Many people have life and disability insurance as part of their superannuation fund. This can be a convenient way to get cover, but there comes a time, especially as you approach retirement, when you might wonder if it’s worth keeping. There’s no one-size-fits-all answer. The right decision will depend on your personal circumstances, your finances,...

Lots of people spend their own money on attending courses that will hopefully make them more employable and maybe earn a higher income. That’s a good thing – a workforce that is more highly skilled can lead to higher productivity, which is something that’s been in the spotlight of late. It’s not always clear when...

When someone passes away without a valid will, this is known as intestacy. In this situation, the law in each state and territory sets out a formula for how your estate is divided. These rules often follow a standard order – spouse first, then children, then other relatives, but they may not align with what...

If you buy a property in an off-the-plan purchase, there are some important CGT issues to be aware of – especially in the context that an off-the-plan purchase may not actually settle until many months or even years after the initial contract is signed. The first thing to note is that assuming the off-the-plan purchase...

Superannuation is a great way to save for retirement, but the government sets strict limits on how much you can contribute each year. These limits are called contribution caps. If you go over them, you could face extra tax. But don’t panic – here’s what you need to know and the steps to take if...

Thanks for all those great ideas – we’ll take it from here. That’s pretty much how last month’s economics/productivity roundtable wound up, with the government firmly in control of what tax policy measures might or might not be introduced down the track. Apart from consulting with the States on a model for imposing road user...

Access our Wallace Partners September 2025 Newsletter below: Wallace Partners 2025 September Newsletter

Major lotto, raffle and other gambling wins only come around rarely (or never, for most of us), and when they do, they don’t usually raise tax issues, at least not to begin with. Gambling winnings are not regarded by the Tax Office as assessable income as it considers gambling to be a luck-based recreational activity...

Many Australians are finding themselves part of the “sandwich generation” – adults who are juggling the demands of raising their own children while also caring for ageing parents. It’s a tough spot to be in, emotionally and financially. Whether you’re still working and trying to build your own wealth, or you’ve recently retired and expected...

The tax deductibility of clothing is a topic that often confuses taxpayers, as the rules are specific and nuanced. However, the ATO sets clear guidelines on when clothing expenses can be claimed as tax deductions, and understanding these rules is essential for individuals and businesses seeking to maximise their tax benefits while remaining compliant. As...