You may have read about a recent court decision affecting some family trusts. In a case called Bendel, published on 19 February 2025, the Full Federal Court unanimously held that the...

If you're selling property in Australia and you're a foreign resident, there are important tax rules you need to know. Recent changes mean that buyers must withhold 15% of the property’s...

Thinking about easing into retirement but still need a steady income? Want to trim your tax bill while growing your super? Or maybe you'd love to knock down some debt before you stop...

The Australian Taxation Office (ATO) has recently revised its guidance on differentiating between employees and independent contractors. This change follows several court rulings that...

A fantastic way to grow your retirement savings and shrink your tax bill is through concessional contributions (CCs) to super. But more is not always better and like Goldilocks and her...

Super is a great way to save for retirement. It offers an opportunity to invest in long-term growth assets and enjoy generous tax concessions along the way. For those wanting to make extra...

If you own Bitcoin, or any other crypto currency, you may have been the beneficiary of Donald Trump’s election as President last November – which saw Bitcoin prices jump by almost 50%...

Did you know that if you own an asset (eg, land or a factory or even a trademark) that someone else uses in carrying on a small business then you might be entitled to the CGT small...

With the due date for FBT returns coming up, the following non-exhaustive checklist may prove useful in determining whether an employer has an FBT liability in the first place. Although it...

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...

Feeding its seemingly insatiable appetite for rental data, the ATO has recently announced it will soon be collecting rental bond details for some 2.2 million individuals. The data, which...

The unofficial federal election campaign is now well under way, with Opposition Leader Peter Dutton announcing a couple of tax policies while out on the hustings in Queensland on 19...

Superannuation is often seen as untouchable savings for retirement, but did you know it can also be a lifeline during financial difficulty? While super is designed for retirement, there...

The Australian Tax Office (ATO) has released new guidance (TD 2024/7) on when financial advice fees can be claimed as a tax deduction. Overall, the ATO has not changed its view but it has...

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...

So, you are undertaking a course or further education that relates to your work or business in some way – and you have to pay for the costs of the training or course. Well, the question of...

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...

Many professionals (and others) who retire – or who are on the verge of retiring – turn their minds to buying farmland and carrying out some sort of small-scale farming activities. And...

Have you ever wondered how your super balance compares to others in your age group? Or maybe you’re curious about how much you should have saved by now to ensure a comfortable retirement?...

With Australia going through a major cost of living crisis and interest rates not coming down as quickly as hoped, more and more people are looking at ways of creating additional cash flow...

To say that the interaction of the Capital Gains Tax (CGT) laws and trusts is complicated is probably one of the greatest understatements that anyone could make about the operation of the...

The government has shared more details about its proposed new “payday super” plan, which will start on 1 July 2026. What is payday super? Starting in July 2026, employers must pay...

Only the ones you want to claim as a tax deduction, might be a common response. Work-related expenses But that isn’t quite right, as the tax rules in fact enable you to make legitimate...

Starting 1 July 2025, new parents will receive superannuation payments on top of their paid parental leave (PPL). The change Eligible parents with babies born or adopted from 1 July 2025...

Superannuation laws have been simplified over recent years to allow older Australians more flexibility to top up their superannuation. Below is a summary of what you need to know when it...

If you carry on a business – small or large – the question of which business structure to use always arises – and not just from when you start that business, but also during its operation...

Selling a property that may have been used for mixed rental and residence purposes has a lot of capital gain tax (CGT)  issues – and some of these also involve exercising good judgment as...

While all superannuation funds have a shared goal to provide retirement benefits to their members, there are many differences between SMSFs and other superannuation funds. So if you’re...

There are many adverse consequences associated with failing to lodge income tax returns or omitting income from those returns if the ATO finds out. The ATO has increasingly sophisticated...

While Australia doesn’t have a joint filing option for married couples, there are some aspects of your individual tax assessment that depend on your spouse’s income. For example, your...

Don’t let share market volatility get you off course with your superannuation investment strategy. Market volatility Market downturns can make anyone nervous, but sticking to your...

