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The Albanese Government has tabled its budget for 2026-27, and tax reforms for property investors are top of the agenda. Treasurer Jim Chalmers says these reforms are all about getting more Australians into a first home of their own. But, as with any federal budget, there are winners and losers. We break down the key aspects...
Budget 2026-27: at a glance On Tuesday 12 May 2026 the Treasurer Jim Chalmers handed down the 2026-27 Federal Budget, framing some of the more significant announcements as part of a broader plan to help young Australians access the property market. While acknowledging that the key to housing affordability is supply, the Government clearly sees...
The hits just keep coming for mortgage holders, with the Reserve Bank of Australia (RBA) today raising the cash rate for a third time this year to 4.35%. If you’re starting to struggle with your mortgage repayments, here’s how you can potentially take action. Today’s 0.25% cash rate increase brings us in line with the...
Rate hikes and soaring fuel prices aren’t dampening home buyer enthusiasm, with a strong majority of Aussies still believing the time to buy is now. We look at why home-buying sentiment remains so high. Petrol prices have been stealing the headlines lately. But behind the scenes, Aussie homes have been notching up fresh gains. Over...
The Administrative Review Tribunal (‘ART’) recently held that medical expenses incurred by a taxpayer to obtain (or regain) employment were not deductible as they were not incurred in gaining or producing his assessable income. The taxpayer was an airplane pilot. In July 2021, the Civil Aviation Safety Authority advised the taxpayer of the steps that...
Businesses that pay contractors for ‘Taxable payments reporting system services’ may need to lodge a ‘Taxable payments annual report’ (‘TPAR’) by 28 August each year. This includes businesses paying contractors in the building and construction, cleaning and IT industries (among others). The ATO will apply penalties to businesses that have not lodged their TPAR from...
Employers that provide plug-in hybrid electric vehicles (‘PHEVs’) to employees (or associates) for personal use should remember the following. Home-charging expenses — new shortcut method The ATO has updated its guidelines to include a new method to make it easier to calculate PHEV electricity costs when a vehicle is charged at an employee’s home. To...
Taxpayers may not think they are running a business from their hobby or ‘side hustle’ activities. However, if they start to earn money from doing these activities regularly, they may be carrying on a business without realising it. Generally, carrying on a business involves ongoing and repeated activities with the intention of making a profit. ...
Employers are reminded that employee super contributions for the quarter ending 31 March 2026 must be received by the relevant super funds by Tuesday, 28 April 2026. If the correct amount of SG is not paid by an employer on time, they will be liable to pay the SG charge, which includes a penalty and...
Keeping a car logbook may be required to accurately calculate the business-use percentage of vehicle expenses (e.g., fuel, registration, insurance and depreciation) for tax deductions. Taxpayers can keep the same logbook for their car for five years, but there are circumstances where they may need a new one during that period. Relying on a logbook...
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2026 Quantiphy – Eastern Suburbs, Sydney. All Right Reserved. Website By Omni Online
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