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Proposed Superannuation Tax Reworked
The Federal Government has announced welcome adjustments to the proposed new legislation (Division 296) which seeks to tax earnings on superannuation balances above $3 million. Key changes include: a move to a “realised earnings” approach, meaning that the tax will...
How to Buy your First Investment Property
Buying your first investment property is a big financial step and it pays to approach it with a clear plan. Property can be a powerful way to build long-term wealth, but success often depends on making smart choices from the outset. That means looking beyond the...
ATO Trials AI to Audit Work-Related Expenses
The Australian Taxation Office (ATO) is continuing to expand its use of artificial intelligence (AI) to review taxpayer submitted, supporting documents as part of a broader push to "industrialise" AI across the agency by 2030. Recently, it has started trialling new AI...
Investing in a Self Managed Super Fund Property
Investing in a self-managed super fund (SMSF) property has become an increasingly popular strategy in Australia, offering SMSF members greater control and flexibility over their retirement savings. With the ability to invest retirement funds directly into real estate,...
Average Australian super balance at 50
For many Australians, turning 50 is a milestone that brings retirement planning into sharper focus. With just over 15 years until the age pension age of 67, your superannuation balance starts to play a bigger role in shaping your financial future. Many people start to...
Record Keeping: ATO on the war path
Careful record keeping is a must in order to prepare an accurate tax return and support the claims you make. Generally speaking, if you claim a deduction, you must have records to show how you calculated your claims. Records are usually a receipt from the supplier of...
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