If you have lived in Australia for many years and bought yourself a home here but decide to leave and go and live elsewhere, and you wish to sell your home, you should do so before you...

With apparently at least one in three marriages ending in divorce – and with countless more defacto relationships breaking down – the capital gains tax (CGT) roll-over provisions for...

A question that often gets asked is who can set up an SMSF together. The rules The answer is practically anyone can set up a SMSF together. You can have up to six people in an SMSF, and...

It seems that “debt recycling” is the favour of the month among financial advisors (and some financial institutions too). And if you do a Google search for the term you find that it is...

Whether you are a resident of Australia or non-resident of Australia for tax purposes has significant consequences for you. Primarily, if you are a resident of Australia for tax purposes...

Since 1 July 2024, the age at which individuals can access their superannuation increased to age 60. So what does this mean for those planning on accessing their superannuation upon...

A person who is not a resident of Australia for tax purposes is nevertheless liable for capital gains tax (CGT) on certain assets located in Australia. And these assets are assets which...

If you run a small business through a company and you decide to sell it, you have the choice of either selling the business assets themselves (together with any goodwill) or selling your...

Splitting superannuation contributions to your spouse can be a great way to boost your combined superannuation balances which can benefit you both in retirement. What is contribution...

A recent decision by the Full Federal Court around a man’s tragic death by suicide clarified the standing of a de facto spouse in the context of a non-lapsing death benefit nomination on a...

A little known tax incentive that is aimed at encouraging businesses to improve energy efficiency is the small business energy incentive (SBEI). You will have to jump through a few hoops...

If you’re a high income earner, you may soon be asked to pay an extra 15% tax on the amount of concessional contributions that exceed the $250,000 threshold. What is Division 293 tax?...

There can often be a fine line between whether a person is carrying on property development activities or is “merely realising an asset”. For example, it may not be clear whether the...

Probably the most overlooked reason for the housing affordability crisis in Australia at the moment is the capital gains tax (CGT) exemption for a person’s home itself. But not this alone....

Tax file numbers (TFNs) are so much an everyday element when dealing with tax and the ATO that many taxpayers won’t give it a second thought when tax return software responds with an...

A common question that is often asked is whether amounts can be added to a superannuation pension account once it has commenced. The short answer Unfortunately, the answer is no. Although...

Superannuation is often a key source of income when you retire so it’s important to ensure your investment strategy makes your retirement savings last for as long as possible. Shifting...

The personal services income (PSI) rules apply to income that is earned mainly from the personal efforts or skills of a person. It does not matter whether the income is earned by the...

It is possible to receive amounts that are not expected by the ATO to be included as income in your tax return. However some of these amounts may be used in other calculations and may...

Don’t be another victim – be on the lookout for scammers who call you about your superannuation! ASIC on the lookout The number of cold callers is on the rise. The Australian Securities...

When hiring new staff, there are certain steps you should follow to cover off on your tax, workplace, and superannuation obligations. Confirm they are legally permitted to work in...

With the temptation for homeowners to cash in on spiralling house prices around Australia, it is important to turn your mind to whether you may only have a partial CGT main residence...

Are you are planning to maximise your superannuation contribution caps this financial year? If so, it’s crucial to get the timing right so your contribution is received by your...

Following the ATO’s claims that nine out of ten residential rental property investors who have been audited have been getting their returns wrong, it might be worth touching on some of the...

For most family businesses as well as private groups, succession planning (sometimes known as transition planning) involves considerations around the eventual sale of your business, or the...

Keeping track of your superannuation balance is key as it impacts how much you can contribute to superannuation and whether you are entitled to other superannuation concessions and...

With the end of financial year fast approaching, now is a great time to boost your superannuation savings and potentially save on tax. Below are six superannuation strategies to consider...

What happens from a tax point of view when a person leaves Australia part-way through the income year? How is the income they derived before that time taxed? And how is any income they...

If you own a family company, then it is very important how you receive and treat any payments made from the company to you (or your associates – for example, your spouse). And this is...

The NSW state Government is attempting to help with the housing affordability crisis by making areas around train stations and shopping centres eligible for rezoning for denser...

