No doubt noting the growing trend for people to rent out property for short-term accommodation, the ATO has withdrawn a 40-year old ruling and replaced it with a new draft Taxation Ruling accompanied by two draft Practical Compliance Guidelines that between them cover everything relating to renting out all or part of your property without...

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

Many retirees dream of taking a “lap of Australia” in a caravan. A common question is what happens to the Age Pension and the family home if you leave it for a year. Will the home stay an exempt asset for Age Pension purposes? For Age Pension means testing, the principal home is generally an...

A recent tax case before the Federal Court serves as a reminder that a foreign resident can be liable for capital gains tax (CGT) on gains made on certain assets they own in Australia – albeit, in that case, the taxpayer was a foreign corporation that made a gain of some $950m in respect of...

This piece is aimed at self-employed clients, so if you’re a salary earner or a retiree you can safely move on to the next item. For others, it goes without saying that at tax time you should disclose all your assessable income and only claim legitimate business deductions. Failure to do so exposes you to...

In Australia, the law recognises that a will maker may sometimes fail to make adequate provision for close family or dependants. In that situation, certain people can ask the Supreme Court for a share, or a larger share, of the deceased’s estate. This is usually called a family provision claim or a claim against a...

Most of us keep a close eye on our bank accounts. But superannuation can be easier to lose track of, especially if you’ve changed jobs, moved house, changed your name, or simply set up a new fund and assumed everything followed you. That’s why the Australian Taxation Office (ATO) has issued a timely reminder. There...

There is much in the media about how the 50% capital gains tax (CGT) discount has contributed to the housing affordability problem in Australia (although no doubt the problem is a lot more complex than attributing it mainly to any taxation measure or measures). Nevertheless, the CGT discount looms large for anybody who owns assets...

If your SMSF owns a beach house, country cottage or apartment that feels like the perfect Christmas getaway, this is your friendly end-of-year reminder: you and your family can’t use it over the Christmas and New Year period, not even “just for a week,” and not even if it’s sitting vacant. It’s one of the...

Sometimes it can be, but only in limited circumstances. The tax deductibility of expenditure on clothing is subject to strict ATO guidelines. These cover occupation-specific clothing, compulsory or registered non-compulsory uniforms and protective items. Conventional clothing What you can’t claim is the cost of conventional clothing, even where your employer expects you to observe a...