In this case, there are a few important Capital Gains Tax (CGT) matters to take into consideration.

Firstly, there is the rule that a home will only qualify for the full CGT main residence exemption if it was your home throughout your "ownership period" – essentially, being from settlement date on purchase to settlement date on sale.

However, there is an important concession to help you here.

If it somehow proves "impracticable" to move in at settlement, then the full exemption will still apply if you move in as soon as it is "reasonable" or "practicable" to do so.

But a word of warning here: this concession applies narrowly.

It does not apply where it is "inconvenient" to move in as soon as possible after settlement. It must be a "compelling" reason – and this does not include, for example, where the purchased property is still being leased to a tenant.

And note that when this concession was introduced, the government stated that it would only cover the case of "serious illness" and similar such matters.

Secondly, if you already own a home and you end up purchasing your new home before selling your old one, then there is a concession that allows you to treat both of the homes as your "CGT exempt home" for up to a 6 month overlap period.

However, there are important conditions that must be met for this concession to apply – including that your existing home must have been your main residence for at least 3 months in the 12 months before you end up selling it.

These conditions can be quite "tricky" to apply, and will depend on your exact circumstances.

Thirdly, if for whatever reason, you decide to rent the new home first before you make it your home there are several important things to bear in mind.

For a start, you will lose the CGT exemption on your home on a proportionate basis to the extent you rent it first up. (But if you rent it after making it your home on a "bona-fide" basis then there is another concession that allows you to keep the exemption in this case).

Importantly, if you bought the property after 12 May 2026 and you rent it out after 30 June 2027, negative gearing is not available. However, this is subject to an exception if you bought a "new residential dwelling".

Finally, if you are liable for any CGT on your home because you have only a "partial CGT exemption", then regardless of when you bought the property, any capital gain that relates to the period after 1 July 2027 will generally be subject to the new "indexation" calculation rules. And this generally does not give you as big an advantage as the former 50% discount.

So, if you are thinking of buying a new home – or a first one – it is worth making an appointment with us to discuss these matters.

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 "collectables".

"Collectables" are specifically defined under the tax law to mean the following items that are "used or kept mainly for your personal use or enjoyment":

• artwork, jewellery, an antique, or a coin or medallion; or
• a rare folio, manuscript or book; or
• a postage stamp or first day cover.

But for an asset to be a collectable, it must have cost more than $500. Otherwise, any collectable acquired for $500 or less is exempt from being a collectable (but subject to important rules to prevent abuse of this threshold test).

And the most important rule about a collectable is that if you make a capital loss on selling or disposing of a collectable, that capital loss can only be offset against capital gains from other collectables. It cannot be offset against the capital gain from, say, shares or real estate, and nor can it be offset against your other income. That is, the loss is "quarantined".

Also note that jewellery you inherit from, say, your mother will retain its "character" as a collectable. So, bear this in mind also.

As for "personal use assets" per se (ie assets used for personal use or enjoyment which are not "collectables" – such as furniture, clothing, pianos etc) they are only subject to CGT if they cost more than $10,000. And importantly, you cannot claim a capital loss made on a personal use asset.

It should also be understood that a person who owns "collectables" can do so for the purpose of trading in them. In this case, the CGT rules take a backseat to the fact that the profit from such activities is assessable in the same way as if you were operating a business.

Finally, the recent 2026 Budget CGT reforms will apply to collectables as well. This will mean that you will need to determine their market value as at 30 June 2027 (or use the new apportionment method) for the purpose of applying the CGT discount up to any gain then. Thereafter the "indexation" approach will apply.

However, there are apparently plenty more changes in the pipeline – and we may yet see some form of exception for collectables.

In any event, it is still important to be aware of what assets are "collectables" and how the CGT rules generally apply to them.

So, if you find yourself dealing with such items – especially if they are valuable – it is necessary to get good tax advice on the matter. Make an appointment to see us at any time.

