Discretionary trusts have been a familiar feature of Australian business life for generations, partly due to their suitability for asset protection and retirement planning, as well as their ability to legitimately achieve lower overall tax rates through income splitting, where trustees of discretionary trusts allocate all or part of the trust income to associates who...

So, what do the Budget changes to the CGT discount mean to you? And what these changes will do is to allow any capital gain that accrues up to1 July 2027 to continue to be entitled to the 50% discount – but thereafter the assessable gain will be worked out under an inflation base indexation...

So, what do the Budget changes to negative gearing mean to you if you own a residential investment property? Well, the first thing to note is that the negative gearing changes are “grandfathered” they do not apply to properties that are already owned at the time of the Budget (12 May 2026) – and such...

The Federal Budget handed down on 12 May 2026 introduces some of the most significant tax reforms in decades. We will be carefully monitoring the reforms as it becomes legislation and will keep you updated with any recommendations. Capital Gains Tax (CGT): Major Overhaul What’s changing? The 50% CGT discount will be removed from 1...

With the end of the financial year coming up, now’s a great time to get on top of your tax and super. A little planning before 30 June can help you make the most of any opportunities to reduce tax, boost your super, and avoid last-minute surprises. This checklist outlines key things to consider and...

If you’ve turned 67 and want to top up your super and claim a tax deduction for doing so, there’s one extra hurdle to clear: the work test. It’s a simple requirement, but it catches people out, so it’s worth understanding when it applies and how to meet it. What the work test is The...

There was a recent case before the Federal Court which had to deal with the issue of when is an asset acquired for CGT purposes when an option is exercised to acquire it. Is it at the time the option agreement is entered into or is it when the option is exercised? And it is...

The capital gains tax (CGT) rules provide a lot of important concessions where a capital gain arises in unusual or unexpected circumstances. One such concession is the rollover where a CGT asset (or part of one) is lost or accidentally destroyed. This typically occurs where a natural disaster occurs (eg flood, fire, cyclone etc) which...

Three recent Administrative Review Tribunal (ART) decisions on claims for car expenses have shone a light on what the law requires in relation to car logbooks. Where you use your car for business purposes, there are two ways of making a claim – the cents per kilometre method for up to 5,000 business kilometres, or...

During the COVID pandemic years, we all suffered in one way or another – in particular the small businesses who relied on customers coming through their doors. Mr Lewis was one such small businessman who operated a “multi-gym business” and who as result of the COVID pandemic found it impossible to keep his business operating...