When it comes to inheritances, one key fact to understand is that Australia has no death duties – meaning there are no taxes on a deceased person’s estate based on the value of their assets at the time of death. Rather, we have a form of “roll-over” whereby there is no taxation of the assets...

Congratulations! Your investment has done well, and you’re cashing in. You’re happy, and so too is the ATO. That substantial capital gain has brought wealth and a hefty tax bill. Sharing might be part of the deal but when it comes to your hard-earned profits, you might prefer to keep the ATO’s share to a...

With the due date for FBT returns coming up, the following non-exhaustive checklist may prove useful in determining whether an employer has an FBT liability in the first place. Although it will generally fall to your accountant to prepare the FBT return from your software file or other records, all of the instances where you...

Did you know that if you own an asset (eg, land or a factory or even a trademark) that someone else uses in carrying on a small business then you might be entitled to the CGT small business concessions when you sell the asset? And these concessions can either entirely or partially eliminate any capital...

If you own Bitcoin, or any other crypto currency, you may have been the beneficiary of Donald Trump’s election as President last November – which saw Bitcoin prices jump by almost 50% almost immediately after the election (and certainly in the following weeks). And if you decided to take advantage of this and realise your...

Super is a great way to save for retirement. It offers an opportunity to invest in long-term growth assets and enjoy generous tax concessions along the way. For those wanting to make extra contributions and reduce their personal tax bill, there are two options: Salary sacrifice, and Personal deductible contributions (PDCs) Both have their benefits,...

Access our Wallace Partners Client Newsletter below: Wallace Partners March 2025 Newsletter

Billions of dollars in downsizer super contributions have been made since its introduction in 2018. Downsizer contributions are popular, but three common misconceptions keep them from being more so. Introduction Downsizer super rules allow people aged 55 and over who sell their home to contribute up to $300,000 into super. The rules say that you...

Most people know that if you inherit a person’s home and you sell it within two years of their death, it can be exempt from capital gains tax (CGT). However, there is another way you can get a full CGT exemption on an inherited home – and that is if a “relevant” person occupies it...

The Australian Tax Office (ATO) has released new guidance (TD 2024/7) on when financial advice fees can be claimed as a tax deduction. Overall, the ATO has not changed its view but it has given more clarity around the deductibility of upfront and ongoing fees. Key points to know Some of the key takeaways from...