Government concession cards, including the Commonwealth Seniors Health Card, Pensioner Concession Card, Health Care Card and state-based Seniors Cards, can save you a lot. They cut the cost of healthcare, prescriptions and everyday bills. Several rates and thresholds affecting eligibility change on 20 September 2026, so now is a good time to review what the cards are worth and check whether you qualify.

Know your federal concession cards

These cards offer lower prescription costs of $7.70 compared to the general rate of $25, which fell from $31.60 on 1 January 2026. The concession rate is frozen at $7.70 until 2030. Also, once you reach the Pharmaceutical Benefits Scheme (PBS) Safety Net of $277.20 in a calendar year, your PBS medications are free for the rest of that year.

The Commonwealth Seniors Health Card (CSHC) is for self-funded retirees who have reached Age Pension age (67) and are not receiving an income support payment from Services Australia or the Department of Veterans' Affairs. From 20 September 2026 your adjusted taxable income plus deemed income from account-based pensions must be below $105,048 (singles) or $168,076 (couples combined). A higher limit applies to couples separated by illness or respite care. These limits are indexed on 20 September each year.

The Pensioner Concession Card (PCC) is automatically issued to those on the Age Pension, Disability Support Pension or Carer Payment. You do not need to apply for the card and while you remain eligible a new card is sent to you before the current one expires. If your pension stops permanently due to high income or assets, you must stop using the card. If your Age Pension is instead suspended because of employment income, you can keep the Pensioner Concession Card for up to two years. From 20 September 2026 the Age Pension income and asset cut-off thresholds increase with indexation.

The table below illustrates the allowable assets for a full and part Age Pension. If you have assets exceeding the part Age Pension asset limit you will not be eligible for a part Age Pension or the Pensioner Concession Card that comes with it.

Age Pension asset limits – 20 September 2026

^ The full pension thresholds change on 1 July each year, not 20 September.

The Age Pension is also subject to an income test. The test that results in the lowest Age Pension entitlement is the test that applies. See Services Australia for information on how the asset and income tests are applied when calculating your Age Pension entitlement.

The table below illustrates the income test thresholds for a full and part Age Pension.

Income Limits – 20 September 2026

^ The full pension income free areas change on 1 July each year, not 20 September.

Check the Health Care Card too

The Health Care Card (HCC), including the Low-Income Health Care Card, is for those on Centrelink payments like JobSeeker or meeting the low-income criteria. It generally provides the same benefits as the Pensioner Concession Card.

Claim your state and territory concessions

Every state and territory offers concession card holders discounts on utilities such as water, electricity and gas. What you can claim depends on which card you hold.

In the ACT, for example, the electricity, gas and water rebate is open to Pensioner Concession Card and Health Care Card holders but not to CSHC holders. To find out what concessions are available to you, check your state or territory government concession finder.

Add a state-based Seniors Card

Alongside federal concession cards, state-based Seniors Cards offer additional discounts. They cover public transport, dining, entertainment and local services.

Check whether you are eligible

State-based Seniors Cards are generally available for residents aged 60 and over who are no longer working full time. For example, in New South Wales, those 60 or older working an average of 20 hours or less of paid work a week over a 12-month period qualify for a Seniors Card, while those working more hours can apply for a Senior Savers Card.Only the Seniors Card comes with a Gold Opal card.

The Victorian Seniors Card is available for Victorians aged 60 or older, working less than 35 hours per week or fully retired. Those working 35 hours or more can apply for a Seniors Business Discount Card, which gives business discounts but no transport concessions.

In Queensland, you qualify for a Seniors Card or Seniors Card+go if you're 65 or older and work less than 35 hours per week (averaged over 12 months), or if you're 60–64, work under 35 hours weekly, and hold a Pensioner Concession Card, Health Care Card, or eligible Department of Veterans' Affairs card. A Queensland Seniors Business Discount Card is available for those 60 or older.

Reminder

Federal and state-based concession cards help you save. Whether it's lower-cost medications, discounted transport or savings on local services, these cards support your lifestyle and budget. Speak to us about applying for a concession card if you think you may be eligible.