Do You Need To Pay Superannuation? If you run a business, then the difference between engaging an employee and an independent contractor is a crucial matter – because if you engage a contractor there will be no obligation to pay annual leave or sick leave, and generally, no obligation to pay superannuation. However, crucially, many...

Everyone loves a work-related deduction. From the 2026-27 income year there is a standard deduction of up to $1,000 for work-related expenses, and it applies automatically. This will simplify things for many. However, if your claims exceed $1,000 you still need to substantiate every dollar. How does the standard deduction work? To be eligible for...

There has been a lot of talk in the media about the government’s new “widow tax” following the Budget brought down earlier in the year. By way of background the Budget saw the abolition of negative gearing for properties acquired after the Budget night (ie 12 May 2026). So, if you acquired a rental property...

Capital gains tax does not just apply to “big ticket” items such as real estate, farms and shareholdings. It also applies to a special class of assets known as “personal use assets”, and in particular, those personal use assets known as “collectables”. “Collectables” are specifically defined under the tax law to mean the following items that are “used or kept mainly for your personal...

With house prices falling in some major capital cities, you may be looking to buy a home – either as a first home buyer or otherwise. In this case, there are a few important Capital Gains Tax (CGT) matters to take into consideration. Firstly, there is the rule that a home will only qualify for...

The changes to Capital Gains Tax (CGT) and negative gearing announced in this year’s Budget and which are now law; are quite monumental, and they will affect a lot of taxpayers. No more so than in relation to the abolition of the CGT 50% discount and the related changes for capital gains that accrue from...

From 1 July 2027, the way capital gains are taxed for individuals, trusts and partnerships is set to change. The 50% CGT discount will be replaced by cost base indexation and a new 30% minimum tax on real gains. Many people assume they must sell before the deadline to keep the discount, but this is...

Are you an employee thinking of putting some of your pre-tax income into superannuation to boost your retirement savings? This is known as salary sacrifice, and the good news is that it can benefit you and your employer. What is salary sacrifice? An effective salary sacrifice agreement (SSA) involves you as an employee, agreeing in...

With the Government set to impose a minimum 30% tax on discretionary or “family” trusts from 1 July 2028, it’s probably time to start thinking about what you should do about any existing family trust you have. And this could include giving serious consideration to what may be involved in using the proposed concessions to...

One of the many areas where the big changes to negative gearing and Capital Gains Tax may have an effect is where you use the “absence concession” to allow you to “continue to treat” your home as your CGT-free main residence during an extended absence from the home – including where you rent it out...