One of my jobs is to help clients make sensible decisions about money. One of the most common questions I get is, “Should I repay the home loan, invest or put money into super”? And, perhaps unsurprisingly, the answer is always that it depends …. each individual needs to make a decision based on their personal values… Read More Do I pay off the home loan, invest or put more into super?
Are you a fair dinkum Non-Resident? With 23AG exemptions no longer available, there have been a vast number of individuals who are wishing to be treated as non-resident for tax purposes from 1 July 2009. The ATO are aware of this, and over the next few years will check the cirumstances of those whose residency… Read More Are you Really a Non Resident
Here is a useful leaflet to read and remember for a future day. It explains the basics of aged care and how I can help your parents both access care, and structure their assets to maximise their pension and minimise their aged care fees. Add that to the estate planning tips that will be published… Read More Aged Care – Helping your parents with their finances
The government’s co-contribution scheme is still in force for the 2012/13 year -albeit in a watered down state. The government will contribute 50% (up to a maximum of $500) of a non-concessional contribution you make to your superfund before 30 June 2013. To be eligible, your taxable income + fringe benefits + salary sacrificed super must… Read More Contribute before June 30 for a free $500
I am sure you are all hanging on the edges of your chairs for my budget update. So putting aside the removal of the baby bonus, which has been done to death in the media (and in my opinion was about $1m short of an incentive to have more children), here are some other, perhaps more important,… Read More Budget Update 2013
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
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