If you’ve stopped working in your early 60s and are receiving JobSeeker Payment (JSP) while waiting to access your super or the Age Pension, there’s an important rule you need to understand. The conditions attached to JSP can directly conflict with the rules for releasing your superannuation, potentially leaving your retirement savings locked away longer...

Discretionary trusts have been a familiar feature of Australian business life for generations, partly due to their suitability for asset protection and retirement planning, as well as their ability to legitimately achieve lower overall tax rates through income splitting, where trustees of discretionary trusts allocate all or part of the trust income to associates who...

So, what do the Budget changes to the CGT discount mean to you? And what these changes will do is to allow any capital gain that accrues up to1 July 2027 to continue to be entitled to the 50% discount – but thereafter the assessable gain will be worked out under an inflation base indexation...

So, what do the Budget changes to negative gearing mean to you if you own a residential investment property? Well, the first thing to note is that the negative gearing changes are “grandfathered” they do not apply to properties that are already owned at the time of the Budget (12 May 2026) – and such...

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

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...