News & Insights

Welcome to the December edition of our client newsletter. As the year comes to a close, we’ve curated a range of timely and practical articles covering the latest developments in tax, superannuation, and financial planning, designed to help you finish the year informed and confident about your finances.

In this edition:

1. Can the cost of clothing be tax deductible?  The short answer is sometimes. The ATO has strict rules around when work clothing expenses can be claimed. We outline when deductions are available for occupation-specific clothing, compulsory uniforms, and protective items, and when they’re not. 

2. Thinking of a Christmas stay in your SMSF property? Think again!  Planning a festive break at a holiday home owned by your SMSF? We explain why this isn’t allowed, even if you’re retired or paying market rent, and what rules apply to SMSF-owned property use.

3. The 50% CGT discount: More than meets the eye. While many are familiar with the 50% CGT discount, the eligibility rules can be more complex than they seem. We break down key considerations to help you apply the discount correctly.

4. Could you be missing out on thousands in lost super? With nearly $19 billion in lost and unclaimed super across Australia, it’s worth checking if some of it could be yours. We explain how to find lost super and share simple tips to stay on top of your savings. 

5. Who can make a claim against a deceased estate? We explore who is legally entitled to make a claim and what the courts consider when determining whether adequate provision has been made for dependants or family members.

6. Surviving (and maybe avoiding) an ATO audit- If you’re self-employed, preparation is key. We outline how to reduce your chances of an ATO audit and what to do if you’re selected.

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Welcome to the November edition of our client newsletter. This month, we’ve brought together a range of timely and practical articles covering key developments in tax, superannuation, and financial planning — all designed to help you stay informed, confident, and in control of your finances.

In this edition:

• Christmas and tax – As the festive season approaches, many business owners are planning year-end celebrations. We outline the rules around fringe benefits tax, GST credits, and tax deductibility, helping you keep your holiday costs tax-efficient.

• Reducing your tax bill while topping up your super – Received a financial windfall or facing a capital gains tax (CGT) bill? We explain a smart strategy to reduce your tax liability by making a super contribution.

• Division 296 tax revisited – There’s major news for anyone with a super balance over $3 million. The government has revised its proposed Division 296 tax – a move aimed at greater fairness and practicality. We break down what’s changed and what it means for you.

• Home equity access scheme (HEAS) – For older Australians, tapping into the value of the family home can ease financial pressure. We explain how the government-backed HEAS works and what to consider before applying.

• Renting your holiday home – With summer approaching, many are looking to rent out their beach houses. We revisit the key tax rules and how expense claims are treated when your holiday home is rented only part of the year.

• Using your home to produce income – If you use part of your home for income-producing activities, you may lose some of your CGT exemption. We explain the implications and how partial exemptions may apply.

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Welcome to the September edition of our client newsletter. Each month, we bring you a selection of timely and practical articles covering tax, superannuation, and financial planning – helping you stay informed and in control.
 
Here’s what’s inside this month’s issue:
 
Economic roundtable wash up – We break down last month’s economic and productivity roundtable outcomes, with the government firmly in control of what tax policy measures might or might not be introduced down the track.
 
Exceeding your super contribution caps – Super is a great tool for retirement savings, but annual contribution limits apply. We explain what to do if you go over the cap and how to navigate the rules effectively.
 
CGT and off the plan purchases – Buying property off the plan? There are important CGT implications you need to know. We outline the key issues to keep in mind.
 
What happens if you don’t have a valid will? – Dying without a will can create uncertainty and stress for your loved ones. We explain intestacy laws and why having a valid will matters.
 
Deductibility of self-education expenses – Thinking of investing in your skills? We explore which courses may be eligible for tax deductions and the rules around claiming them.

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Welcome to this month’s client newsletter. We’ve curated a selection of timely articles covering key developments in tax, superannuation, and financial planning – all designed to keep you informed and in control.
 
Unlocking savings – your guide to Government concession cards – From the Commonwealth Seniors Health Card to the Pensioner Concession Card and other state-based Seniors Cards, we explore how these benefits can help reduce your out-of-pocket costs on healthcare, prescriptions, transport and more.
 
