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...

Starting 1 July 2025, Age Pension means test thresholds will increase, potentially boosting eligibility and payments for retirees. These changes, announced by the Department of Social Services, aim to keep pace with inflation and living costs. Here’s a quick overview of how these changes may impact you. What are the Age Pension means tests? The...

If you’ve been keeping an eye on your super, you might be wondering whether the contribution limits are increasing this year. The answer is – not yet. Two key caps that determine how much you can put into super each year will stay the same from 1 July 2025. Concessional contributions These are contributions made...

From 1 July 2025, your superannuation guarantee (SG) rate is increasing to 12%. That means more money going into your super from your employer, helping you build a better nest egg for retirement. But what happens if you earn some of your wages before 30 June but get paid after 1 July? Will the higher...