Software Development & the R&D Tax Incentive

An important reminder: Interest incurred in income years starting on or after 1 July will no longer be deductible, regardless of whether the debt relates to an earlier income year.

Starting 1 July 2025, Age Pension means test thresholds will increase, potentially boosting eligibility and payments for retirees. These changes, announced by the Department of Social Services, aim to keep pace with inflation and living costs. Here’s a quick overview of how these changes may impact you.

A recent Administrative Review Tribunal (ART) decision on working from home costs during the 2020-21 COVID lockdowns ( Hall’s case ) may widen the scope for claiming additional deductions for occupancy costs such as rent, mortgage interest, home insurances and rates, but only in specific circumstances. This is on top of the hourly rate most people claim to cover additional energy, phone and internet costs.

The income year in which you enter into a contract to sell an asset is crucial for Capital Gains Tax (CGT) purposes.

Many grandparents wonder if they can leave their superannuation to their grandchildren. Superannuation, or "super," is a key part of retirement savings in Australia, and its rules can be tricky. So, can a grandparent pass their super to a grandchild? The short answer is - rarely. But there is a solution. A binding super death benefit nomination in favour of your estate can allow you to bequeath your super to whomever you please. Just ensure your will clearly states who you want to inherit your super.

If you’ve been keeping an eye on your super, you might be wondering whether the contribution limits are increasing this year. The answer is – not yet.

The rules surrounding the circumstances in which a home will be fully exempt from capital gains tax (CGT) are quite extensive – and complex.

If your super balance has suffered from recent market volatility there may be opportunities available now that weren’t before. Here are a few worth exploring.

A recent decision of the tax tribunal has highlighted the requirement that in order to use the CGT small business concessions for a capital gain made on an asset used in a business, the asset must have been used, or held ready for use, in that business for the required time.