The Treasurer, Jim Chalmers, has convened a Productivity Roundtable for late August, with three main areas of focus – productivity, economic resilience and budget sustainability. He has sought ideas and proposals from stakeholders, which should be: in the national interest; fiscally responsible – ie, revenue positive or at least revenue neutral; and specific and practical....

Self-Managed Super Funds (SMSFs) are a key part of Australia’s superannuation system, offering control over retirement savings. As of March 2025, about 650,000 SMSFs manage $1 trillion in assets – a quarter of the $4.1 trillion superannuation pool. Let’s take a quick look at who uses SMSFs, why they’re chosen, costs and setup essentials for...

Over the next few decades, Australia is expected to witness one of the biggest intergenerational wealth transfers in history with between $3.5 trillion and $5 trillion changing hands as baby boomers pass on their wealth to children and grandchildren. If you’re expecting to inherit from your parents or grandparents, or you’re thinking about the legacy...

If you are getting divorced or separated from your spouse, this may involve the transfer of real estate or other assets as part of the settlement of things.  Technically, that transfer will trigger capital gains tax (CGT) because there will be a change in ownership of the property. However, in this case the CGT rules...

Government concession cards, including the Commonwealth Seniors Health Card, Pensioner Concession Card, Health Care Card and state-based Seniors Cards provide significant savings. These cards help you reduce costs on healthcare, prescriptions, and daily expenses, making life more affordable. Federal Government Concession Cards These cards offer lower prescription costs of $7.70 compared to the general rate...

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

Getting the answer to that question right can save you a lot of money. Getting it wrong, however, can end up costing you a packet, especially where multiple income years are involved. Where it turns out that a person you thought you had engaged as an independent contractor is really your employee, you could be...

Last year, new Aged Care legislation was enacted aiming to improve aged care quality and sustainability. The changes were originally set for 1 July 2025 but will now start on 1 November 2025. Here’s a look at the main changes and what they mean for older Australians. The reforms aim to strengthen the aged care...

With Trump’s tariffs causing big sell downs on share markets around the world, it is important to understand a few key things about how capital gains (and capital losses) from the sale of shares are treated for CGT purposes in Australia. For a start, it is crucial to know what the cost – or specifically...

An important reminder: Interest incurred in income years starting on or after 1 July will no longer be deductible, regardless of whether the debt relates to an earlier income year. However, interest charged by the ATO that was incurred before 1 July 2025 can still be claimed as a deduction this tax time. Therefore, if you...