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...

Most people know roughly how much they have in super. Far fewer know the one number that can determine which contribution strategies are available to them. That number is your total super balance (TSB). Your TSB is the combined value of all your super interests across all your super funds. In simple terms, it is...

Three recent Administrative Review Tribunal (ART) decisions on claims for car expenses have shone a light on what the law requires in relation to car logbooks. Where you use your car for business purposes, there are two ways of making a claim – the cents per kilometre method for up to 5,000 business kilometres, or...

During the COVID pandemic years, we all suffered in one way or another – in particular the small businesses who relied on customers coming through their doors. Mr Lewis was one such small businessman who operated a “multi-gym business” and who as result of the COVID pandemic found it impossible to keep his business operating...

From 1 July 2026, the amount you can contribute to super will increase, creating new opportunities to boost your retirement savings. The annual concessional contribution cap will rise from $30,000 to $32,500. These are contributions made from pre-tax money, such as employer contributions, salary sacrifice and personal deductible contributions. Non-concessional contributions The annual non-concessional contribution...

Granny flats are becoming more of a common feature of the urban environment. No doubt this is due to the ongoing and unremitting nature of the housing affordability crisis, and the relaxing of regulations about where and how they can be built. And they do seem to offer a very viable solution to the problem...