Superannuation is one of the most tax-effective ways to build wealth for retirement. However, from 1 July 2026, additional tax may apply to some people with very large superannuation balances. Known as Division 296 tax, the new rules are designed to reduce the tax concessions available on very large super balances. If you have more than $3 million in super, it’s worth understanding how the new rules […]
Having a baby or welcoming an adopted child is a major life event. But taking time away from work can also mean taking a break from your usual superannuation contributions. A new government initiative is designed to help reduce that gap. From 1 July 2026, the Australian Taxation Office (ATO) has started paying the Paid Parental […]
If you have a mortgage offset account, you probably opened it with one main goal: to reduce the amount of interest you pay on your home loan. But what happens if your offset account isn’t correctly linked to your mortgage? A recent ASIC review suggests it’s worth checking. ASIC finds problems with mortgage offset accounts ASIC reviewed how eight major […]
Working from home has become a normal part of life for many Australians. But when it comes to claiming work-related expenses, it’s important to understand what you can — and can’t — claim. The ATO has identified cases where taxpayers have incorrectly claimed costs such as rent, mortgage interest and other household expenses as working-from-home deductions. The key is understanding the […]
Life changes — and your financial goals should change with it. The financial goals you set a few years ago may have made perfect sense at the time. But since then, you may have changed jobs, started a family, bought a property, taken on new financial commitments, or simply changed what you want from life. […]
The Australian Taxation Office has finalised new guidance on the tax treatment of rental properties, with particular attention being given to holiday homes that are also rented out. The new guidance follows draft material released late last year and is particularly relevant to owners of coastal, country, ski-area or short-stay accommodation properties that are used […]
With the introduction of Payday Super from 1 July 2026, employers face stricter deadlines for paying employee superannuation. Under the new rules, Super Guarantee (SG) contributions must generally be received by an employee’s nominated super fund within seven business days of each payday. While the new system is designed to improve the timeliness of super […]
A major change to Australia’s superannuation system has officially arrived. From 1 July 2026, employers are now required to pay superannuation contributions at the same time they pay employees’ wages. Known as Payday Super, the reform is designed to ensure employees receive their super contributions more regularly, improving transparency and helping Australians grow their retirement […]
Whether you’re working a second job, juggling multiple part-time roles, driving for a rideshare service, or earning extra income through a side hustle, having multiple income streams has become increasingly common. While earning more income is a positive step, it’s important to understand how Australia’s tax system works. Without the right planning, many people are […]
Social media is full of tax tips, refund hacks and advice that promises to help you maximise your tax return. While some information may be accurate, much of it is misleading—or simply doesn’t apply to your individual circumstances. This tax time, the Australian Taxation Office (ATO) has made it clear that incorrect claims remain a […]
With the new financial year underway, it’s understandable that many Australians want to lodge their tax return as soon as possible. Whether you’re hoping to receive a refund quickly or simply want to tick another task off your to-do list, lodging on 1 July isn’t always the best strategy. In fact, waiting a few weeks […]
Many Australians are surprised to learn that their superannuation account includes insurance cover. In fact, millions of superannuation accounts hold life insurance, total and permanent disability (TPD) insurance, or income protection cover as part of their membership. While insurance through super can provide valuable protection, many people are unsure about the level of cover they […]
Social media has become a popular source of financial information, with millions of Australians turning to online platforms for investment tips, budgeting advice and wealth-building strategies. While there is certainly valuable educational content available, the rise of financial influencers, commonly known as “finfluencers”, has also created new risks for consumers. Recent action by the Australian […]
With the 2026–27 Federal Budget introducing a proposed $1,000 standard work-related expenses deduction and a new $250 Working Australians Tax Offset (WATO), many taxpayers are asking an important question: what is the difference between a tax deduction and a tax offset? While both can reduce the amount of tax you pay, they operate in very […]
The 2026–27 Federal Budget delivers a range of measures aimed at supporting Australian businesses, encouraging investment, and fostering innovation. While several initiatives provide immediate relief for small businesses, others introduce significant changes that may influence business structures and tax planning strategies in the years ahead. Permanent Extension of the Instant Asset Write-Off One of the […]