Plenty of people run a business from home. If you do, there are important tax consequences attached to using part of your home as a place of “business”. And for these tax consequences (both good and bad) to arise the Tax Office (and Courts) have taken the view that the part of your home used…

Since 10 August 2026, SMSFs can no longer use a Limited Recourse Borrowing Arrangement (LRBA) to acquire residential property. Existing arrangements are grandfathered, and borrowing to acquire business real property is not affected. Co-ownership may be a solution for SMSFs without enough cash to purchase a property outright. However, keep in mind the rules are…

With house prices falling in some major capital cities, you may be looking to buy a home – either as a first home buyer or otherwise.  In this case, there are a few important Capital Gains Tax (CGT) matters to take into consideration. Firstly, there is the rule that a home will only qualify for…

Capital gains tax does not just apply to “big ticket” items such as real estate, farms and shareholdings. It also applies to a special class of assets known as “personal use assets”, and in particular, those personal use assets known as “collectables”.  “Collectables” are specifically defined under the tax law to mean the following items that are “used or kept mainly for your personal…

Everyone loves a work-related deduction. From the 2026-27 income year there is a standard deduction of up to $1,000 for work-related expenses, and it applies automatically. This will simplify things for many. However, if your claims exceed $1,000 you still need to substantiate every dollar.  How does the standard deduction work? To be eligible for…

From 1 July 2027, the way capital gains are taxed for individuals, trusts and partnerships is set to change. The 50% CGT discount will be replaced by cost base indexation and a new 30% minimum tax on real gains. Many people assume they must sell before the deadline to keep the discount, but this is…