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
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
If you leave Australia to become a non-resident this is a capital gains tax event. The events are I1 and I2 which effectively calculate capital gains tax, based on the market value of all your CGT assets, on the date of departure. If you don’t make the election to be taxed on departure, then you… Read More Leaving Australia and CGT
There must have been a flurry of individuals and tax agents trying to lodge their returns by the 31st October as the tax office lodgement websites fell over and refused to play. As a gesture of good grace the ATO have announced that lodgements done by the 5th of November will be treated as being… Read More A Return Hiccup
Since the introduction of s775 the general answer is, yes foreign exchange gains are taxable, and conversely foreign exchange losses are deductible. There are a range of exemptions and elections that can minimise or remove some gains or losses. The rules are relevant to all taxpayers and often have consequences for expats with foreign currency… Read More Are Foreign Exchange Gains Taxable?
This is harder than it may first appear at first glance… First, you are allowed a tax credit for foreign tax actually physically paid by the time your Australian tax return claiming this credit is lodged. Second you can only claim a credit for tax paid on the income actually included in the Australian tax… Read More How Do I Claim a Credit for Foreign Tax Paid?
Well, if you are a permanent Australian resident then the answer is a resounding yes. Although there is a double tax agreement between the UK and Australia, the devil as always is in the detail. The agreement states that where rental income is derived in the “other” country, which in this case would be the… Read More Do I Have to Pay Australian Tax on my UK Rental Income?
The September tax instalment notices have recently been issued . You may notice that if you had previously varied your instalments down, they will have bounced back up again. This is due to the fact that the September instalment is the first instalment for the 2016/17 year. As this is a new tax year, the… Read More Why Have my Instalments Bounced Back Up?
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