There’s been a lot of talk about changes to super, and one of the biggest updates is now official. The government has passed the Division 296 tax, which will start from 1 July 2026. While it mainly affects people with large super balances, it’s still important to understand what’s changing and why. A quick recap...

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

There is a lot of talk in the media about whether the government is going to change the 50% CGT discount – which currently provides for a taxpayer to be only assessed on half their capital gain. But note the discount is only available if you have owned the asset for more than 12 months...

Thinking about easing into retirement while maintaining your lifestyle? A transition to retirement (TTR) strategy may help by allowing you to access part of your super as a regular income stream while you continue working. How a TTR strategy works If you’ve reached your preservation age (now 60) and you’re still working, you may be...

With the due date for FBT returns coming up, the following non-exhaustive checklist may prove useful in determining whether you as an employer has an FBT liability. Although it will generally fall to your accountant to prepare the FBT return from your software file or other records, all of the instances where you have provided...

The Commonwealth Seniors Health Card (CSHC) can be valuable for many self-funded retirees, helping reduce out-of-pocket health costs (for example, cheaper PBS medicines and other concessions). But its income tested, and an upcoming rise in deeming rates may affect some people’s eligibility. CSHC income cut-off thresholds To qualify, you must meet the CSHC income test...

From 1 July 2026, employers must pay their employees’ superannuation guarantee (SG) contributions at the same time as salary or wages. This new system is known as payday super. Currently, most employers pay super on a quarterly basis. From July 2026, super will instead need to be paid each pay cycle. The ATO has released...

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

If you receive a part or full Age Pension you might see changes to how your income is assessed by Centrelink over the coming year. One of the key drivers of this is social security deeming rates, which the Government has already signalled will be rising. What are deeming rates? Deeming rates are the assumed...

If you are owed money and you forgive that debt, potentially there are some important CGT consequences. This is because the debt owed to you is a “CGT asset” in your hands and its forgiveness gives rise to a “CGT event” – potentially resulting in a capital loss to you (as calculated by reference to...