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
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
Dear All, Since the last “reflect” life has continued to be very busy as we start to enjoy the fabulous sunny weather. Kelly is in yet another show – South of Broadway – playing this weekend & next at Berowra – free tax return for all clients that attend! As you all know I recently made… Read More October Reflect: Loads of News
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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