The Albanese government’s promise to cut student debt by 20% has attracted a lot of attention – especially among medical professionals carrying large HECS-HELP balances. With indexation and debt repayments top of mind for many, understanding where this proposal stands (and what to do in the meantime) is essential. Here’s the latest: Has the 20%
Establishing your own medical practice is one of the most exciting and rewarding moves you can make in your career. Whether you’re looking to buy into an existing practice, start fresh, or take over a clinic, this decision brings clinical freedom, greater financial opportunity – and complexity. At Walshs, we’ve guided hundreds of doctors through
Gone are the days of setting a tax strategy at the start of the financial year and forgetting about it. In today’s ever-changing economic and legislative landscape, tax planning has become an essential part of managing your personal and business finances. To stay ahead, you need to be flexible, informed, and prepared to pivot your
(UPDATED 28 April 2025) As the Australian federal election approaches on May 3, 2025, it’s important to understand the tax policies proposed by the two major parties: the Australian Labor Party (Labor) and the Liberal-National Coalition (LNP). Below are some insights to help you understand their plans and consider how they might impact you. Labor’s
As we move through 2025, the Australian Taxation Office (ATO) is tightening its approach to late tax lodgments. With stricter enforcement and an increased focus on compliance, it’s more important than ever to meet your tax obligations on time. At Walshs, we understand that tax deadlines can sometimes slip through the cracks, especially for busy
One of the most frequently asked questions our financial advisers hear is: “Should I repay my HELP debt (Higher Education Loan Program) early?” This question has gained more relevance recently, particularly due to the significant 7.10% increase in HELP debt indexation during the 2022/2023 financial year. Fortunately, the Federal Government has proposed changes that aim
Discovering that your Tax File Number (TFN) has been compromised can be a stressful and confusing experience. At Walshs, we are here to help you navigate the situation and protect your financial and personal information. How do I know if my TFN has been compromised and what should I do? You may begin receiving unsolicited
The Australian Taxation Office (ATO) recently updated its property valuation criteria, bringing significant changes to how property valuations are conducted and reported for Self Managed Superannuation Fund (SMSF)s. These changes are crucial for SMSF Members and Trustees to understand. Overview of the changes The ATO’s updated property valuation criteria aim to provide clearer guidelines and
The ATO has announced it will collect data on lifestyle assets from insurance providers for the 2023-24 to 2025-26 financial years’. This data collection will focus on insurance policies for assets that meet or exceed the specified minimum value thresholds. Asset class and minimum value thresholds: Caravans and Motorhomes: $65,000 Motor Vehicles (including cars, trucks,
The 2024-25 Federal Budget, unveiled on Tuesday, May 14, 2024, brings notable changes impacting individuals, businesses, and superannuation. Among the highlights are the eagerly anticipated Stage 3 Tax Cuts, reducing tax rates and raising income thresholds for higher tax brackets starting July 1, 2024. For businesses, the Instant Asset Write-Off is extended, providing small businesses