If you have had a rental or commercial property damaged by recent summer storms (or bushfires or floods) you may have received an insurance payout to cover the damage. You may be surprised...

Many of us wonder about the best vehicle to use for our extra savings. Is it better to direct extra savings to your mortgage or superannuation? As with most financial decisions, there is...

Legislation giving effect to the government’s revised settings for the Stage 3 tax cuts has been passed by both houses of Parliament with the support of the Coalition. The stage 3 tax cut...

For those who run a “small business” and decide to sell it, the various Capital Gain Tax (CGT) small business concessions are invaluable (as has been noted many times before). Of course,...

For the first time in three years, the superannuation contributions are set to increase from 1 July 2024. Contribution caps to increase Due to indexation, the contribution caps will...

When you’re faced with a complex or high-risk question in tax or super, briefing a barrister can provide you with the expertise and perspective to help you move towards a solution with...

Unfortunately our financial institutions have not always acted as ethically as we consumers would like. Whether you’ve received bad advice or paid for advice you didn’t receive at all, our...

Collectables 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...

From bushfire relief groups, sporting clubs, environmental groups, charity associations and many more, volunteers are an indispensable workforce and support network for many organisations....

Have you reached preservation age and still have a mortgage? If so, you may be able to use your super to deal with your rising mortgage repayments if you meet certain conditions....

Most people look forward to retirement as it is a chance to finally take time to relax, enjoy life and do things they never had time for when they were working. But sometimes things change...

Many people gift assets to their family or friends to give them a helping hand. However care must be taken to ensure any gifting does not impact your current or future social security...

What happens if your property is damaged from the results of a natural disaster, or by tenants? Such a situation can affect the types of expenses you claim and the income you need to...

Give yourself the ultimate gift that doesn’t cost a thing – a super to-do list which is a gift that will benefit you now and in the future. 1. Consolidate your super With over 10 million...

Now and then, taxpayers may find themselves in a situation where they simply have no records to back up a tax claim. There can be many reasons for this, such as losing documents (either...

The ATO knows that many business owners naturally help themselves to their trading stock and use it for their own purposes. This common practice can occur in businesses such as butchers,...

The CGT exemption for a person’s home is only available in respect of one home owned at any given time. In other words, you can’t get two main residence exemptions applying to two...

Whilst the ATO went out of its way to assist businesses doing it tough during the COVID lockdowns, a more robust approach to collecting outstanding tax debts now seems to be the order of...

Wondering if your beneficiaries will pay tax on your superannuation death benefits? The answer is it depends on a number of important factors. Most people will have heard of Benjamin...

Your superannuation death benefits must be paid to someone when you die. That somebody will usually be your estate or your nominated beneficiary (also known as your dependants). Paying...

A person’s residency for tax purposes can be one of the most difficult issues to determine in Australian tax law. And it is not just a question of whether a person is a “citizen” of...

If you’ve been putting off upgrading the inefficient office air-conditioner, a new 20% bonus deduction might just be the incentive you need to help beat the heat before it arrives with a...

A question that often gets asked when dealing with death benefit nominations is whether a person will qualify under the interdependency or financial dependency definitions. This is an...

There are many types of nominations offered by different funds. Knowing which one suits your circumstances is key to ensure your superannuation ends up in the right hands. Types of...

Did you know you can reduce your income tax by making a large personal tax-deductible contribution from your take-home pay to your super? This strategy may be particularly useful if you...

Soon to be implemented changes to the Australian Consumer Law will provide additional protection to consumers and small businesses prohibiting the proposal, use or reliance on unfair...

For property developers (or would-be property developers) a recent decision of the Federal Court may be of interest. In Makrylos v FCT [2023] FCA 971, land acquired by a property developer...

Looking to boost your employees’ skills and your tax deductions at the same time? Then keep reading to see if you could be eligible for the small business skills and training boost! If you...

The CGT small business concessions are invaluable to those who make a capital gain from a small business. They can eliminate a gain entirely; they can reduce a gain; and they can allow for...

