What the New Div 296 Tax Means for Individuals with Large Super Balances
The Better Targeted Superannuation Concessions measure (known as the Division 296 tax) is now law and takes effect from 1 July 2026. For those with large super balances, it’s important to understand what the new tax does, why it’s been introduced, and the practical steps you and your financial adviser should consider. The Purpose of […]
The ATO Targets FBT on Work Vehicles: Don’t Let Assumptions Cost You
The ATO is turning up the heat on employers who provide work vehicles for private use. Sophisticated data-matching means assumptions and shortcuts can quickly lead to audits, penalties, interest charges—and even reputational damage. You can see the latest ATO FBT audit warning here: Misreporting FBT on personal use of work vehicles | Australian Taxation Office […]
Key Lessons from the Kilgour Case: Smarter Valuations in Business Sale Transactions
When selling a business—or even a slice of one—how you value the assets involved can have a major impact on the tax bill. A recent Full Federal Court decision, Kilgour v Commissioner of Taxation [2025] FCAFC 183, offers timely guidance on how “market value” is really determined for capital gains tax (CGT) purposes. When preparing […]
A Wake-Up Call for Family Businesses on Fringe Benefits Tax
As Fringe Benefits Tax (FBT) lodgement season approaches, family businesses should carefully review the perks they provide to working directors and family members. A high-profile case involving luxury vehicles provided to three brothers who run a large business empire through a discretionary trust highlights the complexities — and potential risks — of informal arrangements. While […]
DPN Review: A Wake-Up Call for Business Owners on Personal Tax Risks
Running a successful business is hard work—and sometimes, despite best intentions, tax obligations slip. If the business is being operated through a company structure, then the ATO can potentially issue a Director Penalty Notice (DPN), holding company directors personally liable for unpaid taxes. In 2024–25, DPNs skyrocketed by 136%, reaching over 84,000 notices, affecting directors […]
Navigating CGT on Your Home: New ATO Clarity for Home-Based Businesses
Running a business from home whether as a sole trader, freelancer, or small operator—has many perks. But when it comes to selling your home and potentially saving on tax, recent guidance from the ATO serves as a reality check. The ATO has provided its views on how home-based businesses interact with the small business capital […]
ATO Update on Inherited Homes: What it Means for Your Family’s Wealth
The ATO has issued a Draft Taxation Determination TD 2026/D1 which looks at how inherited family homes are treated for CGT purposes. Some industry commentators have dubbed it a “death tax by stealth”, but it is a bit more complex than this. The draft guidance focuses on a specific aspect of the rules around applying […]
Keeping Your Self-Managed Super Fund Compliant
Self-managed superannuation funds (SMSFs) can offer significant flexibility, allowing themembers to make investments and enter arrangements that may not be availablethrough retail or industry superannuation funds. However, being an SMSF trustee doescome with important responsibilities to ensure that all dealings comply withsuperannuation law. Two critical areas to keep front of mind are: ·The sole purpose […]
Downsizer Contributions and the Main Residence Exemption
When clients sell a long-held family home, they may be able to channel part of the proceeds into superannuation by using the downsizer contribution rules. Basic Eligibility Conditions To qualify, the seller must meet a number of conditions: They must have reached the eligible age of 55 years (at the time of making the […]
AI Tax Tips: Helpful Shortcut or Costly Trap?
As a business owner or investor, time is always tight. So it’s no surprise many people now turn to AI tools like ChatGPT for quick answers on tax deductions, super contributions or structuring ideas. The responses sound confident, arrive instantly and cost nothing. What could go wrong? Plenty. The Australian tax and super system is […]