CGT consequences of divorce and relationship breakdown – Transferring assets during a divorce or separation can have significant tax implications. We break down the key capital gains tax rules and conditions to be aware of when navigating this complex area.
 
The great wealth transfer – are you ready? – With trillions set to change hands between generations over the coming decades, now is the time to understand the potential tax consequences – whether you're passing wealth on or expecting to receive it. We outline planning strategies and pitfalls to watch out for.
 
Are SMSFs a suitable path to retirement control? – Thinking about managing your own super? We look at who SMSFs suit, what’s involved in setting one up, and other consideration if you’re thinking of going down this path.
 
What to expect from upcoming tax reform – With the Treasurer’s economic roundtable scheduled for late August, we explore the likely focus areas – including productivity, resilience and fiscal sustainability – and what real reform might look like.
 
Tax deductibility of clothing – Claiming work clothing on your tax return isn’t as straightforward as many think. We outline what is and isn’t deductible, so you don’t fall foul of the ATO. 

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Welcome to this month’s client newsletter. In this edition, we’ve rounded up a range of helpful updates to keep you informed as we head into the new financial year.
 
Working from home and occupancy costs – We look at a recent decision involving working from home expenses during the 2020/21 COVID lockdowns. While this relates to a past period, the outcome could set a precedent for claiming extra deductions – such as rent, mortgage interest, home insurance and council rates – in certain situations. These are in addition to the standard hourly rate that many people already claim for energy, phone, and internet costs.
 
Super guarantee increasing to 12% – From 1 July, the super guarantee (SG) rate rises to 12%. But what if you're paid in July for work done in June – does the new rate apply? We explain how timing affects your super entitlement.
 
New super facts and figures from 1 July 2025 – While contribution caps aren’t increasing this year, the transfer balance cap will rise, offering new opportunities for retirement planning. It's a good time to review your strategy, especially if you're nearing retirement.
 
Age pension means test changes – From 1 July 2025, the thresholds for the Age Pension means test will increase. These changes may improve eligibility and payments for some retirees. We outline what to expect and how it may affect you.
 
Changes to deductibility of interest on ATO debts – From 1 July, the rules for claiming interest deductions on ATO debts will change. These updates make it more important than ever to stay on top of your tax obligations and avoid unnecessary costs.
 
Capital gains tax and selling shares – With recent share market volatility, it’s a good time to brush up on how capital gains tax (CGT) applies when selling shares. We explain key rules around gains, losses, and the timing of the sale.

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Welcome to this month’s client newsletter. In this edition, we’ve pulled together some key updates and practical tips to help you stay ahead with your tax and super planning as we head towards 30 June and beyond.
 
1. Get on the front foot for your 2024-25 tax return
We take a closer look at some common deductions that the ATO often keeps a close eye on, like working from home costs and using your own car for work. Our tips will help you get your claims right and avoid unwanted surprises.
 
2. Proposed Division 296 tax: Key issues and implications 
There’s been a lot of talk about this new tax on large super balances. We explain the key concerns – like being taxed on unrealised gains and the fixed $3 million threshold – and why it’s important not to make any rushed decisions just yet. Remember, it’s still just a proposal.
 
3. The CGT exemption for land adjacent to a home 
Got a large property or extra land beside your main residence? We unpack the rules that could make this land exempt from capital gains tax (CGT). The rules are detailed, so it’s wise to seek advice if this applies to you.
 
4. 30 June 2025 tax and super checklist
The end of the financial year is fast approaching. This handy checklist helps you get organised – whether it’s reducing tax, topping up your super, or avoiding last-minute pressure. A little planning now can go a long way.

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Welcome to this month’s client newsletter. In this edition, we’ve rounded up a series of important updates and insights that could impact your financial decisions – whether you’re managing investments, planning your estate, or thinking about your super.
 
1. Reduce capital gains tax (CGT) with good record-keeping
Sold an investment and made a capital gain? Good record-keeping could help you legally reduce your CGT liability. We share practical tips to help you keep more of your windfall and avoid an unnecessary tax hit.
 
