Thinking of coming back to Australia to retire? Then you need a plan in place to utilise the utopian Australian tax system, many years before your feet actually touch Australian soil. In your absence, the superannuation rules have changed such that with a bit of careful planning, once you retire over age 60, you might… Read More Retiring in Australia?
Update for 2016. Due to changes since the release of this post, please note the following updates; the $150k non concessional cap referred to in the video is now $180k; and the age at which you can start your transition to retirement pension is linked to your date of birth and may be higher than age 55. … Read More Why Super is so Super
Hi Did you know that I am one of the few Chartered Accountants who is also a financial planner? There are not many of us around – we are a very rare breed. So why do I do both? Well I think it is really important that your financial adviser understands your tax affairs. In… Read More Choosing a Financial Planner
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?
Budget Summary If you want a factual summary of last nights budget have a look at the attached link which expresses it well. Less political noise than most of the updates around in the press today. Lindsay
From April 2015, it is proposed that non residents (that’s us poms living in sunny Australia) will pay Capital Gains Tax on the sale of UK residential property. So if you own property in the UK, it’s worth reviewing your position. Here is a link to some further info http://www.propertywire.com/news/europe/uk-capital-gains-tax-property-201404048976.html
Don’t forget that the December BAS statements and Instalment statements are due for lodgement and payment on the 28th February. The December BAS often gets forgotten over the Xmas break, partly because you get an additional month to do it, yet the fines for late lodgement are large.
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
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
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