Our client portal has moved We have retired our HowNow Business Fitness portal and moved to Collaborate, our new, simpler and more secure client portal. Use the Client Login link at the top of our website to access it. New to Collaborate? Download our Wallace Partners – Collaborate Portal Guide – Moving from Business Fitness.pdf for...

Do You Need To Pay Superannuation? If you run a business, then the difference between engaging an employee and an independent contractor is a crucial matter – because if you engage a contractor there will be no obligation to pay annual leave or sick leave, and generally, no obligation to pay superannuation. However, crucially, many...

If you are approaching retirement, you may have heard that some APRA regulated super funds pay a “retirement bonus” or “pension bonus” when you move your super into a retirement phase pension. It is money added to your account reflecting a provision of tax set aside on future capital gains.  Where does the money come...

Since 10 August 2026, SMSFs can no longer use a Limited Recourse Borrowing Arrangement (LRBA) to acquire residential property. Existing arrangements are grandfathered, and borrowing to acquire business real property is not affected. Co-ownership may be a solution for SMSFs without enough cash to purchase a property outright. However, keep in mind the rules are...

Everyone loves a work-related deduction. From the 2026-27 income year there is a standard deduction of up to $1,000 for work-related expenses, and it applies automatically. This will simplify things for many. However, if your claims exceed $1,000 you still need to substantiate every dollar. How does the standard deduction work? To be eligible for...

Government concession cards, including the Commonwealth Seniors Health Card, Pensioner Concession Card, Health Care Card and state-based Seniors Cards, can save you a lot. They cut the cost of healthcare, prescriptions and everyday bills. Several rates and thresholds affecting eligibility change on 20 September 2026, so now is a good time to review what the...

There has been a lot of talk in the media about the government’s new “widow tax” following the Budget brought down earlier in the year. By way of background the Budget saw the abolition of negative gearing for properties acquired after the Budget night (ie 12 May 2026). So, if you acquired a rental property...

Capital gains tax does not just apply to “big ticket” items such as real estate, farms and shareholdings. It also applies to a special class of assets known as “personal use assets”, and in particular, those personal use assets known as “collectables”. “Collectables” are specifically defined under the tax law to mean the following items that are “used or kept mainly for your personal...

With house prices falling in some major capital cities, you may be looking to buy a home – either as a first home buyer or otherwise. In this case, there are a few important Capital Gains Tax (CGT) matters to take into consideration. Firstly, there is the rule that a home will only qualify for...

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