Starting 1 July 2025, new parents will receive superannuation payments on top of their paid parentalleave (PPL). The changeEligible parents with babies born or adopted from 1 July 2025 will get an extra 12% of theirgovernment-funded PPL as a superannuation contribution to their nominated superannuation fund.The lump sum superannuation payment will be paid annually by…

To say that the interaction of the Capital Gains Tax (CGT) laws and trusts is complicated is probablyone of the greatest understatements that anyone could make about the operation of the tax laws.The laws of physics may be much simpler – and, in this regard, it was Einstein who apparentlyquipped that “the hardest thing in…

Work-related expensesBut that isn’t quite right, as the tax rules in fact enable you to make legitimate claims for work-related expenses for up to $300 in a financial year without having receipts, provided:– you have spent the money;– the expense is directly related to earning your income;– you haven’t been reimbursed by your employer;– it…

A common question SMSF trustees ask is whether they can sell or transfer their SMSF assets to a related party, like themselves or a family member. Selling to related parties is possible While there are rules about what assets an SMSF can buy from a related party, there’s no law that says you can’t sell…

If you carry on a business – small or large – the question of which business structure to use always arises – and not just from when you start that business, but also during its operation when it may be beneficial to change from one structure to another.  Essentially, there are four major ways in…

There are many different issues to be considered, and matters to be juggled, when buying a new home eg, financing, storage of furniture, etc – and timing, of course. But a common issue is whether you should sell your existing home first and then buy – or buy first. (Most “experts” say you should sell…

Don’t let share market volatility get you off course with your superannuation investment strategy.  Market volatility  Market downturns can make anyone nervous, but sticking to your investment strategy is key. If you move your investments to cash or a more conservative option after the market has fallen, you’re effectively locking in your losses. Decisions driven…

While Australia doesn’t have a joint filing option for married couples, there are some aspects of your individual tax assessment that depend on your spouse’s income. For example, your eligibility for the private health insurance rebate and your liability for the Medicare Levy Surcharge both take into account your spouse’s income. Other tax attributes affected…

Most people know that if they inherit a home and it is sold within two years of the deceased’s death, then they won’t pay any capital gains tax (CGT) on it.  And there are other ways an inherited home can be sold CGT-free. But what about other inherited assets – such as a car, shares,…

A key responsibility that SMSF trustees must adhere to is to keep accurate tax and superannuation records. The benefits of good record keeping As a SMSF trustee, the benefits of good record keeping will: Even if you use a superannuation or tax professional to administer your SMSF, each trustee is responsible for good record keeping.…