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1 week ago | 
moneymag.com.au | Mark Chapman |Nicola Field |Ryan Johnson
As the 2025 federal election approaches, both the Labor Government and the Coalition have unveiled tax policies aimed at addressing cost-of-living pressures. Here is how they measure up. Labor's proposed tax changes for 2025As well as the existing stage three income tax cuts, which came into force on July 1, 2024, Labor's policy manifesto contains a number of proposals which aim to build on that tax cut by providing relief to low and middle-income earners.
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4 weeks ago | 
moneymag.com.au | Nicola Field |Graham Cooke |Mark Chapman
How noise can affect your home's value, a simple way for small businesses to avoid unwanted ATO attention, and why it's time to raid the kids' Pokémon collection. Here are five things you may have missed this week. Real estate agents often spruik 'close to transport' as a selling point of homes, but it doesn't always lead to higher property values. Noise pollution has been shown to be harmful to our health. Turns out it's not great for property values either.
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1 month ago | 
moneymag.com.au | Graham Cooke |Tom Watson |Emily Wallace |Mark Chapman
When COVID-19 arrived, many Australians braced for a dramatic drop in property prices predicted by major banks, but Australia's housing market defied expectations and surged instead. In the tumultuous years that followed, a post-lockdown inflation boom spurred the Reserve Bank of Australia (RBA) to implement multiple rate hikes, driving mortgage costs significantly higher.
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1 month ago | 
moneymag.com.au | Mark Chapman |Tom Watson |Emily Wallace
Typically, when you sell an asset you must pay capital gains tax (CGT) on any profit which you make on the sale. For most of us, the most valuable asset which we own is our family home and many of us stand to make a large profit if we sell. So does that mean that you have to pay CGT when you sell your house? Fortunately, in most cases, the answer is no. The tax law provides an automatic exemption for any capital gain (or loss) which arises when a taxpayer sells their main residence.
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1 month ago | 
moneymag.com.au | Sharyn McCowen |Mark Chapman |Tom Watson |Michelle Baltazar
Published Video transcriptWell, an audit is when the ATO isn't satisfied with, some or all of the figures in your tax return, and they ask you to provide proof, evidence to back up those figures. It can be a simple request, outlining, some additional information requirements for a specific number, for a specific, possibly a tax deduction that you've claimed.
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1 month ago | 
moneymag.com.au | Vita Palestrant |Nicola Field |Mark Chapman
Setting time aside to make sure your super is up to scratch invariably pays off. Basically, you want to know it's performing well, your insurance is in order and all your personal details are correct and up to date. Here's a checklist to help you along. The first thing to check is whether you have multiple accounts. "If you're not keeping them open for a reason, consolidate them," advises Xavier O'Halloran, the chief executive office of advocacy group Super Consumers Australia.
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1 month ago | 
moneymag.com.au | Nicola Field |Karren Vergara |Mark Chapman
Australia's biggest super fund has copped a $27 million fine. Where does the money for the fine come from? And who really pays? AustralianSuper, Australia's largest superannuation fund (by a country mile), has been hit with a $27 million fine after the Federal Court found it failed to combine multiple member accounts. In a nutshell, over a 10-year period to March 2023, around 90,700 AustralianSuper members held duplicate accounts.
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1 month ago | 
moneymag.com.au | Mark Chapman |Tom Watson |Nicola Field
There are an extensive number of reporting obligations relating to SMSFs, with the main one approaching in just a few days for some self-lodging funds. An annual return must be lodged with the ATO once the audit of the SMSF has been finalised. This is more than an income tax return; it is also used to report super regulatory information, member contributions and pay the SMSF supervisory levy. For trustees that lodge their own return, the due date is February 28.
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2 months ago | 
moneymag.com.au | Tom Watson |Emily Wallace |Mark Chapman |Annette Sampson
Published Buying a property for the first time can be hard enough as it is, let alone with all the myths and misconceptions out there.
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Jan 15, 2025 | 
investsmart.com.au | John Addis |Nathan Bell |Mark Chapman
Investing insights from experts like Paul Clitheroe & Effie Zahos and more
Investing insights from experts
Most people see the new year as a great opportunity to make a fresh start. We wanted to help you start 2025 right, so we asked 25 financial experts for their top wealth-building tip for the year ahead. Check out their responses.
Crazy multiples are everywhere, from tech stocks like Pro Medicus and WiseTech to Commonwealth Bank, which has never been more expensive.
