Individual – Custom Accounting Pty Ltd

Key Lessons from the Kilgour Case: Smarter Valuations in Business Sale Transactions

Custom Accounting — Mon, 20 Apr 2026 22:33:00 +0000

When selling a business—or even a slice of one—how you value the assets involved can have a major impact on the tax bill. A recent Full Federal Court decision, Kilgour v Commissioner of Taxation [2025] FCAFC 183, offers timely guidance on how “market value” is really determined for capital gains tax (CGT) purposes. When preparing for transactions, restructures or potential exit events…

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ATO Update on Inherited Homes: What it Means for Your Family’s Wealth

Custom Accounting — Sun, 15 Mar 2026 21:56:00 +0000

The ATO has issued a Draft Taxation Determination TD 2026/D1 which looks at how inherited family homes are treated for CGT purposes. Some industry commentators have dubbed it a “death tax by stealth”, but it is a bit more complex than this. The draft guidance focuses on a specific aspect of the rules around applying the main residence exemption to inherited properties…

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Downsizer Contributions and the Main Residence Exemption

Custom Accounting — Sun, 22 Feb 2026 22:07:00 +0000

When clients sell a long-held family home, they may be able to channel part of the proceeds into superannuation by using the downsizer contribution rules. Basic Eligibility Conditions To qualify, the seller must meet a number of conditions: The downsizer contribution can only be used once per individual and is limited to the lesser of the gross sale proceeds or $300,000…

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Holiday Homes Under the Microscope: What the ATO’s New Guidance Means for You

Custom Accounting — Sun, 01 Feb 2026 23:53:14 +0000

For many Australians, a holiday home does double duty. It’s a place to escape with family and friends, and during the rest of the year it’s listed on Airbnb or Stayz to help cover the costs. Until recently, many owners assumed they could claim most of the usual deductions for the property without much trouble, as long as appropriate apportionments were made. However, that position is now…

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Unlocking Tax Savings: Can Your MBA (or Other Studies) Pay Off at Tax Time?

Custom Accounting — Fri, 23 Jan 2026 03:48:51 +0000

If you’ve invested in further study — an MBA, a leadership course, or a postgraduate qualification — you might be wondering: can this help at tax time? For many professionals, the answer is yes — but only if the right boxes are ticked. The ATO’s rules on self-education expenses are strict, and the line between “deductible” and “non-deductible” can be thin. Getting it right could mean…

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Cyber In Accounting: Safeguarding Financial Data in a Digital Age

Custom Accounting — Sun, 04 Jan 2026 05:01:37 +0000

Cybersecurity is fast becoming a critical business strategy – and if it’s not, it should be. Many businesses hold critical data that poses significant risk to both businesses and their customers if the data they hold is not safeguarded from cybersecurity threats. The largest threats to businesses come from external entry points exposed by staff, through phishing links…

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When Medical Bills Meet Tax Rules – Lessons from a Heartbreaking Case

Custom Accounting — Fri, 02 Jan 2026 04:54:42 +0000

Imagine this: after years of hardship and illness, you’re forced to retire early on a Total and Permanent Disability (TPD) pension from your super fund. It’s your only income stream. Then come the medical bills – tens of thousands of dollars in treatments to manage the very conditions that ended your career. You might assume those costs are tax deductible as the TPD pension was payable because of…

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Trust Resolutions – Why Timing and Evidence Matter

Custom Accounting — Wed, 31 Dec 2025 05:06:16 +0000

A recent decision of the Administrative Review Tribunal (Goldenville Family Trust v Commissioner of Taxation [2025]) highlights the importance of documentation and evidence when it comes to tax planning and the consequences of not getting this right. The case involved a family trust which generated significant amounts of income. For the 2015, 2016 and 2017 income years…

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A win for those carrying student debt

Custom Accounting — Sat, 27 Dec 2025 05:28:23 +0000

In support of young Australians and in response to the rising cost of living, the Australian Government has passed legislation to reduce student loan debt by 20% and change the way that loan repayments are determined. This should help students significantly more than the advice from outside of Parliament – cut down on the smashed avo. 20% reduction in student debt The reduction is…

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Non-compete clauses: the next stage

Custom Accounting — Thu, 25 Dec 2025 05:36:32 +0000

Back in March this year the Government announced its intention to ban non-compete clauses for low and middle-income employees and consult on the use of non-compete clauses for those on higher incomes. The Government has indicated that the reforms in this area will take effect from 2027. This didn’t come as a complete surprise as the Competition Review had already published an issues paper on the…

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