Personal deductible contributions can allow individuals to claim a tax deduction for contributions they have made to superannuation provided they meet certain requirements. So what are...

The ATO has issued a reminder around trademarks! For background, a trademark legally protects your brand and helps customers distinguish your products or services in the market from...

If the subject of self-education leads to, or is likely to lead to, an increase  in the taxpayer’s  income  from  current (but not new) income-earning activities, a deduction for...

Sometimes promoters of schemes target self-managed super funds (SMSFs). Schemes can include tax avoidance arrangements that inappropriately channel money or assets into your SMSF so you...

The capital gains tax (CGT) discount can reduce by 50% a capital gain that you make when you dispose of (sell) a CGT asset thatyou have owned for 12 months or more. However, the discount...

Early last month, the ATO issued a reminder around auditors. If you have an SMSF, you need to appoint an approved SMSF auditor for each income year, no later than 45 days before you need...

Scenarion I run a small business that requires me to travel quite a lot, particularly to country areas where I will often stay overnight. To save on accommodation costs, I have purchased a...

The recent ATO crackdown on trusts will no doubt have some business owners (and even some advisors) asking themselves the question: Is this structure for business purposes still worth it?...

For the first time, many Australians are finding themselves in a position where they are being told they owe the ATO money after completing their tax return this year. A significant number...

Some employers, especially at Christmas time or for birthdays, give small gifts to their employees or the employee’s associates  (i.e. spouses). These gifts typically take the form of...

SMSF trustees with limited recourse borrowing arrangements (LRBAs) are now feeling the impact of 10 interest rate rises since May 2022 in one hit, from July 2023. SMSF trustees relying on...

The ATO has issued a reminder for companies wishing to claim a tax offset for their R&D (research and development) activities. The reminder was issued in the context of the ATO's...

For individuals who have retired and met a condition of release, or who have turned 65 and are still working, you can receive your superannuation as a super income stream, as a lump sum,...

The increase to the superannuation guarantee (SG) rate from 1 July 2023 will see more employees (and certain contractors) entitled to additional SG contributions on their pay. But what...

Although not related to tax, there are a number of changes on the Fair Work front that employers should be aware of.Minimum wage increase The National Minimum Wage applies to employees who...

Another key Federal Court case may have a bearing on whether you owe certain workers you engage superannuation guarantee or not. For background, early last year the High Court made a...

The new financial year can be a time where business owners look at their operating structure and consider whether it still meets their needs. Choosing a structure is not simply about...

Since Budget night, the ATO has released more information around the small business lodgement amnesty…which can now be taken advantage of from 1 June 2023! The amnesty was announced in the...

The ATO has just announced that the cents per kilometre rate has increased to 85 cents per kilometre for 2023/24. To recap, there are two methods to claim work-related car expenses as...

With the end of the financial year on our doorstep, the ATO has announced its three key focus areas for 2022-23 Tax Time – rental property deductions, work-related expenses, and capital...

Are you a self-funded retiree who does not qualify for the Age Pension? If you’ve answered yes, then help may be available for certain living expenses by way of the Commonwealth Seniors...

This month’s federal budget confirmed that temporary full expensing (TFE) is now in its final days. To recap, TFE will cease and be replaced by a $20,000 instant asset write-off (IAWO)...

With the cost-of-living skyrocketing, have you taken up a side-hustle? With new and emerging ways to make money, the ATO is reminding taxpayers to consider if they are ‘in business’ and to...

With the total superannuation sector worth more than $3.5 trillion at the end of March 2023, superannuation is serious business. There are many types of superannuation funds available but...

The predicted slowing of the economy in 2023-24 along with the pay day super guarantee (SG) proposal are sure to make cashflow more important than ever for business over the coming months...

In the upcoming tax season, the Australian Taxation Office (ATO) will intensify its scrutiny of social media influencers and individuals with side hustles as part of its crackdown on...

This could be the final opportunity for your business to take advantage of Temporary Full Expensing (TFE)…but get in before 1 July! To recap, TFE encourages and supports businesses by...

