Most of us keep a close eye on our bank accounts. But superannuation can be easier to lose track of, especially if you’ve changed jobs, moved house, changed your name, or simply set up a new fund and assumed everything followed you. That’s why the Australian Taxation Office (ATO) has issued a timely reminder. There...

There is much in the media about how the 50% capital gains tax (CGT) discount has contributed to the housing affordability problem in Australia (although no doubt the problem is a lot more complex than attributing it mainly to any taxation measure or measures). Nevertheless, the CGT discount looms large for anybody who owns assets...

If your SMSF owns a beach house, country cottage or apartment that feels like the perfect Christmas getaway, this is your friendly end-of-year reminder: you and your family can’t use it over the Christmas and New Year period, not even “just for a week,” and not even if it’s sitting vacant. It’s one of the...

Sometimes it can be, but only in limited circumstances. The tax deductibility of expenditure on clothing is subject to strict ATO guidelines. These cover occupation-specific clothing, compulsory or registered non-compulsory uniforms and protective items. Conventional clothing What you can’t claim is the cost of conventional clothing, even where your employer expects you to observe a...

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The Australian Taxation Office (ATO) has issued a warning after spotting a rise in people trying to access their superannuation early, and not always for the right reasons. While there are legitimate ways to access super on compassionate grounds, the ATO says some people are stretching the rules or even faking information to get their...

As Australians live longer, many older adults are looking for housing that supports a comfortable and connected lifestyle. Two of the most popular choices are retirement villages and land lease communities. Each offers its own mix of costs, benefits, and lifestyle perks. Retirement villages Retirement villages are designed for people aged 55 and over who...

In contrast to holiday homes, what happens where you use all or part of your home to produce assessable income? Well, there will be important capital gains tax (CGT) consequences – the most important of which is that you will be likely to lose some of your CGT exemption on the home. However, the rules...

With summer around the corner and beach holiday homes back on the agenda, perhaps it is time to revisit a few tax matters about their use. And the big issue is how you claim expenses if your holiday home is only rented for part of the year. Well, the ATO takes the view that you...

For many older Australians, having wealth tied up in the family home can make day-to-day expenses challenging. The Home Equity Access Scheme (HEAS) is a government-backed program that allows eligible seniors to unlock some of the value in their home without selling it. What is HEAS? HEAS is essentially a reverse mortgage run by the...