The Australian Taxation Office (ATO) has issued a warning after spotting a rise in people trying to access their superannuation early, and not always for the right reasons. While there are legitimate ways to access super on compassionate grounds, the ATO says some people are stretching the rules or even faking information to get their...

As Australians live longer, many older adults are looking for housing that supports a comfortable and connected lifestyle. Two of the most popular choices are retirement villages and land lease communities. Each offers its own mix of costs, benefits, and lifestyle perks. Retirement villages Retirement villages are designed for people aged 55 and over who...

In contrast to holiday homes, what happens where you use all or part of your home to produce assessable income? Well, there will be important capital gains tax (CGT) consequences – the most important of which is that you will be likely to lose some of your CGT exemption on the home. However, the rules...

With summer around the corner and beach holiday homes back on the agenda, perhaps it is time to revisit a few tax matters about their use. And the big issue is how you claim expenses if your holiday home is only rented for part of the year. Well, the ATO takes the view that you...

For many older Australians, having wealth tied up in the family home can make day-to-day expenses challenging. The Home Equity Access Scheme (HEAS) is a government-backed program that allows eligible seniors to unlock some of the value in their home without selling it. What is HEAS? HEAS is essentially a reverse mortgage run by the...

Big news for anyone with a large super balance – the government has gone back to the drawing board on the controversial Division 296 tax, and the changes are a big step toward fairness and common sense. A quick recap When the Division 296 tax was first announced in 2023, it caused an uproar. The...

Let’s say you’ve just sold the house you inherited from your parents 12 years ago for $1.3 million. You’ve been renting it out for most of that time, but the property market has been hotting up and you were told by several real estate agents that they could get you a good price. But what...

With the festive season fast approaching, business owners will be turning their mind to year-end celebrations with both employees and clients. Knowing the rules around Fringe Benefits Tax (FBT), GST credits and what is or isn’t tax deductible can help keep tax costs to a minimum. Holiday celebrations generally take the form of Christmas parties...

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Thinking about using your SMSF to invest in property? With the right structure, your SMSF can borrow to invest. The key is using what’s called a Limited Recourse Borrowing Arrangement (LRBA). An LRBA can help grow your retirement savings, but it also comes with some important rules and risks. What is an LRBA? An LRBA...