If you own Bitcoin, or any other crypto currency, you may have been the beneficiary of Donald Trump’s election as President last November – which saw Bitcoin prices jump by almost 50% almost immediately after the election (and certainly in the following weeks). And if you decided to take advantage of this and realise your...

Super is a great way to save for retirement. It offers an opportunity to invest in long-term growth assets and enjoy generous tax concessions along the way. For those wanting to make extra contributions and reduce their personal tax bill, there are two options: Salary sacrifice, and Personal deductible contributions (PDCs) Both have their benefits,...

Access our Wallace Partners Client Newsletter below: Wallace Partners March 2025 Newsletter

Billions of dollars in downsizer super contributions have been made since its introduction in 2018. Downsizer contributions are popular, but three common misconceptions keep them from being more so. Introduction Downsizer super rules allow people aged 55 and over who sell their home to contribute up to $300,000 into super. The rules say that you...

Most people know that if you inherit a person’s home and you sell it within two years of their death, it can be exempt from capital gains tax (CGT). However, there is another way you can get a full CGT exemption on an inherited home – and that is if a “relevant” person occupies it...

The Australian Tax Office (ATO) has released new guidance (TD 2024/7) on when financial advice fees can be claimed as a tax deduction. Overall, the ATO has not changed its view but it has given more clarity around the deductibility of upfront and ongoing fees. Key points to know Some of the key takeaways from...

Superannuation is often seen as untouchable savings for retirement, but did you know it can also be a lifeline during financial difficulty? While super is designed for retirement, there are rules to allow it to provide financial support in several situations. Let’s explore these rules and how super might offer relief in times of crisis....

The unofficial federal election campaign is now well under way, with Opposition Leader Peter Dutton announcing a couple of tax policies while out on the hustings in Queensland on 19 January. We’re drawing these developments to your attention in order to keep you informed about what the tax landscape might look like post-election after announcements...

Feeding its seemingly insatiable appetite for rental data, the ATO has recently announced it will soon be collecting rental bond details for some 2.2 million individuals. The data, which will be collected twice a year from State and Territory bond regulators, is very comprehensive, and will include personal details such as names, addresses, dates of...

Superannuation rules are always changing, and 2025 is set to bring some updates that could affect your retirement savings. Whether you’re just starting to build your super or already planning for retirement, keeping up with these changes can help you make informed decisions. Here’s what’s on the horizon. Possible tax changes for large superannuation balances...