Access our Wallace Partners July 2025 Newsletter below: Wallace Partners 2025 July Newsletter

The income year in which you enter into a contract to sell an asset is crucial for Capital Gains Tax (CGT) purposes. This is because it will be in that income year that you make a capital gain or loss on the sale of the asset – and not the income year in which “settlement”...

Many grandparents wonder if they can leave their superannuation to their grandchildren. Superannuation, or “super,” is a key part of retirement savings in Australia, and its rules can be tricky. So, can a grandparent pass their super to a grandchild? The short answer is – rarely. But there is a solution. A binding super death...

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. This checklist outlines key things to consider and...

The rules surrounding the circumstances in which a home will be fully exempt from capital gains tax (CGT) are quite extensive – and complex. One crucial one is that the exemption is only available for a home and “adjacent land to the extent that the land was used primarily for private or domestic purposes in...

The proposed Division 296 tax, which is proposed to start on 1 July 2025, introduces an extra 15% tax on superannuation earnings above a $3 million super threshold. Everyone supports a fair and sustainable superannuation system, but the new tax is unpopular for many reasons. Two big reasons people don’t like the new tax is...

Here are some more detailed tips relating to a couple of common claims that often attract ATO scrutiny. Working from home A lot of people are still regularly working from home for at least part of the week. If you do, you are entitled to a deduction for the additional costs you incur. To be...

Access our Wallace Partners June 2025 Newsletter below: Wallace Partners 2025 June Newsletter

A recent decision of the tax tribunal has highlighted the requirement that in order to use the CGT small business concessions for a capital gain made on an asset used in a business, the asset must have been used, or held ready for use, in that business for the required time. And this required time...

If your super balance has suffered from recent market volatility there may be opportunities available now that weren’t before. Here are a few worth exploring. Entitlement to an Age Pension If you’re 67 or older, a lower super balance may mean you now qualify for the Age Pension or a higher payment if you are...