2. Super contributions vs mortgage repayments
Got some extra cash? We explore whether it’s better to make additional concessional contributions to super or pay down your home loan. Each option has its advantages – and we help you weigh them up.
 
3. Writing a will: the tax angle
There’s more to estate planning than just distributing assets. Writing your will in a tax-effective way can help avoid unexpected CGT issues. If you're preparing or updating your will, speak with us first so we can guide you through the tax considerations.
 
4. Binding death benefit nominations (BDBN)
Your super doesn’t automatically form part of your estate. To make sure it goes to the right people, a valid BDBN is essential. We explain what a BDBN is, why it matters, and what to keep in mind when making one.
 
5. The tax side of small-scale property development
If you’ve subdivided your property or built multiple dwellings on your land, the ATO may view this as small-scale property development—with profits potentially taxed as business income rather than capital gains. We unpack the tax implications and why professional advice is key in these scenarios.

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Welcome to this month’s client newsletter. In this edition, we cover key updates that may impact your financial decisions.
 
First up, a recent court decision has implications for some family trusts, particularly those with private corporate beneficiaries (often called bucket companies). If your company has an unpaid present entitlement (UPE) from a trust distribution, this article is particularly relevant.
 
For those buying or selling property in Australia, changes are coming from 1 January 2025. Sellers will need to obtain a clearance certificate from the ATO to confirm their residency status. Without it, buyers must withhold 15% of the sale price and remit it to the ATO. We explain the key changes you need to know.
 
If you’re 60 or over, a transition to retirement pension could be a smart move. Whether you want to manage cash flow, reduce tax, or pay off debt before fully retiring, we explain how this strategy can work for you.
 
With the ATO updating its guidance on the difference between employees and contractors, it’s more important than ever to understand the tax, super, and legal implications. Whether you’re a worker or a business owner, this distinction can have a big impact. 
 
Finally, we explore concessional contributions. Managing superannuation contributions requires balance – while they provide valuable tax benefits, exceeding the cap can lead to additional tax. We outline key factors to help you make the most of your contributions without going over the limit.

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Welcome to this month’s edition of our client newsletter.
 
In this issue, we explore salary sacrifice vs personal deductible superannuation contributions – both valuable strategies, but which one is right for you? We break down the key differences and factors to consider, such as employment status, cash flow, and flexibility needs.
 
We also highlight important tax considerations for cryptocurrency investors. Whether you've made a gain or loss, we share tips that may help you legally reduce your tax bill, while ensuring you stay compliant with the ATO!
 
Next, we cover an often-overlooked opportunity: claiming capital gains tax (CGT) small business concessions when you own an asset used by someone else in their business. This could include land, a factory, or even a trademark, so if you're in this situation, you may have tax-saving opportunities when selling the asset.
 
Finally, we have included a handy fringe benefits tax (FBT) checklist to help identify potential FBT liabilities. While your accountant will prepare your FBT return, not all benefits provided to employees (or their associates) are always obvious – this checklist can help ensure nothing is overlooked.

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As we settle into 2025, it’s the perfect time to stay informed about key tax, financial and superannuation changes that could impact you. This month’s newsletter is packed with insights to help you navigate the year ahead.

First, we break down seven key superannuation changes coming in 2025. Super is a long-term investment, and even small adjustments can have a big impact over time. Now is a great time to review your super and understand both proposed and legislated changes.

Next, we highlight the ATO’s latest rental data-matching efforts. If you own an investment property, this article shares useful tips to help you stay compliant and avoid potential issues if the ATO audits your rental income.

We also explore superannuation and financial hardship. Whether it’s for urgent medical bills, preventing home repossession, or making ends meet, this article explains when and how you may be able to access your super in tough times.

Finally, we clarify the ATO’s stance on the tax deductibility of financial advice fees. Not all financial advice fees are deductible, and this update breaks down what you can and can’t claim.

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This month’s edition of our client newsletter includes an article on the extra 15% “Division 293 tax” which applies to high income earners who have income and concessional superannuation contributions exceeding $250,000 in 2023/24. The article explains how the extra tax works and how you can pay for it if you’re liable. 
 
