Superannuation is a great way to save for retirement, but the government sets strict limits on how much you can contribute each year. These limits are called contribution caps. If you go over them, you could face extra tax. But don’t panic – here’s what you need to know and the steps to take if...

Thanks for all those great ideas – we’ll take it from here. That’s pretty much how last month’s economics/productivity roundtable wound up, with the government firmly in control of what tax policy measures might or might not be introduced down the track. Apart from consulting with the States on a model for imposing road user...

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...