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Practice Update July 2024

ATO’s ‘main residence exemption tips’ The main residence exemption needs to be considered in a variety of situations when a taxpayer sells a property they have lived in.  The ATO hopes that the following tips will help in this regard: ◆ Taxpayers should consider if they have started earning income from their home (in which...

Rate cuts? Pencil them in for 2025

Put the party pies on ice and postpone those rate-cut celebrations for a while yet. The much-touted rate cuts we’ve been waiting for may not arrive until 2025. Here’s why rates could be staying higher for longer, and how to take action yourself. June saw the Reserve Bank of Australia (RBA) keep the cash rate...

First home buyers turn to Bank of Nan and Pop

Nan and Pop have always been good for birthday money, but one-in-10 grandparents are taking their generosity to the next level: helping their grandkids buy a first home. Most of us have special memories of pocketing a few treats from Granny and Gramps. But it turns out those small gestures of affection we knew as...

Almost 70% of Sydney suburbs are below their peak dwelling value

Would you believe us if we told you that despite the constant news cycle reporting record-breaking house prices, home values have actually only risen 2.8% across Australia since April 2022? Though surprising, that’s what CoreLogic uncovered in their recently published analysis comparing property market performance before and after Australia’s historic two-year rate hike cycle. Not...

Federal Budget 2024-25

On 14 May 2024, the Treasurer, Jim Chalmers, delivered his third Federal Budget for the Albanese Government. With an uncertain economic landscape with Australia continuing to face ongoing global uncertainty stemming from persistent inflation in North America; growth slowing in China and other major economies; the United Kingdom and Japan both finishing the year in...

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