Lots of announcements on super today, as I am sure you will all be aware. All of which will be tabled IF the current government is re-elected. A way to go then! So first the good bits; No changes to transition to retirement pensions for the over 55’s No change to the taxation of pension income drawn… Read More Changes to Super
Recent changes to Australian tax legislation significantly increase the potential tax for non-residents. Non residents have always been penalised by not being able to access the tax free threshold, now they also have the joy of higher rates as well. But less talked about, in a clever twist on the ATO’s part, the CGT 50%… Read More Capital gains tax for non-residents
THE NON COMMERCIAL LOSS RULES JUST BECAME HARDER TO PASS. As you will no doubt be aware, if you run a loss making business as a partnership or a sole trader, the loss may be set off against your other income, reducing your overall tax liability. In order to prevent individuals setting up businesses that… Read More The Demise of the Hobby Farm?
Good Evening All, Ah, March at last thank goodness. Not because March is a particularly exciting month in the world of tax (that’s May), but because once again February was my alcohol free month for the year. I’ve been doing this for years – well before it became trendy. Each year I think I must… Read More March Reflect
Those here on a 457 business sponsored visa are very lucky indeed – and lots of them don’t know it! There are several tax benefits available to this class of visa since the introduction of the “temporary resident” rules in 2006/7. The rules mean “temporary residents” are effectively only taxed on Australian sourced income for… Read More 457 Visa – Special Tax Rules
Prior to 1 July 2009, section 23AG ensured foreign employment income derived by an Australian tax resident in respect of overseas work assignments, which were longer than 91 days in duration and taxed in the overseas country, were exempt from Australian tax. Note that the exemption was only ever available for those who were Australian… Read More Article: 23AG Explained
Happy New Year to you all! Here’s hoping you had a lovely Xmas. Short Thing & I went to the UK for a couple of weeks to see the family, where it was warmish but wet. We took in a few shows and sights, stomped the streets of London and Bruges, and were amazed at… Read More January Reflect
Be careful, there is a new phishing scam in circulation purporting to be from the ATO. It claims to be a “tax agent report – delayed returns” however the email contains malware so don’t open it. The scam email appears to be from an @ato.gov.au email address and displays as being sent from: Australian Taxation Office Australian… Read More Beware – Phishing Scam
Dear All, Another month goes by as we hurtle towards Xmas at an alarming rate. In the interests of sharing the Xmas spirit, this month’s Reflect has a bit of investment, a bit of tax chat and a special Xmas surprise at the end! Investments first, don’t forget the FLEXI 100 is closing soon. We… Read More November Reflect
Taxpayer Australian Resident for Tax Purposes – Bezuidenhout A taxpayer who was employed overseas, as a pilot, by a foreign employer, has nevertheless been found to have been an Australian resident during the relevant income years. He was therefore assessable in Australia on his foreign-earned income. The taxpayer worked overseas as a pilot. He was… Read More Commuters Beware
Bridgland & Co Blog 