Commentary

If you have combined total super balances nearing or above $3 million, you will likely be familiar with the new Division 296 tax. Division 296 is now law and commenced from 1 July 2026. The first assessments will be issued after 30 June 2027 which means the planning window is open now. What is Division 296? Division 296 is a new personal tax separate from your fund's annual SMSF return. It applies an additional tax on superannuation earnings once your Total Superannuation

With shifting property values and many clients looking closely at their retirement strategies, it’s an interesting time to think about the downsizer contribution. If you're 55 or over and thinking about selling your main residence (or a portion of it), the downsizer contribution is one way to make a large contribution without eating into your non-concessional and other contribution caps. The Basics If you sell a home you've owned for at least 10 years (and it qualifies for

On 19 August 2026, the Senate passed the Treasury Laws Amendment (Tax Reform No. 2) Bill 2026, locking in 2 tax measures that are beneficial for Australian small businesses. The $20,000 Write-Off To Be Made Permanent For the past few years, the instant asset write-off has been extended on a year-by-year basis, usually announced in the Budget and then not law until close to (or sometimes after) the financial year it applied to. It was difficult to plan with confidence for prop

If you're Uber driving, renting out a room on Airbnb, selling items on eBay or picking up freelance gigs on the side - the ATO is already aware of this income. Uber, Airbnb, eBay, Etsy, DoorDash and a growing list of other platforms are legally required to report earnings to the ATO. This isn't new but most people aren’t aware how far it now reaches. What Counts as Assessable Income If you are regularly earning money through one of these activities, it's generally assessable

Purchasing property inside a Self-Managed Super Fund (SMSF) has been a popular wealth-building strategy for property-loving Australian investors. However, following recent legislation under the Treasury Laws Amendment (Tax Reform No. 1) Act 2026, the landscape for superannuation borrowing has changed significantly. If you were considering using a loan inside your SMSF to purchase a residential investment property, below is high-level overview of what has changed, what remai

The Federal Treasury last week released their public consultation paper, Minimum tax on discretionary trusts. They have advised that starting 1 July 2028, trustees of discretionary trusts will pay a minimum 30% tax on the taxable income of the trust (unless higher rates or exclusions apply). Note that draft legislation has not yet been released. What this means for Individuals & other non-corporate beneficiaries Trustees will be required to calculate and pay the minimum 3

The Government’s latest tax changes have caused a degree of confusion amongst taxpayers, and we have received queries around this. One of the key items for employees is the legislation of the $1,000 standard work-related expense deduction. But should you claim it this tax time? No! Don’t jump the gun! The legislation has passed, but the change comes in from 1 July 2026. This means the deduction will be relevant when you prepare your tax return for the year ended 30 June 2

Last week the Prime Minister and Treasurer announced they would not go ahead with the proposed 30% tax on Discretionary Testamentary Trusts (TT). The original proposal was going to leave TTs already in existence unchanged, but all new TTs going forward would have had the minimum 30% tax applied. TTs often form an central part of individuals estate planning, and are often used to protect vulnerable beneficiaries, rather than purely a tax play. So it is good to see the Federal

There are a number of common mistakes we see during preparation of financial statements and year end compliance for Self-Managed Super Funds. The ATO takes SMSF compliance seriously, and there can be severe penalties for trustees who breach their obligations including disqualification. Some of the mistakes we see: Failing to Pay the Minimum Pension by 30 June Failing to pay the minimum pension technically causes the pension to cease for that year. This directly affects th

With the financial year closing, now is the time to pivot from ‘record-keeping’ to ‘tax-saving’. Below is a high-level tax-planning checklist for business and individuals, please feel free to contact us for a more detailed review of your specific circumstances. Instant Asset Write-Off: small businesses (turnover under $10 million) can claim an immediate deduction for assets costing less than $20,000. To claim the deduction, assets must be first used or installed ready for use

The Federal Government has introduced proposed changes to capital gains tax (CGT) and negative gearing that could significantly impact property investors. While the measures are not yet law, they are worth understanding. What’s changing with CGT? From 1 July 2027, a minimum 30% tax rate will apply to realised capital gains accruing after this date (this excludes people receiving means-tested income support). In practice even if your taxable income is below the tax-free thre