, this determination provides greater clarity on the deductibility of both upfront and ongoing fees.
Superannuation and Financial Hardship: A Safety Net in Difficult Times
Superannuation is generally regarded as a long-term savings plan for retirement. However, in times of financial hardship, it can also serve
as a vital source of support. While super is primarily designed to fund retirement, there are specific circumstances where early access is
permitted to help individuals facing financial difficulties. This article outlines these provisions and how superannuation may provide
relief in challenging situations.
The Australian Taxation Office (ATO) has announced that it will soon begin collecting rental bond data for approximately 2.2 million individuals.
The unofficial federal election campaign is now underway, with Opposition Leader Peter Dutton announcing new tax policies while campaigning in Queensland on 19 January.
With the festive season approaching (or already underway), many business owners are preparing for year-end celebrations with their employees and clients. Understanding the rules around Fringe Benefits Tax (FBT), GST credits, and tax deductibility can help avoid unexpected surprises at tax time.
Will Centrelink Recognise Your Generosity?
Did you know that approximately 60% of Australians aged 67 and over receive the Age Pension? However, not everyone qualifies for the full
amount. This is because Centrelink assesses your wealth based on your income and assets, and if either exceeds certain limits, your pension
is reduced.
Claiming a tax deduction for self-education expenses depends on whether the course or training directly relates to your current work or business. To qualify, the expenses must improve your skills or knowledge in a way that helps you perform your current job duties more effectively, and they may even result in a promotion or pay increase.
Starting 1 July 2025, new parents will receive superannuation contributions alongside their government-funded Paid Parental Leave (PPL).
To help you effectively manage your payments and avoid tax debt, we have outlined some practical strategies and resources below.
Tax debt arises when tax payments are not made in full or on time. The ATO applies interest charges on overdue amounts, so staying on top of
your obligations is critical.
Self-managed superannuation funds (SMSFs) and super wrap accounts are popular alternatives to retail and industry super funds for individuals seeking greater control over their investments and potentially lower fees.
The recent spate of cases before Australian courts and tribunals has highlighted questions around the Superannuation Guarantee Charge (SGC) payments: specifically, when a payer might be responsible for SGC contributions for services rendered.
In Australia, you typically need to keep receipts for expenses you intend to claim as a tax deduction.
How Taxable Is That Side Hustle?
As Australians grapple with the high cost of living and persistent interest rates, many are turning to side hustles to bring in additional
income. But it’s important to be aware of the tax requirements associated with earning extra money on the side.
The Australian government has provided more details on its new “payday super” scheme, set to take effect from 1 July 2026.
The interaction between Capital Gains Tax (CGT) and trusts is notoriously complex. Albert Einstein himself once remarked on the difficulty of understanding tax law, and this area certainly fits that description
Personal Services Income (PSI) is income primarily derived from an individual’s skills or efforts, whether earned directly or through a business structure. The PSI rules, however, do not apply to income earned as an employee.
Many SMSF trustees wonder if they can sell or transfer assets from their fund to a related party, such as themselves or a family member. While regulations restrict certain asset purchases from related parties, there is no rule preventing an SMSF from selling or transferring its assets, like property or shares, to a fund member or a related party under certain conditions.
When buying a new home before selling your existing one, there are several factors to think about, such as financing, storing your belongings, and the timing of everything. A key tax consideration is that, under capital gains tax (CGT) rules, you generally can't have two homes exempt from CGT at the same time.
The Capital Gains Tax (CGT) small business concessions are incredibly valuable for small business owners who make a capital gain when selling their business. These concessions can eliminate or reduce the taxable gain, and even make it CGT-free if the gain is contributed to a superannuation fund. One key benefit, often overlooked, is the ability to roll over the gain.
Superannuation laws have become more flexible in recent years, making it easier for older Australians to add to their superannuation later in life. Here’s a summary of the key points about making super contributions.
All superannuation funds aim to provide retirement benefits, but there are key differences between Self-Managed Super Funds (SMSFs) and other super funds. It's important to compare it with other options before deciding.
Choosing the Right Business Structure: Legal and Tax Considerations for Small Businesses. Choosing the right business structure is a key decision for anyone running a business, whether it’s small or large. This decision doesn’t just apply when you start the business but can also be important throughout its operation, as there may be advantages to changing structures over time.
Failing to declare all your income or not lodging tax returns can lead to serious problems. The ATO uses advanced technology to track information, including data from banks, insurance companies, and other sources, to find people who aren’t complying. This process is often automated, so it’s harder to avoid detection.
Selling a property that has been used for both rental and residential purposes involve several capital gains tax (CGT) considerations.
Let’s talk about the Pay As You Go (PAYG) Instalment system in Australia. This system is a helpful way for taxpayers—especially businesses and individuals with investment income—to manage their tax bills by making smaller payments throughout the year. This means you can avoid those huge tax bills when the financial year wraps up!
A key responsibility that SMSF trustees must adhere to is to keep accurate tax and superannuation records.
When inheriting a home, most people are aware that if it is sold within two years of the deceased’s passing, no capital gains tax (CGT) is payable. There are also other circumstances where an inherited home can be sold without incurring CGT. However, when it comes to other inherited assets—such as cars, shares, vacant land, jewellery, or artwork—no such exemption applies if these assets are sold by the beneficiary or by the executor during the estate’s administration.
With many marriages and relationships ending in separation or divorce, it's important to understand the capital gains tax (CGT) roll-over rules, which can help delay paying CGT when assets are transferred between separating partners.
"Debt recycling" is currently a popular strategy being promoted by financial advisers and institutions. A quick online search reveals it’s being marketed as a way to convert non-deductible home loan interest into deductible investment interest, helping homeowners pay off their loans faster while building an investment portfolio or generating additional income. While it may seem appealing, it's important to understand the details.
An SMSF (Self-Managed Super Fund) can be established by almost anyone, with a maximum of six members. Typically, SMSFs are set up by individuals or couples, but other arrangements, such as involving family members or business partners, are also common.
If you're planning to leave Australia after living here for many years and you want to sell your home, it's crucial to sell it before you leave. Once you become a foreign resident for tax purposes, you will lose the capital gains tax (CGT) exemption on your home, except in a few specific situations.
Don't let fluctuations in the share market derail your superannuation investment strategy.
For healthcare professionals and businesses, grasping the intricacies of tax laws is essential, particularly when it comes to defining who qualifies as a spouse under Australian tax law. Although Australia doesn’t offer a joint filing option for married couples, certain aspects of your individual tax assessment are influenced by your spouse’s income. This distinction carries significant implications for your financial planning, especially in the healthcare sector where income structures can vary.
So you've decided to sell your business. Do you sell the shares or the assets? What's the difference?
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