News
Downsizer Super Contributions: Dispelling three myths
Billions of dollars in downsizer super contributions have been made since its introduction in 2018. Downsizer contributions are popular, but three common misconceptions keep them from being more so. Downsizer super rules allow people aged 55 and over who sell their home to contribute up to $300,000 into super. The rules say that you can…
Seven changes impacting your super in 2025
Superannuation rules are always changing, and 2025 is set to bring some updates that could affect your retirement savings. Whether you’re just starting to build your super or already planning for retirement, keeping up with these changes can help you make informed decisions. Here’s what’s on the horizon. 1. Possible tax changes for large superannuation…
Christmas and tax
With the festive season just around the corner (or already under way), many business owners will be gearing up for year-end celebrations with both employees and clients. Knowing the rules around FBT, GST credits and what is or isn’t tax deductible can help avoid unwelcome surprises on the tax front. Holiday celebrations generally take the…
Unwrap your future: 12 super tips for a merry and bright retirement
Christmas is a time for giving, but it’s also a great time to give your future self the gift of financial security. Here are 12 simple superannuation tips to help you make the most of your super fund – wrapped up with a touch of festive cheer! 1. Consolidate your superannuation If you’ve worked multiple…
Interest deductibility and investment properties
With interest rates remaining stubbornly high, and some property investors bailing out altogether, others are taking steps to refinance their debt in order to secure a lower rate and obtain better terms. Before deciding to go down the refinancing route there are broader financial issues to weigh up and you may need to seek separate…
How taxable is that side hustle?
With Australia going through a major cost of living crisis and interest rates not coming down asquickly as hoped, more and more people are looking at ways of creating additional cash flow to helpmake ends meet. What is a side hustle?Earning extra income on top of your primary job is sometimes known as a side…
Super on parental leave pay is now law
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…
The black hole of CGT and trusts
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…
What tax receipts do I need to keep?
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…
Can you sell your SMSF assets to a related party?
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…