As an SMSF trustee, you’re responsible for making sure your fund complies with superannuation laws. One of the most important rules is simple: your super must be preserved until you meet a condition of release. Accessing your super too early might seem tempting in tough times, but doing so can be illegal and carry serious...

Most people know roughly how much they have in super. Far fewer know the one number that can determine which contribution strategies are available to them. That number is your total super balance (TSB). Your TSB is the combined value of all your super interests across all your super funds. In simple terms, it is...

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. Where you use your car for business purposes, there are two ways of making a claim – the cents per kilometre method for up to 5,000 business kilometres, or...

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 of the COVID pandemic found it impossible to keep his business operating...

From 1 July 2026, the amount you can contribute to super will increase, creating new opportunities to boost your retirement savings. The annual concessional contribution cap will rise from $30,000 to $32,500. These are contributions made from pre-tax money, such as employer contributions, salary sacrifice and personal deductible contributions. Non-concessional contributions The annual non-concessional contribution...

Granny flats are becoming more of a common feature of the urban environment. No doubt this is due to the ongoing and unremitting nature of the housing affordability crisis, and the relaxing of regulations about where and how they can be built. And they do seem to offer a very viable solution to the problem...

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, it’s still important to understand what’s changing and why. A quick recap...

Access our Wallace Partners April 2026 Newsletter below: Wallace Partners 2026 April Newsletter

There is a lot of talk in the media about whether the government is going to change the 50% CGT discount – which currently provides for a taxpayer to be only assessed on half their capital gain. But note the discount is only available if you have owned the asset for more than 12 months...

Thinking about easing into retirement while maintaining your lifestyle? A transition to retirement (TTR) strategy may help by allowing you to access part of your super as a regular income stream while you continue working. How a TTR strategy works If you’ve reached your preservation age (now 60) and you’re still working, you may be...