The Federal Budget handed down on 12 May 2026 introduces some of the most significant tax reforms in decades. We will be carefully monitoring the reforms as it becomes legislation and will keep you updated with any recommendations. Capital Gains Tax (CGT): Major Overhaul What’s changing? The 50% CGT discount will be removed from 1...

If you’re setting up a self-managed super fund (SMSF), or already have one, one of the most important decisions you’ll make is who acts as trustee. The fund can either have individual trustees (the members themselves) or a corporate trustee (a company, with the members as its directors). Many SMSFs now use a corporate trustee...

The Commonwealth Seniors Health Card: a guide for self-funded retirees If you’re a self-funded retiree of age pension age, you may be entitled to the Commonwealth Seniors Health Card (CSHC). The card can unlock a useful set of discounts and with a little planning, it can be easier to qualify for and hold onto than...

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...

If you’ve turned 67 and want to top up your super and claim a tax deduction for doing so, there’s one extra hurdle to clear: the work test. It’s a simple requirement, but it catches people out, so it’s worth understanding when it applies and how to meet it. What the work test is The...

There was a recent case before the Federal Court which had to deal with the issue of when is an asset acquired for CGT purposes when an option is exercised to acquire it. Is it at the time the option agreement is entered into or is it when the option is exercised? And it is...

The capital gains tax (CGT) rules provide a lot of important concessions where a capital gain arises in unusual or unexpected circumstances. One such concession is the rollover where a CGT asset (or part of one) is lost or accidentally destroyed. This typically occurs where a natural disaster occurs (eg flood, fire, cyclone etc) which...

Following a government media release on the same day, the ATO on 1 April 2026 announced that eligible taxpayers who are experiencing difficulties in paying their tax debts due to recent high fuel prices can apply to the ATO for a temporary fuel response payment plan. An eligible taxpayer can apply for the ATO’s fuel...

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

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...