Are you living overseas and still have a HECS or HELP debt? Or are your kids overseas with such debts? New rules in 2017 require all non-residents with HELP or HECS debts to let the ATO know, via their mygov account, if they have moved overseas or intend to be away for 183 days in any 12… Read More HELP debt when Overseas
The ATO have released their audit hot spots for 2014, which interestingly has a different slant to normal. You can read the full detail of the compliance program on the ATO website, but it is rather long! However, as far as individuals are concerned, Instead of targeting particular occupations, this year the ATO will be targeting particular deductions.… Read More ATO Audit Hotspots for 2014
Sometimes we find that people have, what could delicately be termed as, “forgotten” to declare foreign income. Perhaps they didn’t realise they had to, or they had forgotten they had a flat in the UK, or that if they worked overseas but forgot to take their wife and kids with them they were still resident for Australian tax… Read More Have you forgotten to declare foreign income?
The ATO have a new arsenal of weapons for SMSFs that fail to follow the rules. For contraventions that occur after 1 July 2013, the table below shows the (massive) fines applicable PER trustee. That is if you have two individuals as trustees you can double the amounts shown. A huge incentive to get your… Read More New ATO Penalties for SMSFs
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