Major lotto, raffle and other gambling wins only come around rarely (or never, for most of us), and when they do, they don’t usually raise tax issues, at least not to begin with. Gambling winnings are not regarded by the Tax Office as assessable income as it considers gambling to be a luck-based recreational activity...

The tax deductibility of clothing is a topic that often confuses taxpayers, as the rules are specific and nuanced. However, the ATO sets clear guidelines on when clothing expenses can be claimed as tax deductions, and understanding these rules is essential for individuals and businesses seeking to maximise their tax benefits while remaining compliant. As...

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....

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...

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...

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...

A recent Administrative Review Tribunal (ART) decision on working from home costs during the 2020-21 COVID lockdowns (Hall’s case) may widen the scope for claiming additional deductions for occupancy costs such as rent, mortgage interest, home insurances and rates, but only in specific circumstances. This is on top of the hourly rate most people claim...