This is followed by an item which discusses the fine line between carrying on a business of property development and merely realising an asset. This article may be of interest to you if you are contemplating carrying out such an activity as there are different tax implications depending on the nature of the activity and property involved.
 
There is also an article about how useful the CGT main residence exemption concessions are, particularly for individuals who are considering buying or selling a home. Depending on your particular circumstances, these concessions can be used to allow you to access a full (or at least partial) CGT main residence exemption in a way that was probably never originally envisaged.

Our next article covers tax file numbers (TFN) and provides some insights on how TFNs are verified in tax return software. 
 
Finally, we provide an article which explains why you cannot add further money to a superannuation pension once it has commenced, and the alternative options to consider if you find yourself in this situation.  

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This month’s edition of our client newsletter includes an article on the importance of making your superannuation last in retirement. Superannuation is often a key source of income when you retire so it’s important to ensure your investment strategy makes your retirement savings last for as long as possible.
 
This is followed by an item that explains the personal services income rules that apply to income that is earned mainly from the personal efforts or skills of a person. Included is a handy flowchart which explains the rules depending on the different circumstances. It is worth noting that these rules do not apply to income earned from being an employee. 
 
Our next article covers the different types of amounts that you may receive which are not considered as “income” by the ATO. Although such amounts may not be assessable, they may need to be included elsewhere in your tax return for other purposes.
 
There is also an article about being on the lookout for scammers who may contact you about your superannuation. This is an important reminder as the number of cold callers is on the rise and many people are falling victim and losing their superannuation to scammers. 
 
Finally, we provide an article which explains the steps you should follow when on-boarding new employees, as there are a number of tax, workplace and superannuation obligations you must adhere to as an employer.

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The Federal Budget, handed down on Tuesday 14 May, contained a number of tax, superannuation, tax administration and social security/cost of living proposals that may impact your clients (and their businesses) in relation to the following matters:

• Instant asset write-off 

• CGT and foreign residents 

• The training and energy efficiency boosts

• ATO discretion to offset old tax debts 

• Refund frauds and BAS refunds

• Student loans repayments 

• Super to be paid on paid parental leave

• Social security deeming rates

• Commonwealth Rent Assistance

• and more.

Contact us if you would like to discuss any of these measures.

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This month’s edition of our client newsletter includes an article on being aware of a partial capital gains tax (CGT) liability that may apply to you if you sell your main residence. 
 
This is followed by an item that explains why you should be wary of timing when making superannuation contributions this financial year. You may not realise it, but a contribution is deemed to be made at the time it is received by your superannuation fund, not when you process the transaction. For this reason, it’s best to allow plenty of time to make your superannuation contributions well before 30 June for your contribution to be received by your superannuation fund this financial year. 
 
For those who have rental properties, there is an important article which summarises the traps and pitfalls to be aware of as the ATO is currently on the lookout. This is because majority of residential rental property investors who have been audited have been getting their returns wrong. 
 
There is also an item on succession planning for family businesses. This may be of interest for families who plan on transferring their business onto the next generation.  
 
Finally, we provide an article which helps explain how myGov can help you keep track of your superannuation balance. 
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This month’s edition of our client newsletter sets out six different strategies for boosting your superannuation nest egg while potentially saving on tax. This is followed by an item that explains what happens to your tax status on leaving Australia to live or work somewhere else in the world. You might be surprised to learn how long after heading off some people have to continue to call Australia home for tax purposes.

For those who run their business through a corporate structure there is a must read article on the pitfalls of treating the company’s bank account and other assets as your own – the ATO has its eye on this area. There is also an item on the tax issues that can potentially arise when deciding to sell the family home.

We have included a piece on the receipt of compensation for various events, including damage to property, wrongful dismissal or work injuries. In some cases, it may pay to obtain tax advice before settling on an amount with the insurer.

Finally, we offer a perspective on the question of where to put your spare cash (assuming you have any) – on the mortgage or into superannuation?

Happy reading.

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