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…

Every member of a self-managed super fund must also be a trustee of the fund, or a director of its corporate trustee. Before you set up a fund or add a new member, it pays to check that everyone is eligible. Getting this wrong can stall your registration or expose you to penalties. Meet the…

The changes to Capital Gains Tax (CGT) and negative gearing announced in this year’s Budget – and which are now law – are quite monumental, and they will affect a lot of taxpayers. No more so than in relation to the abolition of the CGT 50% discount and the related changes for capital gains that…

With the Government set to impose a minimum 30% tax on discretionary or “family” trusts from 1 July 2028, it’s probably time to start thinking about what you should do about any existing family trust you have. And this could include giving serious consideration to what may be involved in using the proposed concessions to…