Budget offers personal tax relief but super largely untouched The 2026–2027 Federal Budget’s headline personal tax measures will reshape financial planning strategies from 2027. A new $250 working Australians tax offset (WATO) will apply from 1 July 2027, effectively increasing the tax-free threshold for work income to $19,985. Combined with the previously announced $1,000 standard […]
PERSONAL TAXATION Personal tax rates: existing cuts for 2026–2027 and 2027–2028 unchanged In the Budget, the Government did not announce any further changes to the personal tax rates. However, the proposed new $250 working Australians tax offset (WATO) from 1 July 2027 is expected to increase the effective tax-free threshold for income derived from work […]
Will the proposed $1,000 instant tax deduction benefit you? The Federal Government has released draft legislation for a new “instant” standard tax deduction that would allow eligible taxpayers to claim work-related expenses at tax time without receipts. This would replace the current $300 no-receipt immediate deduction limit. However, this is still just a proposal. The […]
AI may be handy for simple money questions, but it’s no substitute for professional advice Artificial intelligence tools are becoming increasingly popular for answering money-related questions. While these tools can be helpful for summarising information and helping you work out what to research next, convenience doesn’t equal accuracy. Tax and super rules can be detailed, […]
Investment properties: tax return errors that trigger ATO follow-up Owning an investment property can be tax-effective, but it’s also one of the ATO’s most closely monitored areas. Here are five errors that most often trigger ATO follow-up, and the related issues to keep in mind. Over-claiming repairs that should be capital works Repairs and maintenance […]
Support for rebuilding after natural disasters If you’ve lost your home, property or business to a natural disaster, knowing what to do next can be daunting. The good news is there’s help available to help you navigate the recovery process. The Federal Government and state and territory governments work together to provide support where natural […]
Heading overseas? Centrelink and the ATO might need to know If you’re planning an overseas holiday, especially if you currently receive Centrelink or other government payments, a little prep will help you enjoy your trip without payment surprises or tax headaches. Different government payments have their own rules about whether, and for how long, they’re […]
What’s the difference between the Medicare levy and the Medicare levy surcharge? Many people getting their tax notice of assessment wonder why they see amounts for the Medicare levy and Medicare levy surcharge. Here’s how it works. Medicare levy The Medicare levy’s a compulsory charge that helps fund Australia’s public healthcare system. Almost all Australians […]
Make managing your tax less intimidating with the ATO’s free tools and services If you’ve ever felt unsure about doing your tax online – or you’re helping someone who is – there are safe, simple ways to learn how it all works. The ATO offers practical tools to help you explore myTax and ATO online […]
Understanding the new 20% student loan reduction The Australian government’s promise to cut student loan debts by 20% has now become law. If you’re one of more than three million Australians who have a student loan, you’re probably wondering what this means for you and when you’ll see the benefits. The change applies to all […]