Your 50s are an important time to take a closer look at your super. You may still have 10, 15 or even 20 years before retirement, and the decisions you make now can have a significant impact on your final balance. The good news is there are several ways to build your super, with some strategies offering tax benefits along the way. 1. Check your employer contributions Make sure your employer is paying the correct super contributions and that they are reaching your fund. Check your payslip and log in to your fund account. 2. Consider salary sacrifice Salary sacrificing some of your pre-tax income into super can be a tax-effective way to increase your retirement savings. 3. Make a personal deductible contribution If eligible, you may be able to make additional contributions to super and claim a tax deduction. 4. Use unused concessional contributions If you have unused concessional contribution amounts from previous years, you may be able to use them to boost your super, subject to the rules. 5. Make after-tax contributions If you have available cash or savings, making additional after-tax contributions can help grow your super over time. 6. Look at the bring-forward rule Depending on your circumstances and total super balance, you may be able to contribute more than the standard annual after-tax limit by using the bring-forward rules. 7. Consider your spouse’s super Spouse contributions can be worth considering where there is a significant difference between partners’ super balances or incomes. 8. Look at super splitting In some circumstances, contributions can be split between spouses, helping to balance super balances and potentially improve future tax outcomes. 9. Check whether government incentives apply Depending on your income and circumstances, you may be eligible for government incentives such as the super co-contribution. 10. Consider downsizer contributions If you are 55 or over and meet the eligibility requirements, selling a qualifying home may allow you to make a downsizer contribution to super. Don’t become too conservative too soon Building your super is not only about how much you contribute. If retirement is still 10 or 20 years away, moving everything into conservative investments too early could limit your potential for growth. Your investment strategy should reflect your retirement timeframe, goals and comfort with risk. Start thinking about retirement income The goal isn’t simply to build the biggest super balance possible. It is to have enough to support the lifestyle you want in retirement. Your 50s are a good time to start thinking about when you will need your super, how you will draw on it and whether your current strategy is working towards that goal. We can help you review your super contributions and tax position and consider the strategies that may help you build your retirement savings. As always, the right approach will depend on your individual circumstances, so get our advice before making significant changes.

Getting into the property market can feel like a long way off when you're trying to save a deposit, manage rising costs and work out how much you can realistically borrow. The good news is there are several government schemes that can make buying your first home more achievable. Some can help you buy with a smaller deposit. Others can help with the purchase price, stamp duty or even building your deposit through super. Here are five worth knowing about if you're planning to buy your first home. 1. Australian Government 5% Deposit Scheme The Australian Government 5% Deposit Scheme allows eligible first home buyers to purchase a home with a minimum 5% deposit , without paying Lenders Mortgage Insurance under the Scheme. For single parents and single legal guardians, the minimum deposit is 2% . There are no income caps or limits on the number of places available, but property price caps and other eligibility requirements apply. 2. Help to Buy Scheme Help to Buy works a little differently. Eligible buyers can purchase a home with a deposit as low as 2% , with the Australian Government contributing up to 30% of an existing home or 40% of a new home . For 2026–27, the income threshold is $103,000 for a single applicant and $165,000 for joint applicants or single parents . Property price caps and other eligibility requirements apply. 3. First Homeowner Grant If you're buying or building a new home in Western Australia , you may be eligible for the $10,000 First Homeowner Grant . For eligible transactions from 7 May 2026, the property value cap is $800,000 for homes south of the 26th parallel , including Perth, and $1 million north of the 26th parallel . 4. First Home Super Saver Scheme Your super can also help you build a deposit. The First Home Super Saver Scheme allows eligible first home buyers to make voluntary contributions to super and later apply to release those contributions and associated earnings to help buy or build their first home. You can contribute up to $15,000 a year and access up to $50,000 across all years , subject to the scheme's rules. 5. First Homeowner Rate of Duty Eligible first home buyers in WA may qualify for the First Homeowner Rate of Duty. From 7 May 2026, there is no duty on homes valued up to $600,000 , with a concession available on homes valued up to $800,000 . For vacant land, there is no duty up to $450,000 , with a concession available up to $550,000 . Which Scheme Is Right for You?  You may qualify for more than one scheme, but the rules are different and not all schemes can be combined. Your income, deposit, property price, whether you're buying or building, and your previous property ownership can all affect your eligibility. If you're planning to buy your first home, it's worth understanding your options before you start house hunting . At Ascent Accountants, we can help you understand the tax and financial considerations around buying your first home and what you need to consider before you commit.

A new way to claim work-related expenses is coming for the 2027 tax return — but there is an important catch. From 1 July 2026, eligible taxpayers can claim a standard deduction of up to $1,000 for certain work-related expenses, without having to substantiate each expense individually. Sounds simple enough. But before you assume you can claim $1,000 on top of everything else, there are a few things you need to know. The $1,000 Is the Maximum The new standard deduction is capped at $1,000. It is designed to cover certain common work-related expenses, such as work-related phone and internet, home office expenses, stationery and some travel expenses. You can't claim the $1,000 and then claim those same expenses again separately. If you have actual work-related expenses of more than $1,000, you can continue to claim your actual expenses under the existing rules, provided you meet the requirements and have the records to support them. Do I Still Need to Keep My Receipts? Yes: and this is where it is worth being organised. If you use the standard deduction, you don't need to substantiate the individual expenses covered by it. But if you think your actual work-related expenses could be more than $1,000, keeping your receipts and records throughout the year will allow you to claim your actual expenses instead. There are also some deductions that aren't covered by the standard deduction and can still be claimed separately if you are eligible. It's for Your 2027 Tax Return The new deduction applies from the 2026–27 financial year, so you won't use it for the tax return you are preparing now. It will first apply to your 2027 tax return, lodged from July 2027. Is the $1,000 a $1,000 Tax Refund? No. The $1,000 is a deduction from your taxable income. It doesn't mean you'll receive an extra $1,000 back from the ATO. The value of the deduction will depend on your individual tax circumstances. What Should You Do Now? The best thing you can do is keep track of your work-related expenses throughout the 2026–27 financial year. When it comes time to prepare your 2027 tax return, we can look at your circumstances and determine whether the standard deduction or claiming your actual expenses is likely to give you the better outcome.  At Ascent Accountants, we can help you make sense of the new rules and make sure you're claiming the deductions you're entitled to: without claiming the same expense twice!

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