Access our Wallace Partners Client Information Newsletter March 2024 below: Wallace Partners CIN March 2024

What happens if your property is damaged from the results of a natural disaster, or by tenants? Such a situation can affect the types of expenses you claim and the income you need to declare for your rental property. Declaring income If you receive a payout for damage to your rental property as a result...

Many people gift assets to their family or friends to give them a helping hand. However care must be taken to ensure any gifting does not impact your current or future social security entitlements, such as the age pension. What are the gifting rules? For Centrelink purposes, gifting refers to selling or transferring income or assets...

Most people look forward to retirement as it is a chance to finally take time to relax, enjoy life and do things they never had time for when they were working. But sometimes things change and some people feel the urge to return to work. If a return to work is inevitable, it is important...

Have you reached preservation age and still have a mortgage? If so, you may be able to use your super to deal with your rising mortgage repayments if you meet certain conditions. Introduction The constant increase to interest rates over the last two years have left some borrowers strapped for cash. Fortunately, those that have...

Collectables Capital gains tax does not just apply to “big ticket” items such as real estate, farms and shareholdings. It also applies to a special class of assets known as “personal use assets” and, in particular, those personal use assets known as “collectibles”. “Collectables” are specifically defined under the tax law to mean the following...

From bushfire relief groups, sporting clubs, environmental groups, charity associations and many more, volunteers are an indispensable workforce and support network for many organisations. For most, if not all, having volunteers ready to lend a hand is pivotal in them being able to function or survive. Given that there are many hundreds of volunteers propping...

Unfortunately our financial institutions have not always acted as ethically as we consumers would like. Whether you’ve received bad advice or paid for advice you didn’t receive at all, our supervisory and regulatory bodies have sought not only to improve the system so it won’t happen again, but also to ensure that if you are...

Access our Wallace Partners Client Information Newsletter February 2024 below: Wallace Partners CIN February 2024

Did you know that dementia is the second leading cause of death of all Australians[1] with data indicating that it will likely soon be the leading cause of death? It’s a scary thought but at some point in the future, you may not have capacity to make important legal or medical decisions. This article summarises what you...