Insights

Can You Leave Superannuation to Grandchildren in Australia?

Tommy Li — Sun, 01 Nov 2026 11:47:50 GMT

Australian grandparents often ask if they can pass superannuation benefits directly to grandchildren. Unfortunately, this is rarely possible due to strict dependency rules – but there's an effective solution.

ATO Expands Rental Data Collection | Verity Advisory

Tommy Li — Sun, 01 Nov 2026 11:47:50 GMT

The Australian Taxation Office (ATO) has announced that it will soon begin collecting rental bond data for approximately 2.2 million individuals.

Main Residence Exemption Tips | Verity Advisory

Tommy Li — Sun, 01 Nov 2026 11:47:49 GMT

The main residence exemption is an important consideration if you plan to sell your house. If you're eligible, any profit or capital gain you make from the sale of your property is wholly disregarded or partially tax-free.

The ATO has noticed some issues with people not reporting capital gains, losses, or using the main residence exemption appropriately when selling their properties. Therefore, to benefit from this valuable exemption and avoid any potential loss, it is important that you understand the rules if you consider selling your property in the near future.

CGT Small Business Concessions: Using an Asset in Your Business for the Required Time

Tommy Li — Sun, 01 Nov 2026 11:47:49 GMT

A recent decision by the tax tribunal has reinforced a key rule for accessing the Capital Gains Tax (CGT) small business concessions: if you sell a business asset and want to claim the CGT concessions, the asset must have been used in your business—or at least held ready for use—for a specific period of time.

Family Trusts: Benefits and Disadvantages You Need to Know

Tommy Li — Sun, 01 Nov 2026 11:47:48 GMT

Family trusts are often praised for their tax and asset protection benefits. One of the biggest attractions is the ability to split income among family members, helping reduce the overall tax burden compared to when one person earns all the income or when the trust itself is taxed.

Selling Shares? Make Sure You Understand the Capital Gains Tax (CGT) Rules

Tommy Li — Sun, 01 Nov 2026 11:47:48 GMT

Whether you’re reacting to market volatility or simply looking to rebalance your portfolio, it’s essential to understand how Capital Gains Tax (CGT) applies when selling shares in Australia.

The 2026 EOFY Financial Checklist Every Doctor Should Have

Tommy Li — Sun, 01 Nov 2026 11:47:47 GMT

As the financial year draws to a close, many doctors start thinking about their tax return.

Essential Tax Receipt-Keeping Guide for Work-Related Expenses

Tommy Li — Sun, 01 Nov 2026 11:47:47 GMT

In Australia, you typically need to keep receipts for expenses you intend to claim as a tax deduction. However, for work-related expenses, you can claim up to $300 without receipts, as long as:

Tax Residency | Verity Advisory

Tommy Li — Sun, 01 Nov 2026 11:47:46 GMT

The Importance of “Tax Residency”

Whether you're considered a resident or non-resident of Australia for tax purposes has significant implications. If you're a resident, you'll be taxed in Australia on all your income, including income from overseas sources like foreign bank accounts, rental properties, or business interests. However, if you're a non-resident, you'll only be taxed on income that comes from Australia, including capital gains on certain Australian properties like real estate.

What is the right structure for your business?

Tommy Li — Sun, 01 Nov 2026 11:47:46 GMT

When starting or operating a business, choosing the right structure is key. Each type has its own pros and cons. Let's break down the main business structures: sole trader, partnership, discretionary trust, unit trust, and private company, to help you understand which might be the best fit for you.