Are you an employer who needs to make superannuation guarantee (SG) contributions for your employees? If so, it may be worthwhile bringing forward these SG contributions to before 1 July...

It’s now  only a week or so  until the Federal Budget which is to be handed down on 9 May. Some of the things to look out this year potentially include: Abolition of Temporary Full...

One of the most common decisions facing business is how to finance and account for the acquisition of a motor vehicle. There are numerous ways of doing so, with each resulting in differing...

If you run your business through a family trust, there’s some good news on the distribution front. In mid-April, the ATO responded to the landmark trust distribution case, namely the...

From 1 July 2023, trustees and directors of SMSFs must report certain events that affect their members transfer balance account quarterly. These events must be reported by lodging a...

If you carry on your business affairs through a trust structure, there is now more clarity around the law on distributions following much uncertainty throughout the year. Neither the...

With car fringe benefits one of the most common benefits provided by employers to employees, a new ATO fact sheet shines more light on the FBT exemption for electric vehicles.To recap, in...

Proposed tax on $3m super balances Individuals with large superannuation balances may soon be subject to an extra 15% tax on earnings if their balance exceeds $3m at the end of a financial...

ASIC has released fresh and timely information around crypto scams. Scammers use cryptocurrencies, like bitcoin or ether, because they are not easily recovered. Crypto can be sent overseas...

The Government has welcomed the actions of an ATO-led taskforce in relation to what is termed "the biggest GST fraud in Australia's history".The ATO states that the fraud was first...

Did you know there is around $16 billion in lost and unclaimed superannuation across Australia? The ATO recently indicated this is an increase of $2.1 billion since last financial year and...

Are you one of the five million Australians who claim work from home deductions? If so, stricter record-keeping rules may now apply. For this financial year and moving forward, there are...

With the end of the FBT year approaching, are your car logbooks in order? The operating cost method is used by many employers to calculate their car FBT liability. This method is...

On 20 February 2023, Treasury released a consultation paper on legislating the purpose of superannuation. This is an idea that has been around since 2016 when the former Coalition...

It’s been a particularly difficult 12 months for investors. On the superannuation front, we now have two major reports assessing how super accounts fared in the 2022 calendar year....

Last year 9,700 individuals applied for compassionate release of super for dental treatment expenses, and 82% were approved. Out of those approved, 9% were for a dependent child’s dental...

The ATO is encouraging accountants to educate clients around varying PAYG instalments – this can potentially assist cashflow. To recap, PAYG (pay-as-you-go) instalments allow business...

Have you missed the deadline to apply for a director identification number (director ID)? If so, you can still apply! The ATO says it will take a reasonable approach with directors who are...

The ATO has released its new year resolutions…and there is not a gym in sight! According to the ATO the five new year’s resolutions to keep if you want to stay on top of your tax and super...

The eligibility age for downsizer contributions reduced from 60 to 55 years from 1 January 2023. This means if you are age 55 or older, you could invest the proceeds of the sale of your...

As we enter into the new year, with many economists predicting a slowing of the economy, planning your business’s cashflow is more important than ever. Studies suggest that the failure to...

Many SMSF trustees wonder if they can live in their SMSF property once they retire. This is a common question particularly as property is such a popular SMSF investment. However, despite...

Do you operate your business via a family trust? The ATO released its final guidance material on the application of section 100A on 8 December 2022 – TR 2022/4 and PCG 2022/2. In doing so,...

Christmas is traditionally a time of giving, including employers showing gratitude to their workers for a job well done throughout the year. However, depending on the nature and value of...

In a recent speech, ATO assistant Commissioner Justin Micale outlined the ATO’s latest compliance issues for those who operate an SMSF. ID fraud and investment scams While ID fraud and...

From 1 July 2021, the law was changed to allow for six-member SMSFs (up from five members). At the time of writing, the uptake has been slow so far with just 228 funds with six members. At...

The ATO has issued new draft guidelines around a new method (the revised fixed rate method) of calculating work-from-home running expenses from 1 July 2022 (as an alternative to...

