The Australian Government has proposed a ban on life insurers using predictive genetic test results to assess applications, aiming to prevent discrimination and improve access to cover. Here’s what the ban means for insurers and individuals. What Is Predictive Genetic Testing? Predictive genetic tests identify gene variants associated with heritable disorders that may develop later...Read More

The introduction of ‘payday super’ marks a significant shift in how superannuation guarantee (SG) payments will be managed in Australia. Here’s an overview of what’s changing and the implications for employers. What Is Payday Super? From 1 July 2026, employers will be required to pay SG contributions to employees’ super funds on the same day...Read More

The Reserve Bank of Australia (RBA) and its economic policies remain a hot topic in Australia, drawing significant political attention and public concern. Here’s a breakdown of the key issues shaping the conversation, from interest rates and inflation to a landmark payroll tax decision involving Uber. Interest Rates: Balancing Inflation and Economic Strain Political Pressure...Read More

If you’re 55 or older, downsizer contributions offer a valuable opportunity to enhance your superannuation using the proceeds from selling your home. Here’s how the rules work and why more women are using this strategy. What Are Downsizer Contributions? Downsizer contributions allow eligible individuals to contribute up to $300,000 from the sale of their home...Read More

The Australian Taxation Office (ATO) is intensifying its focus on investment properties and high-value lifestyle assets, using advanced data-matching programs to ensure tax compliance. Here’s what you need to know to stay on the right side of the law. Investment Properties: A Key Focus for the ATO Investment properties have long been under the microscope...Read More

The main residence exemption exempts your family home from capital gains tax (CGT) when you dispose of it. But, like all things involving tax, it’s never that simple. As the character of Darryl Kerrigan in The Castle said, “it’s not a house. It’s a home,” and the Australian Taxation Office’s (ATO) interpretation of a main...Read More

Brace yourself: 2024 brings fresh tax cuts and a higher superannuation guarantee, reshaping your finances and business obligations in unexpected ways! Personal tax & super As of July 1, 2024, significant financial changes are in effect due to the introduction of personal income tax cuts and an increase in the superannuation guarantee rate to 11.5%....Read More

The Instant Asset Write-Off brought in 2023-24 has been extended until June 30 2025. This write-off threshold was increased from $1000 to $20,000 back in 2023-24. What does that mean for you? The increase in the instant asset write-off threshold offers a significant cash flow benefit to small businesses. This allows them to claim an...Read More

As the end of the financial year approaches, here are some areas at risk of increased ATO scrutiny and opportunities to maximise tax deductions. For Individuals Opportunities Bring forward your deductible expenses into 2023-24. Prepay your deductible expense where possible, make any deductible superannuation contributions and plan any philanthropic gifts to utilise the higher tax...Read More

The ATO is cracking down on business owners who take money or use company resources for their personal uses. With a blurry line between personal and working life for business owners, they often utilise company resources for their personal uses. Whilst there are tax laws preventing individuals from accessing profits or assets of the company...Read More