Hiring additional employees to help with surging end-of-year demand? A New employment form,   accessed through ATO online services, will help reduce your compliance time.  It’s an easy way...

Electric Vehicles are set to become more affordable for both households and businesses after the government sealed a deal with crossbench Senators on legislation to exempt low and zero...

Business and Individual Taxation The confirmation of lucrative income tax cuts, and the scrapping of a tax offset for low and middle-income earners were the big-ticket items. That said,...

Caps and limits untouched In a pleasing development, the important superannuation caps and limits were undisturbed, providing all-important investor certainty moving forward. This means...

What you need to know With hundreds of thousands of directors yet to apply for their director identification number (director ID) ahead of the looming November deadline, a last-ditch...

The ATO Commissioner has just issued a warning to businesses on the importance of securing your au domain name! To recap, .au direct domain names were launched earlier this year by the...

Do you have your own business or are thinking of starting one? If so, you may need to pay yourself superannuation depending on your business structure. Types of business structures...

With many parts of Australia in the grip of a rental crisis, a significant number of tenants may be residing in the properties of friends and relatives. A recent case that came before the...

All existing directors of a company, registered Australian body, registered foreign company, or a director of corporate trustees of an SMSF are required to apply for a director...

If you own land in Queensland (or are contemplating making a purchase) and also own other land interstate (or you are contemplating making a purchase) you may soon have an increased land...

Fresh statistics released by the ATO reveal that the superannuation gender cap is very real. While the average super balance for a man is $161,834, for a woman it’s $129,506 – a massive...

Following a recent cyber-attack, Optus customers are advised they could be at risk of identity theft. While Optus has not yet revealed how many of its 9.7million customers were impacted,...

You may be able to offset your business loss against other income (such as salary and wages) if you're a sole trader or in a partnership. Firstly, however, your loss must not be...

A recent Administrative Appeals Tribunal decision reminds us all that SMSF trustees (members) can be disqualified where serious breaches, be they advertent or inadvertent, of the super...

Most people insure their personal assets, such as their house, contents and car, but when it comes to personal insurance, many overlook the importance of protecting their wealth because...

Estate Planning means different things to different people. Ultimately, it is about ensuring that you have the right mechanisms in place to ensure that in the event of your death, your...

The ATO is anticipating a significant upward spike in the number of businesses using eInvoicing over the coming 12 months. Already, more than 18,000 businesses are using eInvoicing to make...

Superannuation funds have recorded their worst performance since the global financial crisis, with the median balanced superannuation fund ending the 2021/22 financial year down 3.3% due...

With unemployment at historic lows, workers are in demand and are also switching jobs at record rates. There are a range of issues employers should be aware of when hiring. Know the law...

It’s quite common for individuals to subdivide land they own, and then sell off one of the blocks. Depending on the circumstances, this can have capital gains tax (CGT) and GST...

The JobKeeper and JobSeeker programs have been extended by the Federal Government on Tuesday, 21 July 2020. JobKeeper wage subsidy scheme has been extended until 28 March 2021 with a...

Here’s what you need to know about the second stimulus package and most importantly, how to claim them if you are eligible:Benefits to BusinessKey Points Eligible not-for-profits and small...

Here’s what you need to know about the second stimulus package and most importantly, how to claim them if you are eligible: Benefits to BusinessKey Points Eligible not-for-profits and...

Home office expenses are a major key driver in receiving a great tax refund if utilised correctly. BFS Partners explains what is up for grabs. Do you work entirely from a home office or...

With transport being one of the biggest service departments Australia has ever witnessed, as a government we are witnessing rapid growth of trucks and truck drivers on our roads. With this...

Like many professionals, teachers often pay for work related expenses out of their own pockets without any reimbursements. In most cases, these items can become valuable tax deductions for...

BFS Partners have witnessed many businesses fall 7 times but have gotten back up on the 8thand have succeeded after failure. We have prepared for you 7 major reasons why 80% of businesses...

Are you the type of person who doesn’t like having debt as a burden on their shoulders? If this sounds like you, then this article will have some tips for you on how to pay your HELP...